What credit card users need to know about the Fed's latest rate cut

Sep 18, 2024 · Even with the Fed's 50 basis-point cut, credit cards with APRs near 25% or 30% are likely to remain unaffected. Consider, for example, the last time the Fed cut the federal funds rate. In February ...

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What Credit Card Users Need To Know About The Fed's Latest Rate Cut

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What The Fed Rate Cut Means For Credit Cards - U.S. News

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Sep 20, 2024 · For the first time since March 2020, the Fed cut interest rates. The federal funds rate is now 4.75% to 5% after being at a 23-year high of 5.25% to 5.5% since July 2023. …

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Fed Interest Rate Cuts: What It Means For Credit Cards In 2024

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4 days ago · If your credit card interest rate before the Fed cut was 20.26%, you should see it drop to roughly 20%. Let’s say you have an $8,000 credit card debt you’re working on paying …

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What The Fed’s Interest Rate Cuts Mean For Your Money

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Nov 8, 2024 · Credit cards: Just before the Fed cut its key rate in September, the average credit card rate was 20.78%, according to Bankrate. As of this week, it had only fallen to 20.39%, …

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What The Fed Cuts Will Mean For Credit Card Interest Rates - Axios

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Sep 12, 2024 · The big picture: The average credit card interest rate currently stands at 20.78% — close to the highest on record and up from roughly 16% in 2022. The current average …

axios.com

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How The Federal Reserve's First Rate Cut Since 2020 Could Impact …

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Sep 18, 2024 · Fed expected to cut interest rates 02:21. Thanks to the double-whammy of inflation and higher interest rates, Americans have amassed a $1.1 trillion mountain of credit …

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Here's How The Fed's Rate Cut Could Impact Your Credit Card Balance

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Sep 19, 2024 · If the issuer cut the rate by 0.5 percentage points, it would take 26 months to pay off the balance and cost $1,485 in interest. That would save a month of payments but also …

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The Fed Made Its Big Cut On Wednesday. These Products Are …

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Sep 24, 2024 · The Federal Reserve cut its target range to 4.75%-5% on Wednesday, or a reduction of 0.5 percentage points from its prior level, which was at the highest in 23 years. …

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The Fed Cut Interest Rates. Here's How It Could Impact Your Finances.

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Sep 17, 2024 · Freddie Mac’s 30-year, fixed-rate mortgage average was last at 6.20%, lower than the 7.22% average reported on May 2, even as the Fed kept rates steady. The 30-year, fixed …

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From Mortgages To Credit Cards, Here’s How Recent Fed Rate

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3 days ago · The Fed’s recent rate-hiking cycle has brought credit card annual percentage rates (APRs) to record highs. Fed data shows that the average APR was 21.8% at the end of …

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Why A Fed Rate Cut Might Not Offer Much Relief On Credit-Card Bills

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Sep 18, 2024 · The average annual percentage rate, or APR, on credit cards as of May was 21.5%, according to Fed data, up from around 15% Credit-card interest rates are at around …

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FAQs about What credit card users need to know about the Fed's latest rate cut Coupon?

Will the Fed cut credit card interest rates?

The Fed's short-term interest rates are closely tied to credit card interest rates. Most cardholders can expect to their rates to fall by the same percentage the Fed cuts by — in Wednesday's case, half a percentage point — within two or three statement cycles, Greg McBride, Bankrate's chief financial analyst, told Axios. ...

Should credit card users be worried about the FED rate cut?

The upcoming Fed rate cut represents a potential turning point for credit card users grappling with high-interest debt. But while the prospect of lower rates offers a glimmer of hope, it's essential for cardholders to approach this change with realistic expectations and a proactive mindset. ...

Will the Fed cut a credit card rate twice in 2024?

During its September FOMC meeting, the Fed dropped the federal rate by 50 basis points, (a half percentage point). Additionally, the Fed is expected to cut the federal rate twice more in 2024, and four more times in 2025. Cue sighs of relief from credit card users across the country plagued by rising debt balances. ...

Will a FED rate cut affect credit card debt?

The Fed cut interest rates for the first time since March 2020. Originally expected to cut 0.25 of a percentage point, the Fed instead cut rates by 0.5. Unfortunately, one rate cut won't make much of a dent in consumers' credit card debt. People should continue paying their credit cards as usual. ...

Did the Fed cut interest rates?

The finance world is abuzz with news from Wednesday's Federal Reserve meeting. For the first time since March 2020, the Fed cut interest rates. The federal funds rate is now 4.75% to 5% after being at a 23-year high of 5.25% to 5.5% since July 2023. Originally expected to cut 0.25 of a percentage point, the Fed instead cut rates by 0.5. ...

Will a credit card rate cut make a difference?

While one rate cut is a good start, consumers won't feel much of a difference on their credit card debt unless there are additional rate cuts. Don't expect annual percentage rates to drop significantly. The Fed cut interest rates for the first time since March 2020. ...