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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 July 31, 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 August 1, 2019 August 1, 2019*
Home Equity Line of Credit (HELOC) August 1, 2019 August 1 2019
Rewards Credit Card August 21, 2019 August 21, 2019
(based on your statement cycle)
Visa Business August 30, 2019 August 30, 2019
(based on your statement cycle)

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

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