CFPB offers credit card shopping tips

The Consumer Financial Protection Bureau recently released a list of things consumers should do when they're deciding what credit card to choose.

One of the most important tasks is deciding how one plans to use the card, the CFPB indicates. For instance, consumers should ask themselves if they will pay off the card every month or if they will carry a balance. If in the past a consumer has carried a balance, they should try and find a card that has a low annual percentage rate.

Another recommendation offered by the CFPB is comparing credit card terms. This includes the fees they carry and the various types of APR rates, such as those for balance transfers and penalties.

Finally, CFPB says that once consumers have found a credit card with favorable terms, they may want to ask their current card issuer to match the competitors' rates. Occasionally, credit card companies will make a counter offer to prevent consumers from switching.

No matter what credit card consumers use, they should be sure to review their credit reports with some frequency to make sure unfair or inaccurate marks don't appear on them. These could adversely affect their credit scores.