Federal Reserve Increases Rates

06-Aug-2018

The Federal Reserve (Fed) has made the decision to raise the federal funds rate by 0.25% on June 14, 2018, supporting the Fed’s confidence in a strong and progressing economy.

When there is an increase to the federal funds rate and subsequently to the prime rate, consumers will see an increase in their variable rate loan products, including credit cards.

What does this mean for you?

If you have a loan or credit card with a variable interest rate tied to the prime rate, your interest rate will increase. We want to make sure you are aware of this increase so you can make any necessary budget adjustments.

Below is a list of Christian Community Credit Union variable rate loan products that are affected by the federal funds rate increase. Members who currently have these products that were opened before June 18, 2018, will see a rate increase.

Loan Product Increase for NEW loans begins Increase for EXISTING loans begins
Personal Credit Line June 18, 2018 August 1, 2018*
Home Equity Line of Credit (HELOC) June 30, 2018 July 1, 2018
Rewards Credit Card June 20, 2018 June 20, 2018
(based on your statement cycle)
Visa Business June 29, 2018 June 29, 2018
(based on your statement cycle)

*Rates may change every six months in February and August.

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