Although the Federal Reserve hasn't moved its benchmark since December, the average card rate keeps edging higher.

Credit card interest rates are climbing nonstop, even though the Fed has already cut its benchmark rate three times in 2024 and hasn’t touched it since December. The banks just don’t care. According to LendingTree,

Borrowing rates for consumers have remained high, despite three interest rate cuts last year. Some experts still expect cuts in September, when the Fed reconvenes after its summer hiatus, but it'll depend on how the economy continues to react to things like tariffs, inflation and unemployment.