As the coronavirus spreads across the globe, sending shock waves through the U.S. economy, you may feel the ripple effects when you use your credit card. In an emergency move on March 15, the Federal Reserve cut its benchmark rate to nearly zero to try to bolster the economy during the coronavirus outbreak.

That means you can borrow money cheaply and that annual percentage rates on your credit cards could drop.

In the meantime, whether you're stocking up on essentials or facing uncertain wages, try not to add to your credit card debt.

Here's how your credit card could be affected during the COVID-19 pandemic.

[Read: Best Balance Transfer Credit Cards.]

Will Credit Card Rates Drop?

The Fed's benchmark federal funds rate affects the rate at which banks lend money to each other, says Logan Allec, certified public accountant and founder of personal finance blog Money Done Right. This rate, in turn, affects the rate at which banks lend money to their customers.

"As a result, you should eventually see lower interest rates for any money you borrow from banks," Allec says.

That includes rates on credit cards.

That's a good thing if you usually carry balances on your cards, says Gerri Detweiler, credit expert and education director for Nav, a business credit and financing resource.

"It can also be an opportunity to try to tackle your debt and pay down balances if you can," she says. "And if you do need to use your credit card as an emergency loan, lower rates can help make that more affordable."

Don't ignore your card statements. Make a practice of checking them, but know that one to two billing cycles may be needed before you see a rate change. The APR on fixed-rate credit cards shouldn't change because they're designed to stay the same over time.

If you have a variable-rate credit card, here is how a rate decrease would affect your purchases and balances:

Purchases. A lower APR sounds great, but it might not make much of a difference on the interest you pay.

Say your credit card APR was 17% last year, and you charged $1,000 to the card but paid off that balance over six months, plus $50 in interest. Now your APR drops to 15.5%, and you charge another $1,000 to the card. If you pay it off again in six months, your interest charges are $45, a savings of only $5.

Balances. You won't see much of a change here, either. Card issuers generally apply new interest rates only to new purchases.

[Read: Best 0% APR Credit Cards.]

What Are Other Ways the Coronavirus May Affect Your Credit Cards?

The coronavirus outbreak could threaten your credit if you don't use your cards wisely. You'll want to avoid making some of these mistakes with your credit cards:

Taking on too much debt. Americans flocked to big-box chains and grocery stores to stock up on household staples and medications for COVID-19 quarantines. "It's likely consumers didn't worry about their balances and added to their credit card debt in order to stock up and protect their families," Allec says.

But beware the risk of running up credit card debt. Your credit score may drop, and you could pay interest charges if you carry a balance.

You can control your credit card balance during the coronavirus threat if you:

-- Stick to shopping lists. Check which supplies you have, and make a list of what you need. Buy only these items, and try to avoid stress purchases.

-- Pay off card balances if possible. If you charge coronavirus supplies on your credit card, aim to pay off your card balance before interest charges apply.

-- Use your credit card rewards. You may be able to redeem points as a statement credit toward emergency purchases or redeem them for gift cards at stores where you can buy supplies.

-- Tap your emergency savings. The spread of COVID-19 is, after all, not just a national emergency but also a global health crisis. If you need to dip into your emergency savings to cover supplies, then take only what you need and plan to replenish the funds.

Missing payments. If you're facing financial hardship, reach out to your card issuer before you miss a payment.

Ask if your issuer can be flexible with monthly payments and APRs. But also double-check that you won't have to make up any waived payments and fees.

These major card issuers offer help to customers affected by the coronavirus threat: