In fact, as the following breakdown of consumer deposit rates at the largest US bank, one would think that the US is still stuck at ZIRP.

But while big money center banks refuse to even consider lifting the rate on their savings accounts, they have no such qualms when it comes to how much they charge on credit cards, and according to Bankrate.com's latest survey, the average credit card rate is now 18.03%, the highest on record since January 1996.

According to Ted Rossman, senior industry analyst at Bankrate,

"the average credit card rate is now a record-high 18.03%, surpassing the previous record of 17.87% which was set in April 2019. And Federal Reserve Chairman Jerome Powell has made it clear that the Fed is not done raising rates – not by a long shot. According to the CME FedWatch tool, there's a strong likelihood the Fed will implement another 75-basis point hike later this month, with smaller increases projected for November and December. The best guess, according to investors, is that rates will rise another 150 basis points by the end of the year."

"Almost all credit cards have variable rates which track the Prime Rate, which is typically three percentage points higher than the federal funds rate which is set by the Federal Reserve. So there's a direct pass-through from the Fed's actions to credit cardholders. Card issuers tack a profit margin onto the Prime Rate, often something like 12% or 13%. Rate hikes generally affect new and existing balances, so most credit cardholders are currently facing rates that are 225 basis points higher than they were just six months ago. During the last rate hike cycle, it took the Fed three years to raise rates 225 basis points (from December 2015 to December 2018). This time, it only took them 4 ½ months from mid-March to late July. And there's more to come."