The Fed's Interest Rate Decision: How it Affects You

The central bank has cut the interest rate seven times in an effort to boost a slow economy. Now, the Federal Reserve has decided to keep interest rates where they're at. So how will that affect you - and your credit card rate?

Credit card companies tend to move rates on variable rate credit cards in line with the prime rate of interest. So if interest rates are increased in the near future, you'll probably see your credit card interest rate go up as well, assuming you have a variable rate.

So how do you know if you have a "variable rate"? You can contact your credit card company, or use this online credit card search tool to find your card, then review the card specifications.