Due to the Federal Reserve rising interest rates, credit card APR has risen 16% from last year. According to CreditCards.com, taking out a cash advance, paying late or carrying a balance on your credit cards will cost you more.
The Federal Reserve recently began forcing banks to pay more to borrow money, so, the cost is being passed to its citizens. Experts believe that in order to avoid these higher cost, you must pay your credit card bill in full each month. Although interest’s rates are hiking, most credit cards have not raised other fees like payments, card memberships, and foreign transaction charges.