And at first, I was totally in the “don’t add new debt” category.
I had 25% interest, and that was bad enough. I didn’t want to put any more money on my card, because that interest rate was killer.
So I froze my credit card.
Actually, I put it in my desk at work, and only carried a debit card for about a year.
There were times I would get cash out, too, and I still think there’s a place for cash, but credit cards do something that debit cards and cash can’t do.
They offer rewards.
And now that I’m out of credit card debt (wheeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!) and I know that spending more than I earn is a surefire way to get back into it (and that is ABSOLUTELY not what I want) I know how to be responsible with credit cards.
Look at me, I’m growing!
The card that I ended up getting (and may in fact not cancel after I’ve gotten my bonus) offered a decent sign up bonus and 1% cash back on everything. Also 5% cash back on rotating categories, which change every three months, and (unfortunately) you have to re-enroll in the bonuses every quarter. That sounds like the downside right there.
That, and it looks an awful lot like my company credit card.
But I like it. It’s going to be my go-to card, at least for the next three months!