After meeting for the first time in 2026, the Federal Reserve decided to keep the federal funds rate at a range of 3.50% to 3.75%.
Lowering the benchmark rate causes interest rates on credit cards, auto loans and other financing to go down. Increasing it can raise interest rates and make saving in a CD or high-yield savings account more attractive.
While the next Federal Open Market Committee meeting is March 17 and 18, many experts don’t expect another cut until the second half of 2026. Fortunately, you don’t have to wait until then to take control of your finances.
“I always try to help my clients build something that works no matter what the Fed does,” Don Grant, a CFP at Sabre Wealth, told CNBC Select. “The bottom line is the importance of planning — having a financial life that isn’t based on what the Fed might or might not do, but one that’s designed to weather the storm.”
Regardless of whether the Fed raises or lowers its benchmark rate, paying down high-interest debt is always the right move. Credit card bills are a big culprit, and interest rates on cards are already so high that a small decrease would’t make much difference.
One popular strategy for tackling credit card debt is a balance transfer card with an introductory 0% APR period. This will stop the clock and give you months to pay your bill without accruing additional interest. It’s only wise if you have a plan to pay the full balance by the end of the intro period, however, or you’ll just be hit with another hefty APR.
The Citi Simplicity® Card lets you pay off your debt interest-free for 21 months, before switching to a 17.49% – 28.24% variable APR.
Receive a 0% Intro APR for 21 months on balance transfers and for 12 months on purchases from date of account opening.
Good to Excellent670–850
See rates and fees. Terms apply. Read our Citi Simplicity® Card review.
Information about the Citi Simplicity® Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Our expert take
The Citi Simplicity® Card may not earn rewards, but it can still save you money due to its amazing intro-APR offers.
Pros & consOne of the longest intro-APR offers for balance transfersNo annual feeNo rewardsNo welcome bonusMore detailsBalance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction feeSpotlight
New cardholders receive a 0% intro APR for 15 months from account opening on purchases and balance transfers.
Good to Excellent670–850
Our expert take
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus.
Pros & consValuable welcome bonus and high rewards ratesLong intro APR for purchases and balance transfersNo annual feeHas a foreign transaction feeFew rewarding ongoing benefitsMore detailsHighlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account openingEnjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% – 27.74%.No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Unlimited® cardKeep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.Member FDICBalance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
3%Â of each transaction in U.S. dollars
If you have several high-interest balances or need more time to pay down your debt, you may be better off with a debt consolidation loan. Instead of paying multiple creditors, you’ll have one monthly payment, ideally with a fixed lower rate.
Achieve accepts borrowers with bad credit (a FICO Score of 620 or less) and approves loans ranging from $5,000 to $50,000 and terms from two to five years. The digital personal finance company offers a rate discount if you agree to send funds directly to your creditors. Achieve also has a debt relief program, with agents who will negotiate with creditors to accept less than the full balance.
Achieve® Personal LoansAnnual Percentage Rate (APR)Loan purpose
Debt consolidation, major purchase
Loan amountsTermsCredit neededOrigination feeEarly payoff penaltyLate feeProsFlexible term lengthsRate discounts availableWorks with borrowers with fair creditConsLoans may not be available in all statesThe lender charges origination fees2. Maximize your savings
When the Fed lowers its benchmark rate, the return on savings accounts usually declines, as well.
But if you have your money in a high-yield savings account, you’ll still be earning an above-average return. The best HYSAs have APYs hovering around 4.2%, which is more than ten times the national average savings rate.
You can easily find a savings account with zero monthly fees and no minimum balance requirement.
Compare savings accounts3. Lock in fixed rates
It’s easier to budget if your monthly obligations are predictable, so if you need to borrow or are looking to refinance, opting for a fixed-rate loan. No matter what happens with interest rates, that loan payment will stay the same.
Even if it means being locked into a slightly higher rate, you’ll have peace of mind. In a year, rates could go back up and you’ll be happy you chose a fixed-rate loan that’s less vulnerable to fluctuations.
Looking to refinance your car loan? These offers include fixed APRs
Subscribe to the CNBC Select Newsletter!
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
At CNBC Select, we work with experts who have specialized knowledge and authority, grounded in relevant training and/or experience. For this story, we interviewed Don Grant, a CFP at Sabre Wealth.
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice to help them make informed financial decisions. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal finance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.