No new action from the Fed means more of the same for credit card customers.

The last big change came back in June 2003, when interest rates were cut and some consumers enjoyed lower financing charges on last summer's credit card bills.

But all that is likely to change later this summer. The Fed is expected to raise interest rates in August.

About 55 percent of all credit cards are variable-rate cards, and most of them are linked to The Wall Street Journal prime rate, which usually rises and falls at the same pace as the Fed's rate changes.

Most variable-rate cards are repriced each quarter, so if the Fed raises interest rates in August as expected, many card customers will see higher interest rates in their October card bills. Customers with variable-rate cards that are repriced monthly could see their interest rates jump as early as September.

Best moves now:
Variable-rate card customers should make the most of their low interest rates while they last. Work on paying down as much debt as you can this summer. Bankrate.com has plenty of pay-off strategies and tips.

You may also want to transfer your balance to a card with a lower interest rate. And since interest rates on variable-rate cards will be heading up, you may want to choose a card with a fixed APR.

The average rate on a standard variable-rate card was 13.78 percent on April 28; the average rate on a standard fixed-rate card was 12.91 percent. Several major card issuers are offering cards with zero-percent introductory rates. Compare credit cards using Bankrate.com's credit card search.