Howdy RedLeg,
I've used a couple of 'old' methods over the years, either method depending entirely on what my finished product requirements were.
The first method was simply using a drafters circle template and drawing the proper sized circle. I would then run a sturdy pin thru the center of the circle I had drawn, and place my trusty #11 Xacto knife on the line and slowly spin the piece of plasticard around the center pin scoring the card as I went. Once the card is sufficiently scored, just gently bend and snap your circle away...
Second method {when my circle template didn't have the exact sized circle I needed, was to place an Xacto swivel knife in a drafters compass and score the plasticard that way....
But
pavehawk's nifty new circle cutter looks like the 'bee's knee's'
Tread.