Article: High Credit Card Rates May Not Drop from Federal Reserve's Cut.

By Steve Blanchard, The Sun, Port Charlotte, Fla. Knight Ridder/Tribune Business News

Nov. 12--With the federal interest prime rate at an historic low of 2 percent, borrowers are seeing a better market in which to apply for loans.

However, that rate may or may not affect consumers' credit card rates which often range from 14 to 17 percent.

Individual credit card companies, whether it be Discover Card, Visa or Mastercard, do not set the card's interest rates. The bank, or issuer, is responsible for sitting those rates.

"Both Visa and Mastercard are associations, so they're actually owned by the banks," said Melissa Morey, Visa ...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!