Interest-rate cuts are supposed to lower borrowing costs, but that’s not necessarily happening for credit-card users.

Many credit cards offered by major retailers continue to charge exorbitant annual percentage rates (APRs) despite moves by the Federal Reserve to lower interest rates in the economy.

Average APRs have inched down slightly, but you should focus on lowering your credit card balance as soon as you can.

Some shoppers prefer retail store credit cards over buy now, pay later loans. Either way, here's what you need to consider.