For now. Eventually (probably at the beginning of a new month) it will conform to the prime rate, recently lowered to 6%.
I asked, citi follows the changes with a certain amount of lag, not quarterly, but at their discretion they make the change about 2-3 months behind.
Notice that I didn't say which new month, LOL. Associates seems to have the longest lag time. I think that until the end of a particular quarter, they use the highest prime rate that applied at any time during the previous quarter. So it could take up to six months to reflect a change in the prime rate.
