Erin asked what settings I used on my Cricut to cut the cereal box chipboard. I set the speed to 1 and the pressure to 5 and set my blade to 6. An FYI - this still did not cut completely through, so I had to carefully punch them out and clean up the edges with my scissors. Also, if you check out the Cricut website for uses...they will tell you that cutting chipboard may void your warranty.
Blessings to you, Pamela