Credit card rates used to closely track the prime rate, but they don’t anymore. Card issuers, for a variety of reasons, hang on to more of the spread between the rate they pay for funds and the rates they charge. It’s one of the many ways card issuers have raised costs for consumers in the face of declining revenues largely due to the recession and increased regulation.
Via: Credit Score
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Helpful blog, bookmarked the website with hopes to read more!