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Fed's interest rate cuts impacts savings, credit and loans here's how you can save money

In an effort to aid the economy. the central bank of the United States - known as the Federal Reserve - recently issued another emergency rate cut amid the Coronavirus crisis, slashing rates to nearly zero. A rate cut from the Fed is a sign that the economy is slowing. In economic downturns, the Federal Reserve cuts interest rates in an effort to help propel growth. Conversely, when the economy is trending upward, the Fed raises rates to help reduce inflation. However, this economic downturn is unlike anything we've seen before and even the Fed's rate cuts don't seem to be having the traditional effects. The Fed is trying to do the right thing by offering people lower access to capital, but since they did it so rapidly in such a unique time, it's caused the underwriters to be afraid and raise rates in many cases, said Joseph Toms, President & Chief Investment Officer at Freedom Financial Asset Management. As for how the rate cut and the virus are working together to impact the interest rates on specific financial products, that varies. Here's what you can expect to see across the industry. As for how the rate cut and the virus are working together to impact the interest rates on specific financial products, that varies. Here's what you can expect to see across the industry. Credit card rates Most credit cards have variable interest rates and the rate that you're given is tied to the prime rate, or the rate that most banks charge consumers with excellent credit. Since the prime rate is based on the Fed funds rate, you'd usually see credit card rates go down after a rate cut. However, that isn't the case this time. Compare Cards Credit card rates have gone up in many cases," asserted Toms. "If they haven't, [the credit card companies) are 'tightening the box, which means they're not letting as many people access the best rates. Maybe, before, FICO scores of 640 could get those rates, but now only scores of 720 or higher can get them