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Federal Reserve Decreases Rates

The Federal Reserve (Fed) has made the decision to cut the federal funds rate by 0.25% on October 30, 2019 supporting the Fed’s effort to keep the economy on track.

When there is a decrease to the federal funds rate and subsequently to the prime rate, consumers will see a decrease 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 decrease. We want to make sure you are aware of this decrease 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 decrease.

Loan Product Decrease for NEW loans begins Decrease for EXISTING loans begins
Personal Credit Line No change from August 1, 2019 No change from August 1, 2019*
Home Equity Line of Credit (HELOC) October 31, 2019 October 31, 2019
Rewards Credit Card November 20, 2019 November 20, 2019
(based on your statement cycle)
Visa Business November 29, 2019 November 29, 2019
(based on your statement cycle)

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

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