The Single Best Credit Card Perk You're Probably Ignoring

Credit cards offer lots of fun perks -- cash back, free grocery delivery subscriptions, airline miles, and so much more. Among all these flashy benefits, it can be easy to overlook the less exciting ones. Credit scores aren't the most compelling subject in the world, but getting access to your FICO® Score in particular via a credit card is an excellent perk. Here's why.

Your FICO® Score is more important than you realize

Credit scores in general are a significant measure of your personal finances, but this is especially true of your FICO® Score. The scoring model was developed by FICO (formerly known as the Fair Isaac Corporation), and it is based on five different factors:

1. Payment history (35%): Your history of paying back borrowed money is (unsurprisingly) the biggest piece of the FICO® Score pie. Aim to make every payment to every creditor on time, every time.
2. Amounts owed (30%): Coming in second is the amount of borrowed money you owe your creditors. For installment loans (like mortgages), it's based on how much you have left to pay based on what you borrowed initially. For revolving credit (like credit cards), it's based on your credit utilization ratio. It's best to keep that below 30%.
3. Length of credit history (15%): This one's pretty easy to get -- how long have your current accounts been open and what's the average age of your accounts? To keep this in good shape, keep old credit cards open if possible.
4. Credit mix (10%): This factor looks for variety in your creditors. Do you only have credit cards, or is there also an auto loan, personal loan, or mortgage to your name? Having a good mix works in your favor, as it shows you can handle different kinds of borrowing.
5. New credit (10%): Finally, this factor considers how many accounts you've opened recently as well as how many credit inquiries are on your credit report. Having lots of new accounts and inquiries can be a red flag, as it might indicate that you're living on borrowed money -- and above your means.

While there are many different credit scores out there, your FICO® Score is used by 90% of lenders when deciding whether to approve you for a loan or new credit card, so it's important to keep tabs on yours. And if you notice that it's not as high as it should be, you can take action to boost your credit score.

Now that you know how a FICO® Score works, let's consider some credit cards that give you free access to yours.

Which cards offer this perk?

It's not all that difficult to find credit cards that offer credit score access -- if you're not picky about which credit score you get. As we discussed above, your FICO® Score is sort of like the gold standard of credit scores. But there are many different credit scoring models, not to mention multiple consumer credit bureaus, so you actually have many credit scores floating around out there.

To get the most utility out of this credit card perk, pick a card that offers FICO® Score access specifically. Here are two to consider -- and as a bonus, these cards come with excellent benefits besides your credit score:

• Wells Fargo Active Cash® Card: This cash rewards standout (see rates and fees) gives card holders access to their FICO® Scores, and if you're trying to create a one-card wallet, this could be a winner. You can earn 2% back across the board on all your spending. Plus, you'll enjoy 15 months of intro 0% APR financing. The go-to 20.24%, 25.24%, or 29.99% Variable APR applies at the end of the intro period.
• Blue Cash Preferred® Card from American Express: This Amex card is a bit more specialized, but if groceries are one of your biggest bills, you'll love it. You can earn 6% back on U.S. grocery store purchases and 3% back on gas fill-ups (terms apply). And having access to your FICO® Score just sweetens the deal.

If you're hoping to get better control over your finances in 2024, being able to check your FICO® Score whenever you want can be a great way to improve your outlook. Don't discount this credit card perk.