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”.

7 Replies to “Using A Credit Card Once”

  1. You bought a $500 swing set? Is it made of gold?

    Anyone remember those old swing sets made out of tin, the kind that would topple over if you swung on them too far? I’m pretty sure those didn’t cost $500.

  2. Your welcome. I started building mine tonight. Got the outside frame almost complete and then the bugs started eating me alive. I swear, the neighbours must think I have turrets for my jumpy reactions to mosquitoes and my constant swearing for no reason at all.

  3. I built Design B – the one with the climbing net.

    It took about 8 hours to build it over 5 days. The only headache was buying tools I didn’t have for the project; that is, two types of drill bits.

  4. when we got our washer/dryer from sears, i believe the only way to get the “one year no interest no payments” crap was to get their credit card. so the woman saved up for them for a year, and paid it off when it was due. they have their uses…

  5. Don’t just cut up your cards… call and cancel them. Otherwise they’ll forever remain on your credit report as a source of credit which will then affect your loans and such in the future. Open cards that you no longer physically have are also ripe for abuse if anyone finds/guesses/calculates the number.

  6. I disagree.

    Keeping a card around forever is a GOOD idea. If the card is back to $0 it looks good, and having them doesn’t hinder you at all. If you owe money on it, depending on how much you owe may hinder you from getting a loan, but having the card itself with a “flawless” record is a GOOD thing. There is also security on your card. If you get a bill 3 years down the road for a flower shop you’ll know damn well you didn’t buy no stinkin’ flowers, you can call them up and tell them to take it off your bill and to THEN cancel (and re-issue) the card. No worries there.

    What my mom used to do is she’d use the card once, pay it off then store it in a block of ice in the freezer. Or maybe I just heard about that on the radio, I dunno. I thought it was a good idea anyhow.

    Lines of credit however will work against you by just having them. The bigger they are, the worse it looks because you have all this credit just sitting there available to use.

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