Jul 31, 2019 3:15 PM EDT
You could be charged is known as the “prime price. Whenever you have a loan or charge card at a commercial bank like Bank of America (BAC) – Get Report or Citibank (C) – Get Report, the cheapest interest rate” even though rate that is prime be something you vaguely remember from the past economics program, it may impact your wallet today in extremely real methods.
And even though you probably be aware regarding the federal funds rate, which can be the price of which the Federal Reserve lends funds to commercial banking institutions, the rate that is prime really very well be considered the creme de la creme of interest levels for non-bank clients. Continue reading “What Is the Prime Speed? Definition, History and Rate in 2019”