Credit cardholders are feeling the squeeze of the Fed’s latest attempt to curb inflation by raising the Federal funds rate. Earlier this month, the Federal Reserve announced the fourth consecutive 75-basis-point increase; this was also the sixth increase this year.
After this latest increase, Kroger, one of the nation’s biggest grocery store chains raised its store card APR (annual percentage rate). The supermarket chain’s rewards credit card, the Kroger Rewards World Elite Mastercard, which is issued by U.S. Bank, now has an APR range of 17.74% to 30.74%, breaking through the 30% threshold that most major card issuers have not surpassed.
