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Howdy all,

About two weeks ago I had to do some spring shopping for shirts and slacks. I went the store where I had a $25 gift card (eddie bauer), and picked out about $250 in clothes. Keep in mind, this is a large purchase for me, as I like to buy my summer clothes in the fall, and my winter clothes in the spring (think SALEs!).

At the checkout, I was asked if I wanted to save the preverbial 10% by opening a charge account. In a moment of weekness, I said yes, as I figured I never, ever say yes to these offers (until now). My FICO is 750+, and I only use my two AMEX cards (one personal, one business) and the occasional VISA through my credit union with a 9.9% rate.

Got my card, and after I read the agreement, I remembered why I never say yes. 24.80% interest rate! In the agreement, it also states "the corresponding annual percentage rate will never decrease below 22.8% nor increase above 24.99%" Such a deal.

Obviously, I intend to pay the balance off before the bill even arrives. My question here is, should I then tear up the card, cancel it, or just stick it in the drawer for a while. While I do intend to shop there again, I won't likely use the card again. I use the AMEX's for the reward points anyhow.

Thoughts? Was I a Fool or just another fool.....

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