The average credit card annual percentage rate is 20.76%: Bankrate
Wall Street and Main Street are ushering in the fall season with the first interest rate cut since March 2020, the start of the COVID-19 pandemic, and with this comes the hope of lower borrowing costs.
The Federal Reserve cut interest rates by 50-basis points in September, a larger move than some expected, giving investor sentiment a boost.
While it may lower rates for mortgages, auto and personal loans, those carrying credit card debt are likely to be out of luck, in the near-term anyways.
“That’s where the real advice is. Don’t expect the Fed to ride to your rescue,” Ted Rossman, Senior Industry Analyst at Bankrate, told FOX Business ahead of the move. “The change is not going to be that significant. My other big point is that a quarter point, half point, even if credit card rates fell a couple of points, it’s not that much of a difference. Just because rates are so high,” he warned.