I've never seen a CC with an APR below 20%, which inflation has never hit in the US. But the logic is sound as long as your income is tracking inflation.
In US, maybe. In Turkey before the general election in 2023 the rates were kept so ridiculously low that you could have taken cash out of your CC and put the money in the savings account in the same bank and make money out of the arbitrage. Everyone did it, having good credit meant license to print free money, IIRC it was %2-%3 per month tax free net profit on the credit you took on your CC limit.
Your second paragraph is accurate.