Would You Ever Shred Your Credit Card?

Would you? If you would, and you are willing to video yourself doing it, you could possibly win $1,000 from the fine folks at Lending Club and PerkStreet. They are teaming up to present Shred Your Credit Card, a video submission contest where the most popular video of someone shredding their credit card will win $1,000. See all the details and ways you can win at www.ShredYourCreditCard.com.

In case you are wondering, I think cutting up the cards could be the right move for some people. It doesn't close your account (which could negatively affect your credit score, so you wouldn't want to do that). But it does remove the possibility of spending with the physical card. The point of this exercise is obviously beyond these technicalities though. It's about creating drastic change in your financial life. Cutting up your cards could be the trick you need to help you eliminate your credit card debt. Some people choose this route, and if you want to go this direction, then services like PerkStreet and LendingClub could be great resources for you on that journey out of debt.

Shred Your Credit CardEnough rambling. Enter the contest (December 15, 2010 through January 29, 2011), cite me as the place where you heard about it, and you become eligible to win a $25 gift card from me. Word to the wise: video contests like this usually struggle to get going initially. So your odds of winning are much greater if you start asap. So go take a quick video of yourself cutting up a credit card, overlay some heavy metal music (or whatever music you feel like), and submit it to this contest.

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Last Edited: July 26, 2017 @ 6:16 pm
About Philip Taylor

Philip Taylor, aka "PT", is a former practicing CPA, blogger, podcaster, husband, and father of three. PT is also the founder and CEO of FinCon, the conference and community dedicated to helping other financial influencers and brands. He created this website back in 2007 to share his thoughts on money, hold himself accountable, and to meet others passionate about moving toward financial independence.

PT uses Personal Capital to keep track of his financial life. This free software allows him to review his net worth regularly, analyze his investments, and make decisions about his financial future.

PT keeps a portion of his emergency fund in Betterment, the automatic investing tool that makes investing super simple. Betterment focuses on what matters most: savings rate, time in the market, investing costs, and taxes. PT recommends this service to anyone looking to get started investing for themselves.

All the content on this blog is original and created or edited by PT.


  1. Shred it, burn it, cut it, or smash it. Anyway you can, get rid of temptation and debt!

  2. Briana Ford says:

    This could be a dangerous lust but I love credit cards, which probably is the case for lots of people with credit card debt. Not necessarily what they represent but the physical appearance of them. I couldn’t bring myself to shredding them because of the huge “what-if” factor, but I would gladly remove them from my wallet into a box or something at home.

  3. For some people, that might be the only way to control “addictive” spending habits. They’ll probably find other ways, but not as easily and likely not with as much debt. I like the idea of keeping the account even if you cut up the plastic – a good point about credit score.