Assalamualaikum how are you all I hope you are well. Nowadays, the prevalence of credit card is relatively high, due to which people are interested to know about it. If you want to know about credit cards then you have entered the right site this article is for you.
What is a credit card?
Credit card is a card used as a means of providing and receiving certain services from the bank. The bank issues this card with a certain amount of annual fee from those who wish to accept the service of this card. The carrier purchases the required goods and services without paying the cash price through the card in a specified manner. The bank gives the value of the service or product to the seller as a loan on behalf of the customer. Agreement is executed between them to this effect. That is, if the card carrier does not pay the amount within the specified period, the interest will be paid at the specified rate for the following days.
What are the credit card requirements?
Credit cards are of great importance for risk-free and easy transactions, through which the necessity of using this card is understood. Following are some of the importance and requirements:
1. Security of money. Using this card as a medium for transactions can save you from losing money, being stolen and robbed, and many other misdeeds.
2. Easy exchange medium After purchasing goods or services through the card, the price can be paid very easily. It saves you from counting and counting paper money.
3. Peace of mind. Since there are less chances of money theft, robbery and other dishonesty by using this card, you get peace of mind by using this card.
4. Karje Hasana has a policy of using this card, no interest is charged if the debt is paid within the stipulated time. So using the card following this principle gives you interest free loan mu'amala.
5. Convenience in carrying, this card can be carried wherever you want without any worries. On the contrary, money is a bit difficult to carry.
Is it permissible to use credit cards?
As the interest agreement is attached to the original contract of the credit card and the interest transaction is obtained by using the card, the transaction of this card is fundamentally not Shari'ah compliant. But if one accepts the card with such conviction that he will never pay usurious mu'amala through it, but will always pay the price within the specified period and later implement it, then the use of this card will be permissible even if interest is mentioned in the original contract. However, even in this situation, if debit card and charge card are available, credit card cannot be used.
Source: Fatawa Usmani: 3/352.
Conclusion
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