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Debt Finances & Money

Got one new Discover credit card and cancelled another

Although I hate financial clutter, I had to sign up for another credit card. I have about $5,000 due for spring tuition, but I won’t be reimbursed for it until about February. That means I would either need to pull from our savings (which isn’t much more than $5,000), or get a credit card with a 0% offer.

I chose the latter.

I looked through the 12-month 0% purchase / balance transfer offers I posted earlier to find an adequate credit card that would also give me rewards on my tuition purchases. Currently, I have a Discover® More(SM) Card (basically the More card) and a Miles by Discover® Card, but neither of those have a reasonable purchase rate (unless I applied for a brand new one).

I decided to go for the Discover Business Card, which has a 12-month 0% offer on purchases, as well as 5% rewards on office supplies (anything purchased at an office supply store) and 2% on gas. If you’re wondering, this site is my business.

I got a confirmation call from Discover this past week to confirm some information about my account, but they didn’t need anything special to confirm my business. I should be receiving the card shortly, and I’ll be able to use it for Summer 2008 tuition as well, and even a new laptop, which I’m looking to buy next year, if I buy one from an office supply store.

So, since the article in June where I complained about all my accounts, I’ve signed up for 4 new credit cards. However, I did call and cancel my regular Discover Miles Card since I haven’t used it for years (except for a balance transfer). The Miles card is now basically the same as my Platinum card, so I don’t need two of the same rewards cards.

I’m not worried about my credit score with dropping this card. It had a $5,000 limit, but overall wasn’t a major portion of my total credit limit, and it’s not one of my oldest cards. I’ll also be canceling the MINI credit card and AmEx card soon, so I’ll get my pile back down to a reasonable number of cards 🙂

The good thing is that we only have $1994 in credit card debt (from the MINI Cooper). That debt will be gone this month and we’ll be CC debt free for the second time in 2 months.

About the author

Clever Dude

6 Comments

  • Good planning. In this case, having the credit card debt is understandable. It can be tough with financial aid coming in. Great job on finding the card.

  • I’m curious if this would be something good for me to do?!! I’m 42 years old. I don’t have a credit card.I had a bank secured card that I have since paid off and I’m just not the best at finances. I am desperately trying to get better and I think right now is a perfect time to use `other peoples’ money.I have 2 girls in college and I need help(purchase of laptops and books).Any advice would be helpful.

  • “employers would have to prove that every effort is made to develop employees before employees can be terminated.”What does that mean?. As an employee my greatest distress has been employees who do not want to develop. What plans does the civil service have for employees who do not want to &#8p20;develo2”. It is hard being an employer in our laid back environment. I raise my cap to those who have the guts to be employers. Both employees and employers are at risk of being abused.

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