{"_id":"668da0850b76658b4c23395e","title":"{\"ops\":[{\"insert\":\"Can we use a credit card to split big purchases into multiple payments for a fixed monthly fee?\\n\"}]}","question":"{\"ops\":[{\"insert\":\"A lot of credit card companies now let you split big purchases into multiple payments for a fixed monthly fee. So say I make a big purchase for $600, the credit card company will let me charge it to my card then let me split it into 3 monthly payments of $200 with a fixed monthly service charge of say $5. Is this the same as interest and prohibited?\\n\"}]}","answer":"{\"ops\":[{\"insert\":\"The issue with this transaction is the fee they are charging for the installment. According to Shariah law, any loan that brings a benefit to the lender constitutes riba (interest), which is prohibited. The Prophet Muhammad (pbuh) said, \"},{\"attributes\":{\"italic\":true},\"insert\":\"\\\"Every loan that brings a benefit is riba\\\" (Sunan al-Bayhaqi)\"},{\"insert\":\". If there were no fee, as is the case with many credit card companies that do not charge fees, then it would be permissible.\\n\"}]}","tags":[{"_id":"668da01b0b76658b4c232e51","tag":"Contemporary Life: Interest","count":34},{"_id":"668da0410b76658b4c23325d","tag":"Credit Card","count":5}],"createdOn":"2024-07-09T20:41:41.075Z"}