Credit Card Glossary: Terms and Definitions
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 to meet reserve requirements. It is also a key benchmark for short-term interest rates in the banking system. Banks set their prime rate based on the federal funds rate, affecting the rates consumers pay on loans and credit card balances.
Terms from A-Z
Search the CreditCards.com glossary for every credit-related term from "account holder" to "zombie debt." Select a letter for alphabetized terms and definitions.