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Todayâs Prime Rate. The prime rate today is 3.25%. This prime rate has been in effect since the Fed Funds rate was lowered to 0%-0.25% back in December of 2008. So, 0.25% + 3% = 3.25% (todayâs prime rate). This is the longest period of prime rate stability in history.
The Prime rate is set by the Federal Reserve, which can lower the rate to try and spur the economy, or raise it to help curb inflation. Right now, the Prime rate is 3.25 percent. So that means the interest rate on her new card will be 3.25 + 14.74 = 17.99 percent. (The 14.74% may be a reflection of your credit score. Generally, the lower your credit score, the higher your interest rate will be.