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The wonderful world of credit cards. Honest version.

Twilight Hue

Twilight, not bright nor dark, good nor bad.
I make money from credit cards.

Cash back, traveler miles. I've made lots of money from credit card.

It's simple. I don't accrue debt by actually paying the entire balance on time. If anything, credit card companies have lost money from me because they lend money to me without interest.

Go figure.
I think cash back is factored in, reflecting a profit on part of the credit card company on the basis that cash back is "earned" by a level of usage on the card.
 

suncowiam

Well-Known Member
I think cash back is factored in, reflecting a profit on part of the credit card company on the basis that cash back is "earned" by a level of usage on the card.

Yes, it is factored in. Same with airline miles and other perks of owning a credit card.

Bottom line is...

Everyone should know as a fact that they are borrowing money. They have to pay back this money with interest. It is part of the contract they initially signed.

Blaming this on the credit card companies is so a un-conservative thing to do.

I don't carry much cash because it's much easier to transact with my credit cards. It's a free service for me with many benefits.
 

Muslim-UK

Well-Known Member
Premium Member
So what or who exactly from Islam says this is forbidden?

God Himself:

Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah . But whoever returns to [dealing in interest or usury] - those are the companions of the Fire; they will abide eternally therein Qur'an 2:275
 

Shadow Wolf

Certified People sTabber
My last credit card got me to say no more. Those greedy ******** would call for their money before the due date of my payment, and if I sent in a payment a couple weeks early they didn't take it as that month's payment, and still gave a me "pay by this date or we will take on more in late fees than you usually use at one purchase on this card."
 

Twilight Hue

Twilight, not bright nor dark, good nor bad.
My last credit card got me to say no more. Those greedy ******** would call for their money before the due date of my payment, and if I sent in a payment a couple weeks early they didn't take it as that month's payment, and still gave a me "pay by this date or we will take on more in late fees than you usually use at one purchase on this card."
Big problem is the lighting fast levying of interest and fees through the internet in mere seconds rather than hours or days.

Long gone are the days of snail mail via the postal service that offered people a modicum of breathing room at least.
 

Shadow Wolf

Certified People sTabber
Big problem is the lighting fast levying of interest and fees through the internet in mere seconds rather than hours or days.

Long gone are the days of snail mail via the postal service that offered people a modicum of breathing room at least.
I know. With my first card I had to send in payments via snail mail.
 

Shadow Wolf

Certified People sTabber
Don't worry, that verse is for the believing Muslims, Christians and Jews warned not to deal in Interest.
Even if I'm not Abrahamic, can we still not share our mutual disliking of the modern and very greedy banking practices and those who promote them?
 

Akivah

Well-Known Member
Big problem is the lighting fast levying of interest and fees through the internet in mere seconds rather than hours or days.

Long gone are the days of snail mail via the postal service that offered people a modicum of breathing room at least.

You mean you don't mail in paper checks like I do??
 

Akivah

Well-Known Member
My last credit card got me to say no more. Those greedy ******** would call for their money before the due date of my payment, and if I sent in a payment a couple weeks early they didn't take it as that month's payment, and still gave a me "pay by this date or we will take on more in late fees than you usually use at one purchase on this card."

That sounds like a good company to get rid of. Their competitors will do better.
 

suncowiam

Well-Known Member
God Himself:

Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah . But whoever returns to [dealing in interest or usury] - those are the companions of the Fire; they will abide eternally therein Qur'an 2:275

I don't think it's talking about the same "interest" here.

The Quranic Arabic Corpus - Translation
 

Thief

Rogue Theologian
This is in accordance with Dave Ramsey's principles, he is anti-debt. Once you eliminate debt and pay everything with cash, then your credit score will drop to zero. And as credit isn't used for purchases, then the credit score become irrelevant.
until you are attempting to purchase a pickup truck
and the salesman reports to your face......your credit rating is '0'

no truck
 

Thief

Rogue Theologian
Credit cards are not bad. It is people's irresponsible use of credit cards that is bad. If a person charges more than they can pay off each month, then they are charging too much and using their card irresponsibly.

Used properly (i.e. paying entire balance each month), credit cards are a convenience, protects one from robbery, and could earn benefits. Paying the balance each month eliminates any interest and fees, while earning benefits.

With my credit card, I earn about two free restaurant meals per month. I recently ran a new car purchase through the credit card and earned about ten meals. Since I had already saved 100% of the car price, I simply paid the balance of the card off that same month.
at more than 15% the typical will keep you in debt forever
not to mention 24%

where's Guido?......Plano Texas
 

LuisDantas

Aura of atheification
Premium Member
This is one of the reason, why some wish to force democracy and secularism around the world. Another 1+ Billion people enslaved to Interest would equate to Trillions of $ over the years.

In the West, go back 100 years, people lived simple lives, knowing this was a stepping stone to the next World. The Devil attacked Christianity and made it dwindle in power and influence, today we have a secular, almost Godless Society that pays interest for decades, then people retire to sell their home, so their care home fees can be paid. Forget children looking after their parents, they'r too busy working to earn enough to keep up with their neighbours. It is modern slavery, but most people can't see it as they unwrap their latest contract smart phone.

The greed of some dictates the need for another Billion people to be enslaved in a similar system, but first you have to knock down their religion, brick by brick.

rant over.
Not sure I see the link to secularism. Are you implying that properly cared religion would ward off greed?
 
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