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An Islamic credit card varies from a conventional banking credit card but
essentially, both cards carry out the same function.
Using an Islamic card also allows you to make upfront purchases and pay
for all of it on a later date. However, Islamic credit cards function on
different fundamentals as conventional banking cards do.
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Personal nance tips to help you manage
your budget and stay ahead of the banks.
This is because it is against Islam to impose interest, which is known as How To File Your
riba. That does not mean there are no charges involved. To counter that, Income Tax When
the Islamic credit cards charge a fee or pro t rate instead. You're Freelancing
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However, certain banks like Bank Rakyat Gold Credit Card-i, takes it a step
further. Should you endure some form of permanent disability or suffer
from death, the credit card offers a complimentary family Takaful bene t
that clears off all your outstanding balance.
The bene ciary of the card holder will also receive a compassionate sum
of up to RM1,000. That would at least help to keep your estate and other
assets untouched, as the credit card company will not be siphoning off a
portion for all the outstanding debts, leaving your family with lesser.
Even if you would like to use it to kick a bad habit, taking up an Islamic
credit card could help to steer you away from those bars after work,
since it will not be accepted there.
On a more practical note, it provides you with non-compounding interest
for all your balances being carried forward and you can sleep peacefully
knowing that any of your outstanding balances will be taken cared of,
should your health suffer.
If you are unsure which credit card is best for your needs, head on over
to our Islamic credit card page and choose one from all the different
cards available.
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