September ushers in the possibility of the year's first Fed rate cut, but that doesn't necessarily mean credit card rates will drop in tandem. Eugene Mymrin/Getty Images

If you've swiped your credit card lately, you've probably felt the sting when the bill arrived. The average APR on credit cards has climbed to nearly 22% , after all, one of the highest levels borrowers have ever faced. For cardholders who are juggling balances from month to month, that type of rate (or higher) means a significant portion of each payment is being eaten up by compounding interest , leaving less room in the budget for necessities.

Meanwhile, credit card debt has hit record levels nationwide. According to the latest Federal Reserve data, Americans now owe more than $1.2 trillion on their credi

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