Prime Rate Change
In December, the Federal Reserve board made a decision to raise the federal funds rate. Changes in the federal funds rate dictate changes in The Wall Street Journal prime rate, which increased from 3.50% to 3.75%.
Our Platinum Premier Rate and Cashback Rewards Mastercard® credit cards are tied to the prime rate and as a result, the annual percentage rate is subject to change when this rate changes. On January 1, 2017, the rate on these cards will increase. The chart below displays the change in rates.
*The Annual Percentage Rate is currently capped by regulation at 18.00% (the new non-capped rate would be 18.40%). RBFCU reserves the right to increase the maximum interest rate if permitted by law or regulation.