Please watch this video by Dr Zakir Naik. He says credit card is haram, even if you pay on time without interest. Debit card is halal he says.
I am not convinced. Someone explain to me more.
The main argument he uses is that you sign a document in which you agree to pay interest if you are late. This is why it is haram.
Even in debit cards, if you spend more than your bank balance (called overdraft), there is interest charged. And at the time of creating bank account, you agree to these interest-based penalties. So why is that also not haram by his logic?
What about many other contracts, rental contracts for example, where there is a 5% late fees if you are late? Is late fees different from interest? They sound very similar.
In my view, you are agreeing to a "conditional" interest penalty in all cases, whether it is debit or credit cards, or any other case. As long as those conditions do not apply, i.e. you pay everything in time and spend within limits, it should be halal.
Disclaimer: I am not a scholar. This is my opinion.
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