Credit cards-An overview


Assalam oalaikum,

Credit cards, which are a kind of plastic money, hardly need an introduction. The Encyclopedia Britannica states that the credit cards are being used since the 1920’s in the US. However, there have been references to credit cards as early as 1890, in Europe.
Credit is a way of selling goods or services in a situation in which the buyer does not has money in hand. A credit card is a payment card which is issued to the users as a method of payment. The cardholders can thus pay for their purchases based on the holder’s assurance to pay for them.
The earlier credit cards were not made of plastic.
Credit tokens used to be made from metal, celluloid, metal coins and fiber.
The credit cards used these days are made from thin plastic and they carry identification information such as the card holder’s signature or photograph.
Credit cards usage has reached the 181 million mark in the US, despite the economy being at low ebb.

This brief description of credit cards shows that they have originated in the west. These credit cards are based on the concept of enjoying opportunities of spending money which the card holder does not have.
Despite their popularity, easy availability and profitability, it is the duty of every Muslim to stop and ponder on the fact whether the credit cards are in compliance with the Shariah injunctions or not.

Keep Me In Your Prayers.
Amel Soname
Amel_soname@yahoo.com

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