Credit Card Mayhem

I boastful claim of my achievement that I have quite successfully hindered myself from the tempting attractions of the single great menace that has swept the entire financial community into deep damaging crunches and meltdown. CREDIT CARDS. So severe were its repercussion that the resurgence was often seen next to the birth of Jesus.

I DO NOT OWN ONE!

However, the times have changed. And with ‘Change’ comes ‘Great Change’. Often so great, that if one precludes understanding its significance and neglects molding in time in its accordance; he is left far outside the arena of social advancement.

‘Adaptability’ has becomes the prime characteristic of the modern age men and women. Mixed along with a few random elements of ‘Understanding’ & ‘Durability’ – you have yourself a perfect recipe to engage the 22nd Century.

After a long sabbatical from the ‘Credit Card World’ I have finally given in. The change was so great and compelling that my obstinate mentality finally yielded. The harrowing experience of having a credit card in US during my undergraduate studies has haunted me ever since. Though I had made myself a valiant pact and never to return or covet for it. The current circumstances have slightly softened the iron – red enough to mold it.

After long and poignant debates I finally abet the crime. I agreed on getting myself a Credit Card. However, I put forth a few stringent rules that need to be abide in order to suffice the craving.

Rule # 1 – NO INTEREST. It strikes to me as the first and foremost duty as a Muslim to keep my earning away from Interest. Though I am not a financial expert – and I am thankful to Allah about it – I am very much convinced regarding the operations of Islamic Banks. The difference is subtle and fine. It’s the same difference that exists between a belief of a Muslim in Allah and of a Christian in God.

I would like to quote the Quranic verse here regarding Interest:

“Those who spend their wealth secretly and openly by day and night, will have their reward with their Lord, and they have nothing to fear nor grieve. But those who devour interest become like the one whom Satan has bewitched and maddened by his touch They have been condemned to this condition because they say, "Trade is just like interest”, whereas Allah has made trade lawful and interest unlawful Henceforth, if one abstains from taking interest after receiving this admonition from his Lord, no legal action will be taken against him regarding the interest he had devoured before; his case shall ultimately go to Allah. But if one repeats the same crime after this, he shall go to Hell, where he shall abide forever. Allah deprives interest of all blessing and develops charity; and Allah does not like an ungrateful, sinful person”

(Surah Al-Baqarah Verse 274-276)

Rule # 2 – USE THE CARD ONLY WHERE A CARD NEEDS TO BE USED. People usually feel might strong (financially) when they possess credit cards. They transform into ‘Money-Spending-Superman’ sprouting their credits cards at the first sniff of expense. Collecting reward points, airway miles and cashing in on inane discounted offers (5% off on every purchase of 5000. I never really understood how could one ever fall for such deals?). Sliding the colorful card up and down the machine, signing off receipts living in a vaunting air of superiority of the priceless spending power they had always yearned for.

Not soon they are struck with the reality of life. After a month of lavish spending they realize that they still have not collected enough airway miles to fly them from their house to their office, nor are the reward points sufficient enough to redeem them, so they still have to pay for their groceries. On top of that, they stand aghast when they are told by their banks that they need to pay additional 3.999999% (not 4% - wow what a relief!) on their entire spending since you cannot repay all of it this time. They wake up only to find themselves completely submerged in the pool of de(a)bt(h).

Rule # 3 – NOT UNDER ANY CIRCUMSTANCES IS THE CUSTODY TO BE GIVEN TO YOUR WIFE. The less it is spoken about, the better and clearer it is!!!

With these three rules up and standing I assent to yet another charm of our socially advanced society. As one of my friend says: “Dude, today the years are so advance that you say 20 before 10”