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What is a prime rate?

Prime rate
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What is a prime rate?

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The prime rate is a fluctuating rate of interest determined by an individual bank to use in pricing short-term loans. The Wall Street Journal’s published prime rate is often used as the index in a variable credit line.

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The prime rate is a fluctuating rate of interest determined by an individual bank to used in pricing short-term loans. The Wall Street Journal’s published prime rate is often used as the index in a variable credit line such as a credit card.

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An index used to calculate the applicable APR for a variable rate account. One frequently used index is a composite of the average prime rates of the largest commercial banks as published in The Wall Street JournalĀ®.

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