Whether you know it or not, there are three credit bureaus that are continually maintaining credit reports about how effectively you are managing your money. Those reports ultimately provide your credit score to lenders, employers and possible landlords.

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How you manage credit cards will determine whether you establish good credit or bad credit. If you pay at least the minimum payment on your credit card bill by the due date each month, you are on your way to establishing good credit. If you miss payments or go over your limit, your credit history will take a hit.

Having a bad credit history is a lot like having a bad GPA. Once it goes down, it’s hard to build back up, but it can be done.

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Do you truly understand how your purchases are calculated on your credit card? Do you know how much that grande low fat latte is costing you in the long run? Here’s your chance to find out.

Play the 'Paying with Plastic' Game! »