The Fed has lowered the prime interest rate?

Question

How are we as consumers benefiting from it?

Answer 1

The prime rate affects all the interest rates charged by credit card companies. Since the Federal Reserve has lowered it, consumers can benefit from it by have lower interest rates on their credit cards. Citibank has credit cards that offer the lowest interest rates. Their Citi Diamond Preferred card has interest rate as low as 9.74%! You'll have to have good credit of course to qualify.

Answer 2

Loan rates of all kinds should get cheaper.