I use them for the rewards, mainly for things that I am going to buy anyway. I really like the different rewards catagories every quarter with Discover Card, things like gas and groceries. Why not get 5% cash back on things I buy anyway? Now American Express is doing the same and I enrolled the other day. My Citibank card is a Dividend card so I get cash back there too.

If they start charging interest from the time of purchase I won't use them anymore. No savings there.

I don't carry much balance on cards, normally pay them off each month. I do have one at 0% until October that I am paying a little bit each month. Why pay it off when I can keep that money in my high yield savings account and earn interest on it until September? The only other thing I owe besides mortgage is my auto loan, which is paid of in THREE MORE PAYMENTS!! Yoo Hoo!

Well, if they start accrueing interest from the day something is charged, I'm not using it anymore. I'll find a different way.

Yeah Pam!! Congrats on 3 more payments!! It feels so good to have a loan paid off!!!

I understand managing credit but closing them hurts you too, your credit score anyway, and that can hurt you in a lot of ways. It hurts you in not getting credit if you need it, having a low credit score because of not using credit wisely and showing that you can manage credit, which equates to being charged higher interest rates if you do get a loan for anything.

It's a personal decision on what's most important... having no debt and never using credit or, having a higher credit score by using them wisely.

My dh and kid did this too....:)Everything is broke up to the envelopes...works great! Highly recomm. even his book!Skeat

The changes don't become law for 9 months - take your time!

The law doesn't go into effect for 9 months. The Friday night PBS analysts seem to think the credit card companies probably won't change their award programs - they'd just lose customers. Besides, if they do, you still have the 9 months to decide what to do.