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
|
|
|
|
