The Federal Reserve is on a mission to cool off demand and drive down inflation. And yes, you're going to face higher interest rates on your credit cards as a result.
Fed rate hikes tend to be passed along to credit cardholders within a month or two. If the Federal Reserve makes its first move to raise short term rates at its next policy meeting in mid-March, as some expect, you could be looking at higher credit card rates as soon as April or May.
"Card issuers have some flexibility, particularly with new customers, but credit card rates typically track the federal funds rate quite closely," said Ted Rossman, senior industry analyst for CreditCards.com and Bankrate.com.
