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You want big rewards

"Debit rewards have gotten better over the years," says Curtis Arnold of CardRatings.com, "but still I've never seen a program that comes close to the best-of-breed credit card programs."

Citibank's debit cards, for example, offer one point for every $2 spent, and you need 8,000 points to get $50, so you're earning a mere 0.31% on every dollar. In comparison, many credit cards offer at least 1% cash back.

Bear in mind, too, that many debit cards offer their top benefits only when you sign for purchases rather than use your PIN, as banks get more money from retailers on signature transactions. (The Citi card gives one point for every $3 on PIN purchases.) And some merchants -- Wal-Mart (WMT, Fortune 500) for example -- steer you toward the PIN option.

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