Secured credit card

Fatawa Question

As-Salamu Alaykum wa Rahmatu Allah, Hope this message reaches you while you are in the best of health and Iman, I would like to know the ruling of secured credit cards. I read your fatwas regarding credit cards and I agree with your opinion that it is halal to get one if you are going to pay back within the grace period. But the problem with the secured credit card is that you have to open a SAVING account to get one. By the same token, a secured credit card seems to be the best option for me to build a good credit history since I have arrived to the US recently and I want to build a credit history. Is it halal to get a secured credit card despite the fact that I have to open a saving account to secure it and that other alternatives for getting a credit card regardless my credit history may exist but usually costs more expensive fees for issuing the card and more monthly and annual service charges. Jazakum Allahu Khairan

Fatwa

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Publication Date

2008-03-24

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Credit cards

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-728391

• APA
• MLA
• AMA