If you're thinking about buying that plasma screen, going on a shopping spree, or even buying a cup of coffee, think credit card - not debit card.

These days most consumers are issued debit cards from their primary banking institutions, which usually carry a Visa or MasterCard logo. While these debit cards look, feel, and work like credit cards, they often don't carry the same protection or rewards of a traditional credit card. With credit card fraud on the rise, it's best to use a payment option that offers the maximum protection under federal law.

Just last week TJX announced their customer data had been hacked into over the last six months, and that shoppers using credit or debit cards at their family of stores were at risk. The scary part is that those who used debit cards may not receive the same protection as those who used credit cards, such as the ability to dispute charges. On the same token, debit cards are also tied to consumer bank accounts, which put them at even greater risk of losing money and leaking sensitive information.

Security aside, consumers miss out on cashback rewards or travel points if they opt to use their debit card for day-to-day purchases. A debit card provides convenience, but little else. Credit cards offer security and rewards. Always choose your credit card first, assuming you can pay it off each month to avoid finance charges.

While a debit card has the advantage of allowing you to spend only what you have, it may not be the safest or most economical option in your wallet.