Do you know where the interest rate on your credit card currently stands? With the recent drops in the Fed Funds Rate, the Prime Rate — or the interest rate that many credit card companies use as a base to establish how much to charge you in interest — has plummeted as well. In fact, Prime’s now at 6 percent (generally calculated as the Fed Funds Rate plus three percent).

If your credit is in good standing, you (and your credit cards) should benefit from the rate cuts, writes The Motley Fool. Some credit card companies will automatically adjust your interest rate as Prime adjusts, but others may not. To be sure, call your credit card company and ask what your rate is.

If you have good credit, your interest rate should be between 6.9 percent and 9.9 percent (variable rates on credit cards are typically Prime plus a fixed value). If your rate is higher than 9.9 percent, ask for it to be lowered. If they won’t lower it, consider looking for a new credit card. Bankrate has a great credit card comparison calculator if you want to shop for the best rate.

And just because your credit is just so-so doesn’t mean you can’t also benefit from the lowered rates. It doesn’t hurt to call your credit card company and ask for a better interest rate. Ask if your rate was affected at all by the recent drop in the Prime Rate. If it wasn’t, ask why not.

While it would be simpler for all of us if the benefits of rate drops automatically reached us, sometimes it takes being proactive to get what you deserve.