You've no doubt heard the news about the drastic interest rate cuts from the Federal Reserve. "The Fed" has announced several cuts as a way to stimulate the economy, in hopes of avoiding a recession.

You may be wondering if that will give you any relief on your credit card interest rates. The answer is most likely no.

The rate cuts just lower the rates banks have to pay. Usually that translates into a lower rates for consumers, but not always. Here is an explanation of what the cuts do affect and what they don't.