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The Federal R
While the federal funds rate d
Why the Fed Raises Interest Rates
When the Fed raises rates, the hikes are meant to combat inflation by decreasing consumer spending and slowing overall demand for products. When discussing rate hikes, the Fe
Best Credit Cards
Visit the MarketplaceWhat To Do When the Fed Raises Interest Rates
When the Fed announces a rat
Pay Down High-Interest Debt
Few financial products are affected m
Carrying a balance on your credit cards each month me
Consider getting a balance transfer credit card to consolid
Recommended Low-Interest Credit Cards
Credit Card | Intro APR | APR | Learn More |
---|---|---|---|
|
0% intro APR for 15 months
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5. |
20.24%, 25.24%, or 29.99% (Variable) |
Apply Now Rates & Fees |
|
0% Intro APR for 15 months
This card allows new cardholders to save money with an introductory 0% interest rate on new purchases and balance transfers for the first 15 months of account opening. After the introductory period, a 20.49% - 29.24% variable rate will apply. Balance transfers made within the first 60 days of account membership will be charged a balance transfer fee of either $5 or 3% of the amount of each transfer. After 60 days, that balance transfer fees increases to either $5 or 5% of the amount of each transfer, whichever is greater |
20.49% - 29.24% (Variable) | Apply Now |
|
0% intro APR for 21 months
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 18.24%, 24.74%, or 29.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min $5. |
18.24%, 24.74%, 29.99% (Variable) |
Apply Now Rates & Fees |
|
0% for 18 months on Balance Transfers
New cardholders enjoy 0% introductory APR on all balance transfers for the first 18 months of account opening. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness. Balance transfers do not earn cash-back rewards and are charged an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first four months of account opening. After that, the fee will be 5% of each transfer (minimum $5). |
19.24% - 29.24% (Variable) |
Apply Now Rates & Fees |
Bump Up Your Savings
Interest rates on lending products often incre
Take advantage of high-yield savings by mov
Lock in Your Rates
One of the best actions you can take with rate hikes is to sh
If you're a
If you're consid
Boost Your Credit Score
Because interest rates rise after Fed rate hikes, it's an exc
You may improve your score by consistently maki
Switch to High-Yield Savings
If you're currently saving money in a traditional savings a
Recommended High-Yield Savings Accounts
Bank Account | APY | Features | Learn More |
---|---|---|---|
|
5.25%
UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate. |
No minimum deposit |
Open Account |
|
0.50% - 4.60%
Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY |
No minimum deposit |
Open Account |
|
5.05%
Earn 5.05% APY on balances over $5,000. Balances of less than $5,000 earn 0.25% APY. Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Platinum Savings account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
|
4.65%
Annual Percentage Yield is accurate as of July 27, 2023. Interest rates for the Savings Connect account are variable and subject to change at any time without notice. |
$100 minimum deposit |
Open Account |
What Not To Do When the Fed Raises Interest Rates
Just because the Fed announce
Overextend Yourself Financially
The Fed raises rates i
If you're financially vulnerable, now is n
Make Short-Term Financial Decisions Based on Fear
Don't l
If you're a long-time investor with decades left until retirement, you'll inevitably experience the roller coaster ups and downs of the market. There are always risks with investing, but if you're investing for the long haul, it may not be a good idea to react to every fluctuation.
Be sure to consult with a certified financial advisor about your specific situation before making any major changes to your investments.
How to Start Investing in the Stock Market With Just $1
Stop Saving
Sa
Understand the Effects of Rate Hikes
Knowing how rate hikes work can help you a