If you were hoping the Federal Reserve’s recent rate cut, its first of 2025, was going to make your credit card debt easier to pay off, the reality is that there are many other, more important, factors at play.
Credit card rates are influenced by things like your credit score, your monthy payment amounts, your card type and issuer — “most of which have nothing to do with what the Fed does,” credit specialist John Ulzheimer, formerly of FICO and Equifax, tells CNBC Select. “I’d say, in the grand scheme of things, card users aren’t going to benefit much, if at all [from the Fed’s rate cut].”
If you pay interest on your credit card because you carry a balance month to month, there are some better ways to lower your rate and get rid of that…