The Wall Street Journal prime rate is the consensus prime rate at the 30 largest banks in the United States. When 23 of the banks agree to change to a new prime rate, the Journal modifies its prime rate to match the new consensus rate, which is effective on the day the new rate is published in the Journal.
The Wall Street Journal prime rate is used to determine the interest rate on many consumer loan products such as variable rate credit cards, auto loans, adjustable-rate mortgages, and home equity loans.
Click for the full glossary of credit card terms.
Similar Articles:
- Teaser Rate
- What is the prime rate?
- Prime Rate
- Why are rates on credit cards so high?
- Sub Prime Credit
- Affinity Federal Credit Union Visa Classic Credit Card
- Mutual Savings Bank
