Credit card APRs set to reach all-time high — here’s what you need to know

The Federal Reserve’s recent interest rate hike (opens in new tab) was the fourth consecutive three-quarters of a percentage point raise on interest rates and the sixth interest rate hike overall. Currently, the federal funds rate is between 3.75% to 4.00%, and it’s bad news for those with credit card balances. 

This additional increase in interest rates should be seen within the next one or two statement cycles for your credit card. The interest rate of credit cards is now the highest it’s been since 1993, reaching an average variable rate of 18.77%.

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