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Glossary and terms about credit cardsHome » Credit Card Glossary
Federal Funds Rate
The federal funds rate is an interest rate set by the Federal Reserve Board's Federal Open Market Committee. It is the rate at which banks will loan each other money overnight, and it is an important rate to holders of variable rate credit cards. If the federal funds rate is higher, then banks are likely to raise the interest rates they charge, like the prime rate, home mortgage rate, or rate on car loans.