The bad news is that credit card interest rates probably won't drop by as much as the Fed funds rate. Also, the benefits of any drop in credit card rates won't be felt equally by

The hidden reason for sky-high card rates, credit experts say, is that card companies are charging record-high “margins.” That’s interest the card issuer charges above the prime lending rate. “You can think of this as a profit margin,” said Odysseas Papadimitriou, CEO of WalletHub.

Knowing your credit card's interest rate can put you in a position to identify money-saving opportunities. Find out how you can use it to your advantage.

The average card rate now surpasses 23%, a record high. Luckily, there are rate-reducing strategies that can help.

U.S. financial consumers are big credit card users. A recent survey by Experian found 62% of Americans have between one to five credit cards. With that much familiarity, you may think consumers know how to optimize their card experience.

Closing an account can reduce the average age of your credit accounts, which could cause a drop in your credit scores,” according to CapitalOne. The amount of available credit you’re using among all open cards also matters.