The Federal Reserve is expected to cut its benchmark rate by a quarter of a percentage point at its meeting this week.

The move would mark the Fed’s third consecutive rate cut after cuts in September and October, bringing the federal funds rate to a range of 3.50%-3.75%.

President Donald Trump has been sharply critical of Fed Chair Jerome Powell, arguing that rates should be significantly lower. Trump has also said he knows he plans to choose to succeed Powell, with National Economic Council Director Kevin Hasst considered the front-runner.

If appointed, Hassett would take over a Fed that is currently torn between officials who believe additional rate cuts are warranted and those who are reluctant to ease monetary policy further.

The federal funds rate, set by the Federal Open Market Committee, is the rate at which banks lend to each other overnight. Although it is not a consumer rate, the Fed’s actions still affect the rates that individual borrowers pay on many types of consumer loans.

That said, for most Americans, a Fed rate cut doesn’t guarantee lower borrowing costs.

“Anyone with variable-rate debt, that’s off prime, could see their borrowing costs go down—but for the mortgage market and any other long-term rates, we could even see an increase,” said Brett House, an economics professor at Columbia Business School. “It depends on the duration of the product and the product itself.”

Short-term rates are more closely aligned to the prime rate, which is the rate that banks charge their most creditworthy customers—typically 3 percentage points above the federal funds rate. Long-term rates are also affected by inflation and other economic factors.

Since most credit cards have short-term, variable rates, there is a direct correlation to the Fed’s benchmark.

When the Fed lowers rates, the prime rate also lowers, and the interest rate on your credit card debt is likely to adjust in a billing cycle or two. Still, credit card APRs will only lower the extremely high levels.

“To go from 20% to 18%, it doesn’t change your situation,” said Stephen Cates, a financial analyst at Bankrate. “It doesn’t put you in a position where it’s meaningfully easier to manage that balance.”

Auto loan rates and federal student loan rates are fixed for the life of the loan and won’t adjust with the Fed’s moves, although anyone shopping for a car or taking out an education loan in the year could benefit if borrowing costs on new loans drop.

Long-term loans, such as mortgages, make up the largest portion of consumer debt, but these loans have less influence than the central bank. Both 15- and 30-year mortgage rates are more closely tied to Treasury yields and the economy.

“The bond market is not convinced that inflation has been won,” Professor House said.

Also, since most people have a fixed-rate mortgage, their rate won’t change until they refinance or sell their current home and buy another property.

Other home loans are more affected by the Fed’s actions. Adjustable rate mortgages, or arms, and home equity lines of credit, or HELOCs, are pegged to the prime rate. Most mortgages adjust once a year, but a HELOC adjusts immediately. Adjusts.

For Americans waiting for some relief from high borrowing costs, boosting your credit score is a more effective way to secure preferential rates on credit cards, auto loans, personal loans and even mortgages.

“The best way to improve your borrowing costs is to improve your credit score and not worry about what the Fed is doing,” he said.

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