For example, the Prime Rate is currently 6.75%. There’s nothing preventing a card issuer from tweaking a new customer offer from Prime Rate + 13% up to Prime Rate + 13.25% if it wishes to mitigate the impact of a Fed rate cut and make more money from interest charges.

The average credit card rate is 20.51%, Bankrate reports. That’s a hair below the all-time record, 20.79%, set in August. Card rates are so high, in part, because of the Federal Reserve. The central bank raised rates dramatically in 2022 and 2023 ...

About two-thirds of those with credit card debt have delayed or avoided other financial decisions because of the debt, according to a new Bankrate survey. Bankrate senior industry analyst Ted Rossman said the new suvey was crafted to discover how Americans ...