What is the ruling on dealing with Visa cards with the bank?
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The questioner : O Shaykh (may Allah preserve him), some banks, for example, with a Visa card, take an amount that you pay back after fifty days or forty-five days, the same amount, they do not take, meaning, interest. What is the ruling on that?
The Shaykh : And if the period passes, they add to it.
The questioner : I do not know.
The Shaykh : No, if the period passes, they add to it, and this is forbidden; it is not permissible, even if a person is confident that he will pay within the period. Circumstances may change; an accident may happen to him requiring money for his treatment or that of his family. The money may not be available to him. Then, even if the man is very rich, he will certainly find before the period ends what he needs to pay. The basis of entering into this principle is usury (riba), which is forbidden, because it is known about them that if the period ends, they add to it what they call profit, which is in reality a loss. So entering into this is not permissible. Yes, on the right.
The Shaykh : And if the period passes, they add to it.
The questioner : I do not know.
The Shaykh : No, if the period passes, they add to it, and this is forbidden; it is not permissible, even if a person is confident that he will pay within the period. Circumstances may change; an accident may happen to him requiring money for his treatment or that of his family. The money may not be available to him. Then, even if the man is very rich, he will certainly find before the period ends what he needs to pay. The basis of entering into this principle is usury (riba), which is forbidden, because it is known about them that if the period ends, they add to it what they call profit, which is in reality a loss. So entering into this is not permissible. Yes, on the right.