AMARILLO, Texas (KAMR/KCIT) — The holiday season is approaching which could lead to consumers spending more. Amarillo National Bank talked about credit card interest rates and how to smartly use your credit cards during the holiday season.

Amarillo National Bank Credit Card manager, Jordan Scott, said that credit card interest rates have continued to increase, with a few interest rates reaching up to 28%.

“We’ve seen credit cards get to a high of 28% and the feds are getting ready to meet again but at that time we will see where it goes. It does get pretty high,” Scott said.

He added the reason we are seeing a constant increase in credit card interest rates is because of inflation in the economy.

” So, we see the fed combating the inflation and interest rate by increasing rates to slow the spending of a lot of consumers today,” he said.

With the holiday season approaching Scott gives some tips that consumers can follow.

“I would say start early. A lot of vendors are getting ready to you know get the holiday shopping coming up, so they will have pretty good deals and stuff like that. I would say that, but I would also include counting down the luxurious items and getting on a need versus want, lower it and take care of what you kind of need to take care of. The more important things I guess you would say,” Scott added.

He said during this time more people are using credit cards and consumers should spend smart and cut down on luxury expenses.

“It’s important that they make those good decisions in regard to credit cards to stay upright in the economic situation,” Scott said.

He added for people in credit card debt to look for lower balance transfer offers or no transfer fees.

Scott also reminds consumers during this time that Texas based banks offer approved consumers an interest rate cap of 18%.