With the Federal Reserve cutting interest rates today (down another 50 basis points) -- for the second time in three weeks (link here) -- I think it's instructive to trot out a story that I pointed to earlier this month. Today's rate cut will bring the prime rate down to 4%. At some point, though, these rate cuts could stop having an impact on your credit-card interest rates. That's because many cards have interest rate floors.
If you missed it the first time around, here is the story (dated October 8, 2008) I recently did on interest rate floors (link here).