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October 7, 2015 | Dhul-Hijjah 23, 1436
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IslamiCity > Business & Finance > IC Finance > Debit Cards
 Welcome to IC Finance Information & Services

 O ye who believe! Devour not usury, doubled and multiplied; but fear Allah.
that ye may (really) prosper. Qur'an 3:130 (Arabic) - Recite  

Debit Cards

Debit Cards, also known as Check Cards, is a special form of cards that look to the merchant just like a Credit Card, with the VISA or MasterCard logo on them. However, this card is actually an ATM card that allows you to withdraw money from ATMs (directly from your checking account) without incurring interest. Also, the purchases made are debited (thus the name) from your account instantly. There fore there is no monthly statement, no interest, nothing.

This card seems like a much better alternative to normal Credit Cards, offering all its services without the risk of interest.

However, there are a few points to consider:

  • The Debit Card does not offer any consumer protection nor extended warranty that the normal credit cards provide.
  • There maybe a small monthly service charge involved when you use the card (e.g. 1.5$ per month for large banks in the USA, only in months that you use the card in). Note that almost all cards in the USA have no annual fee, unlike other parts of the world (e.g. Middle East).

Apart from the above, the debit card is a very convenient way of avoiding the drawbacks of credit cards.

You can learn more on VISA Debit Cards as well as MasterCard Debit Cards

Bank of Whittier over debit  cards. Visit http://www.whittierbank.com/credit-card.htm


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