Despite Fed cuts, many store credit cards are still charging customers extreme interest rates

Many credit cards offered by major retailers continue to charge exorbitant annual percentage rates (APRs), despite moves by the Federal Reserve to lower interest rates in the economy.

Topics

Fed cuts interest rate for third consecutive time

The Federal Reserve has announced a quarter-point cut to its key interest rate for a third consecutive time in 2024. NBC News' Brian Cheung has details on the decision and what it could indicate ...
NBC News - 3h
How Fed Rates Influence Mortgages, Credit Cards, Savings and More

Here’s how the central bank’s interest rate moves influence car loans, credit cards, mortgages, savings and student loans.
The New York Times - 5h
Fed cuts interest rates, delivering relief for borrowers

The rate decision follows two consecutive months of rising inflation.
ABC News - 2h
Fed cuts interest rates by quarter point despite firmer inflation

The Federal Reserve cut interest rates by a quarter of a percentage point Wednesday, in line with market expectations, even as inflation has reaccelerated over the past two months. Fed officials ...
The Hill - 3h
How are credit card interest charges compounded?

Understanding how credit card interest charges compound is an important part of avoiding serious debt issues.
CBS News - 2d
3 credit card interest rate mistakes that are costing you money now

If you're making these card rate mistakes, you're probably paying too much for your credit card debt.
CBS News - 5d
Why some credit card APRs are rising even after the Fed slashed interest rates

Most credit cards have a variable rate with a direct connection to the Federal Reserve’s benchmark.
NBC News - Dec. 10
The Fed slashed interest rates, but some credit card APRs aren't going down. Here's why

Although the Federal Reserve started slashing interest rates in September, the average retail card rate has only gone up.
CNBC - Dec. 9
Will credit card interest rates fall this December?

Credit card rates are sitting at a record high right now, but will they drop lower this month? Here's what to know.
CBS News - Dec. 2