ISLAMIC CREDIT CARD WITHOUT INTEREST

ISLAMIC CREDIT CARD WITH NO INTEREST

An Islamic credit card without interest is defined by a sharia compliant payment card that allows deferred payments to Muslim car users who follows the ban of interest rates (Riba) as suggested within Islamic finance.

An Islamic credit card with no interest is not charging any Riba (Interests) for ethical reasons in accordance to Sharia law, but does neither charge any fee or profit during a grace period after which the card user may pay some profits to the card issuer.

The halal credit card without interest does not mean there are no charges involved, to compensate the absence of Riba the halal card issuer will charge a profit rate instead of interests in accordance to the Islamic principles.

An Islamic credit card with no interest can also use sometimes the incentives of conventional payment card as to a grace period for interest payment, which is an advantage with however a problem if the card user does not repay on due time as he might be charged with penalty fees.

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