Tag: credit cards

As the Federal Reserve Cuts Interest Rates, a 'Floor' Keeps Credit Card Companies From Following Along

Despite falling interest rates, a growing number of consumers are paying the same or even more to borrow on their credit cards.

The majority of credit cards on the market have variable, or floating, rates. Theoretically, that means that as the Federal Reserve lowers its federal funds rate the latest cut took place this month card holders should also see their borrowing costs fall.