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But credit card rates are less influenced by the markets and probably will fall little if it all.
But Money magazine advises readers to "watch for falling card rates."
Still, it is impossible to know with certainty when credit card rates will be affected.
And now the slide in credit card rates shows no signs of stopping.
At the start of November, the typical credit card rate was about $1.34.
Tourism, 15 cents, showing a beach umbrella, to pay the post card rate.
Many experts believe the banks would suffer a public relations disaster if they tried to raise credit card rates now.
Meanwhile the banks are raising credit card rates, another disincentive to the economy.
If the idea succeeds, it should put downward pressure on persistently high credit card rates.
"It's not as easy as selecting any bank that happens to have a lower credit card rate."
He called it "gouging" when a credit card rate is raised sharply for no reason other than a business deal between large institutions.
It has paid as much as 20 percent interest on other loans, equivalent to credit card rates.
If anything, some credit card rates have fallen as card companies compete for customers.
He said he would never have acted if banks really competed on credit card rates.
He said he introduced the legislation because there was no competition among banks to force down credit card rates.
Ask if the other company's rates are higher than the Bell company's calling card rates.
Several options were debated by Congress, including imposing a Federal cap on credit card rates.
Even so, credit card rates are obscenely high.
The rate, which directly affects many credit card rates and small-business and car loans, is now 5.5 percent.
In any case, because American Express is such a large and powerful company, analysts said its move marked an important reduction of credit card rates.
The average credit card rate is around 17pc, although there are numerous 0pc introductory offers.
Credit card rates first became a political issue in the early 1980's when short-term interest rates soared above 20 percent.
The report cards rated the department "not proficient" in class size, teacher and principal morale, special education and operations.
Card rates average 17.5 percent.
And most preferred to pay by cash, fearing soaring credit card rates and the prospect of unemployment.