Using A Credit Card Once

Home Depot credit cardI recently purchased a swing set for my kids (the fun I had putting it together is another story) from Home Depot. A friend told me about their 10% discount if I apply for their credit card. 50 bucks off? Sure, why not.

I received the shiny card today along with its statement with what I owe. I promptly paid the bill and then cut the card up, never to be used again.

I use one credit card: President’s Choice MasterCard, and I only use that because I receive points from their incentive program and it’s free, else I wouldn’t use any credit cards. I pay it off every month.

Retail store credit cards (Sears, Wal-mart, etc.) have no practical purpose unless they offer a discount or incentive. Most don’t except for the first purchase you make with them. If you’re making a large purchase, it’s probably worth the 10 minutes to apply for them and get the discount. If you do, remember to pay the bill immediately and cut the card up.

This money-saving tip has been brought to you by the letter “S” and the number “42”.