|
Great news!
prime rate has decreased
On April 30, 2008, Prime decreased from 5.25% to 5.00%.You may be asking yourself, what does this mean to me? If you currently have a Credit Union of Georgia Home Equity Line of Credit or a Credit Union of Georgia Visa Platinum Credit Card with Cash Back, this is good news for you. This is because your Home Equity Line of Credit and your Visa Platinum Credit Card with Cash Back are currently set at a variable rate with the interest rate being indexed to change with the Prime Rate as published in the Wall Street Journal. With Prime decreasing, this means your rate will decrease.
If the Prime does not change again and you currently have a Home Equity Line of Credit with Credit Union of Georgia, your rate will decrease by .25% effective the beginning of next quarter, which will be July 1, 2008.
If the Prime does not change again and you currently have a Visa Platinum Credit Card with Cash Back with Credit Union of Georgia, your rate will decrease by .25% effective May 16, 2008. You will be able to see the rate change on your June Visa Credit Card statement.
You may still be asking yourself why the rate on your Home Equity Line of Credit and your Visa Platinum Credit Card with Cash Back is affected by what is published in the Wall Street Journal. The reason for this is because the Wall Street Journal (WSJ), surveys large banks and publishes the consensus prime rate. The WSJ surveys the 30 largest banks, and when three-quarters of them (23) change, the WSJ changes its rate, effective on the day the Journal publishes the new rate. It's the most widely quoted measure of the prime rate, which is the rate at which banks will lend money to their most-favored customers. The prime rate will move up or down in lock step with changes by the Federal Reserve Board.
Thank you for allowing Credit Union of Georgia the opportunity to meet your financial needs. If you have any questions regarding the Prime rate change, please do not hesitate to contact our MAPS (Mail and Phone Service) department at 678-486-1111 Monday thru Friday 9:00am until 5:00pm and Saturday from 9:00am until 1:00pm.
| 
