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Here's What Happens to Your Credit Card When The Fed Boosts Interest Rates

Here's What Happens to Your Credit Card When The Fed Boosts Interest Rates

On Wednesday, September 21, the Federal Reserve raised the interest rate on its benchmark Fed Funds rate by 0.75% -- the third time in a row it's done so. What's more, the Fed has signaled more rate hikes that will bring the Fed Funds rate up to between 4.0% and 4.50% by the end of 2022. In particular, though, the largest immediate impact of higher Federal Reserve rates may be on credit card interest rates.