Is This the Most Underrated Credit Card Perk?

When you're looking for the right credit card, it's easy to focus on the benefits that make you say "Wow!" These might include an eye-popping welcome bonus, credits toward dining and travel purchases, and access to a high-end concierge service. But I'd argue that one of the best perks available from your credit card is the ability to view your FICO® Score for free. Here's why.

Why is it worth knowing your FICO® Score?

There probably aren't many people out there who can rattle off their exact FICO® Score on any given day, but it's a seriously good idea to have an idea of where you stand. This is especially true if you've got some big financial moves in the near future, like applying for a mortgage or car loan.

A whopping 90% of lenders consider your FICO® Score when deciding whether you can borrow and determining how much you'll be charged to do so. If you know yours is in good shape before you apply, you can rest easier knowing that approval is likely (and that you're likely to save money in the process).

But if your score could use some work, you'll know that too. Based on the five factors that make it up (payment history, amounts owed, length of credit history, credit mix, and new credit), you can be strategic about improving it.

You can vow to pay your creditors on time every month -- that payment history factor is worth the biggest percentage (35%) of your score. You can go through your credit report for errors that could be dragging your score down through no fault of your own. You might even opt to pay down some current debt to get your score in better shape before applying to borrow a large sum of money -- amounts owed is worth 30% of your score, and lowering your credit utilization ratio will help.

Consider these cards

It's pretty easy to find credit cards that offer access to a general credit score -- with the caveat that it's likely to be a VantageScore, or the product of another credit-scoring model. You actually have many credit scores, because there are multiple credit bureaus and many ways to calculate a score. That said, it's very worthwhile to apply for a card that offers access to your FICO® Score in particular. Here are a couple of great options -- along with a few other benefits they offer.

Bank of America® Customized Cash Rewards credit card

This Bank of America card is one of my personal favorites, and as a cardholder, you'll be able to view your FICO® Score (which is updated monthly). But the perks don't stop there -- for starters, the Bank of America® Customized Cash Rewards credit card has no annual fee and a generous cash back welcome bonus.

And true to the "customized" in its name, you get to choose from six 3% cash back bonus categories that include gas/EV charging, online shopping, dining, travel, drugstores, and home improvement/furniture. You can change your category every month if you so choose. You also get 2% back at grocery stores and wholesale clubs, and 1% across the board on other purchases.

Discover it® Cash Back

This Discover card is another cash back standout that offers FICO® Score access. You'll also enjoy no annual fee and a cool welcome bonus -- whatever cash back you earn during your first year, Discover will match it. My colleague Steven Porello earned over $1,600 after his first year with this card!

The Discover it® Cash Back (see rates and fees) gives you the opportunity to earn 5% back on different spending categories every quarter (note that this is earned on a quarterly maximum of $1,500 in the bonus category). And lest you think the categories won't fit into your everyday life, worry not -- in 2023, categories offered included grocery spending, gas stations, and streaming services. You just have to remember to activate the bonus category every quarter to earn your 5%.

If you've only been focusing on the flashy perks when you investigate new credit card options, I recommend adding "free FICO® Score" to your list of must-haves. Knowledge is power when it comes to your finances, and this feature can give you a major leg up.