I was reading this article the other day, and it was intriguing. I’ve never taken advantage of credit card offers in the past.
Okay, that might not be true. In college, I signed up for a credit card at a Mariners game so I could get a blanket. I still think that was a good decision.
Then, I applied for an Alaska Airlines Visa once, because they were offering a bazillion airline miles to sign up.
But that was the last time I tried, and Bank of America has since taken several thousand of my dollars in interest, so I closed that card (and felt so light!) after that experience.
Now, I’m thinking that my debt situation is this close to being under control. Well, let’s say, done, because it is under control. I’ll pay it off well before the zero percent interest runs out. And I don’t even have a physical version of that card, so I’m not spending money on it. Ever.
I am, however, using a credit card that I got at my credit union. I signed up for that kind of on a whim, since the person who helped me refinance my car loan at a lower rate than Toyota Financial was so nice, and offered it.
The benefits to their card, however, are minimal. The interest rate is 9%, which is low, but who cares? I’m not paying one more penny of credit card interest if I can possibly help it. There’s a rewards program, but I don’t qualify until I have 12,500 points, which seems unreasonable at this point, since I’ve had the card six months and I’ve accumulated just under 3000 points.
I looked the other day on the rewards site, and if I’m not mistaken, 12,500 points could get me a $25 Starbucks card. So, this is a lightweight in the rewards department.
So, why not get a rewards card?
According to the article I linked above, the downsides are all personal, and a person should not sign up for a rewards card if they are the kind of person who cannot handle credit cards.
I think I can. So, now all I need to do is find my first “victim” — any thoughts? Where is my risk, here?