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What will an interest rate hike cost?

Summary

Use this chart to find the added monthly cost of a quarter-point interest rate increase for a given credit card balance

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Now that the Federal Reserve has pushed up interest rates, banks will almost certainly follow suit by raising the prime rate.

If you carry a balance on a variable rate credit card, your interest cost will go up as a result.

To see how much a quarter-point increase in rates will cost, find your card balance, to within $100, using the chart below (up to $100,000.) You can scroll down the list to find your card balance, or use the browser’s search function.

See related:Fed raises interest rates for first time since 2006

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In Research and Statistics

Quarter-point interest rate calculator

How a quarter-point increase in interest rates raises the cost of carrying a given credit card balance

Published: December 16, 2015

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