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Mobile Purchased On Credit Card On Installments
I want to buy a mobile but can’t buy on full payment at the same time
But my bank credit card offers me installments it says up to 6 months there is no markup
But after that it says if you pay in 12 months you pay original amount + X markup amount and so on
If i buy it on installments more than 6 months is it permissible or is it sood?
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2 Replies
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Mobile Purchased On Credit Card On Installments
updated 1 week, 4 days ago
2 Members
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Replies
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Also bank charges certain processing fees are these fees permissible
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Yes, you can purchase on credit card installments for more than 6 months. It is not riba. Similarly, processing fees is also not riba.
If you are interested, then following video will help you understand the principle behind it:
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