Federal Reserve Prime Rate Cut

Some of you may know that the Federal Reserve cut the prime lending rate by 0.5% last week. At first, I had only been focused on how this hurt high-interest savings rates (I recently transferred some of our savings into such an account for 5.05% compounded monthly, which will still be better than the 1.5% compounded quarterly that Palmetto Citizens gives). Anyway, I missed out on how this would positive affect credit cards with variable interest rates! I just checked and noticed that at least one of my credit cards has already dropped half a percentage point of interest. The others should follow in short order.