On Sept. 18, the Federal Reserve announced that it was cutting the Fed funds rate by 0.5%. To understand the impact on credit card rates, think of it as a chain reaction. When the Fed funds rate is cut, the bank prime lending rate tends to fall by the same amount. Many credit card rates are based on the prime rate, with an additional amount added.

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.

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.