Banks including Wells Fargo & Co (WFC.N), JPMorgan Chase & Co (JPM.N) and Bank of America Corp (BAC.N) raised their prime rates to 3.5 percent from 3.25 percent. The Fed raised the target for its main short-term rate to a range of 0.25 to 0.50 percent, from a range of 0 to 0.25 percent. A higher prime rate will translate to higher interest rates on a wide range of loans that are keyed off the rate, including small business loans and some credit card loans.