4 Reasons You Should Break Up With Your Debit Card

Credit cards give you more flexibility than debit cards.

Valentine's Day is fast approaching and it's an ideal time to reflect on your relationships. If you're like most people, you may currently be in a relationship with your debit card. But this could be a good time to take a step back and consider whether credit cards might be a better option. Here's why it may be time for you to break up with your debit card and find out why, if you use them responsibly, your credit cards are likely a better way to manage your money.

1. Credit cards come with protections

One of the biggest advantages of using a credit card over a debit card is fraud and liability protection. If there are unauthorized charges made on your credit card due to identity theft or other malicious activities, you are not liable for the purchases you didn't make. On the other hand, if someone steals your debit card, they can drain your bank account, and it could take months to get the money back.

Many credit cards also offer purchase protections or travel coverage. Some credit cards, like the Chase Sapphire Preferred® Card, offer insurance that covers trip cancellations or interruptions, lost luggage, and more. If you rent a car with it, they also offer an auto rental collision damage waiver. Credit cards can offer greater protection if you are traveling, especially overseas.

2. Credit cards offer other travel benefits and rewards

In addition to protecting yourself by using credit cards while traveling internationally, you can earn points or miles. Cards such as The Platinum Card® from American Express give you up to 5X Membership Rewards® Points (up to $500,000) for flights or hotels booked directly with the company or with American Express Travel. You can also receive up to $200 in statement credits per calendar year. Terms apply.

Some credit cards, like the Chase Sapphire Reserve®, give you access to over 1,300 airport lounges worldwide, membership to Priority Pass, and a credit every four years for Global Entry, NEXUS, or TSA PreCheck. For American Express card holders, The Centurion Network has expanded to include more than 40 Centurion Lounge and Studio locations worldwide.

3. You can build your credit score

Responsible use of your credit card can help build up your credit score. Your credit score is one of the most important financial numbers in your life. A good credit score can make it easier to get approved for loans or mortgages in the future. When you use a credit card and make consistent, on-time payments, this helps to prove that you can reliably manage your debts and this can benefit your credit rating over time.

It is important, however, to be disciplined in how much you use the card, as running up your spending can quickly catapult you into debt and diminish your score. Having an understanding of how the credit system works and using credit responsibly -- combined with making timely payments -- will help support not only your financial present, but also your future fiscal stability.

4. Credit cards have no overdraft fees

Debit cards are linked directly to your checking account, making them convenient for everyday purchases but also potentially costly if you overdraw from that account, as there can be hefty fees associated with overdrafts. If you go over your limit on a credit card, your next purchase will be declined. A card issuer cannot charge an overlimit fee unless you have opted in for them to do so. While you may be able to save on overdraft or overlimit fees, being close to your credit limit on a card card can hurt your credit score. So it is important to pay down your credit card to avoid high interest fees and any hit to your credit score.

Credit cards offer benefits such as fraud protection, reward programs, and the ability to increase your credit score. A debit card usually doesn't. So this Valentine's Day, why not consider breaking up with your old standby debit card and enter into a more rewarding relationship with credit cards? It is important to use your credit card responsibly, and if you do, you can enjoy the benefits that come with it.