Interest Free Credit Card: Too Good to be True?

A couple of months ago, I remember seeing a story on a Muslim Bank, and the story focused on its credit card, which apparently charges no interest whatsoever (based on Sharia law which prohibits usury). Ignore for a moment the Muslim-bashing propaganda you get from the MSM, who’ve turned (rightly or wrongly) Sharia into a slur, a symbol of repression and patriarchy, all I care about for the moment is a credit card that treats me fairly. I’ve just about had my fill of 19.75% interest VISA credit cards. Moreover, the benefits I enjoy from credit cards is slowly being outweighed by the fact that the benefits I used to enjoy disappear after a few gestures of goodwill that have cost the credit card companies a small fraction of what I have paid it in interest.

I was recently informed by VISA that since I’d reported a $5 bar tab fraud (for which they reluctantly reimbursed me) and asked if they could grandfather my credit card payment through another bank (immediately, as opposed to the standard few business days so I could avoid the 19.75% interest charge), that I was out of favors and that I was not to ask for any more flexibility from them. I was until then treated relatively well, but I supposed the veneer of customer service often masks an ugly greed-focused corporate underbelly.

I’ll inquire as to whether the Sharia credit card is a viable option. My understanding of it so far is this:

  • it is open to non-Muslims like me
  • they never charge interest for anything
  • they make their money by charging businesses I patronize the standard 3% that all other credit card companies are subject to
  • there is no service fee involved

Remaining questions are:

  • is the Sharia card accepted at all the businesses regular credit cards are?
  • (even though I understand the company makes its money through businesses not consumers) are there any strings attached?

I’ll look into it over the next few days and report my findings. It’s time consumers fought back against the rampant greed of Big Business.

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