An Islamic credit card usually offers takaful coverage, and some also offer benevolence expenses. Aside from that, Muslims will also have the added convenience of paying being able to pay their Zakat with an Islamic credit card.
The only way that the bank makes money is if you miss a payment. You can avoid interest on any portion of a Purchase shown on your current billing statement that you pay by the Payment Due Date if the New Balance shown on your previous billing statement was zero or was paid in full by the previous Payment Due Date.
The Payment Due Date will be at least 25 days from the statement closing date and is printed on each billing statement you receive.
You cannot avoid interest on Cash Advances or balance transfers. If you pay the bank its due at the end of each month there is no excess charge to you, but if you miss a payment, they begin charging interest to encourage you to pay already, otherwise you pay the amount that you would normally owe.
Unless of course as stated above, certain credit card companies wont let you avoid paying interest on cash advances or balance transfers. They would simply be giving you a loan for a short amount of time then you will pay it back.
But if you miss a payment which is very easy to accomplish they begin charging interest. So it would be best to stay away from these types of cards unless you absolutely trust yourself to pay on time.
If you dont feel that you can trust yourself to always pay on time, or feel it it best to stay away from something that may lead you to haram, you may want to use a debit card.
This is a pre paid card, you connect the card to your bank account, and the seller withdraws money directly from your bank account, without you being required to make a payment, it also has a set limit on how much you can spend a day, and they alert you if suspicious buying habits begin.
And its completely void of interest.About SIBL VISA Islamic Credit Card: In today's modern world Credit Card is a very extensively used mode of financial transaction and it is widely known as "Plastic Money".
It has created an immense impact in the life of the people all over the world. BisB provides credit cards that are fully compatible with the principles of Shari’a.
Your card can be used worldwide where there is a Visa sign on the windows of shops .
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All the Islamic banks in every one of 70 countries issue credit cards of different types. The features, the Shariah compliance method, the payment method, the clauses which prohibit certain transactions, and the fee structure differ from bank to bank.
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