Fair Isaac Corporation, or FICO, is one of the most well-known types of credit scores in the country. FICO scores are used by most lenders to decide on loan applications. The score ranges between 300 and 850. Your credit score will significantly impact your application. Lenders will look at the score and determine your ability to repay a loan.

Many parents argue over the fact whether their teenager should be given a credit card. It could be a good financial move,, but a credit card comes with a lot of responsibilities. If the parents have a good credit standing, adding them as an authorized user on your card can teach financial responsibility to the child, that is, if and only if parents have a good credit score.

If you are down with a huge credit card debt, you can choose to apply for a low-interest balance transfer card, which will help you pay off the debt. The first advantage of the card is that you have your entire debt in one account. This will help you to handle your finances easily.

Credit cards come with a set of perks that make travel and accommodation easier. Depending on the type of credit card you hold and the rewards offered by the card issuer, you can make the most out of the card you use. There are general reward credit cards that allow you to redeem the points for plane tickets in addition to offering redemption opportunities among other things.

Credit card rewards are an additional benefit you get when you use your card. The rewards allow you to earn while you spend. Collecting and redeeming points by using a credit card is easier but you might be wasting your miles and missing out on an opportunity to make the most out of the card.

It does sound tempting to get cash from your credit card. However, a cash advance is not like withdrawing money from your debit card. Cash advances on a credit card are expensive and may put you into a debt trap. You can take a cash advance by using the convenience check supplied by the issuer or from an ATM through your credit card.

Millionaire credit cards are those that cater to the ultra-rich. These cards are gaining tremendous popularity because they are marketed as a status symbol, which provides the customer a sense of prestige. Millionaire credit cards offer perks and services that aren’t otherwise offered to general credit cardholders. Usually, banks and financial institutions offer millionaire credit cards to those customers who spend more than $100,000 annually on their credit cards.

When it comes to credit cards, consumers are bombarded with several choices from the numerous banks and financial institutions in the market. Through these credit cards, banks allow customers to spend money at free will and repay the amount with certain terms and conditions applied. Credit cards can improve your credit score.