 In this module, we shall further extend our conversation on treatment of credit and credit cards in an Islamic economic framework. We would actually be looking at the conventional credit cards before going into a discussion on Islamic credit cards. In order to understand an Islamic credit card and its treatment in Islamic law, it is important to know how a conventional credit card may work in practice. The understanding of working of conventional credit card would allow us to find differences if there are any between an Islamic credit card and a conventional credit card. And of course, this would also allow us to appreciate any similarities between the two. So, let us look at a conventional credit card and its use in a very simple way. So, there is a card holder, probably you, and there is a card provider. A card provider could be a bank. Normally, it is a bank, although the credit facility or other IT facilities could be provided by other companies. But for you, it could be a credit card provided by a facile bank. So, you are the card holder and a facile bank is the card provider. And you are lucky. You get a call from a customer's relationship manager or officer and he or she manages to sell you this credit card. Now, you use this credit card at different places in store one, store two, store three, four, five, six. You have now this freedom of spending and you are making a lot of transactions. Pursuant to these transactions, of course, you are getting goods and services consumed by you and actually the bank is paying for them. So, the prices, the money, whenever you use your credit card, you get a pizza. However, the bank is making a payment for this one. So, you are a happy man. You are consuming a lot of goods and services without having to pay for those goods and services at least immediately. You are not a happy man when you receive this thing, when you receive your monthly statement and you find that you have actually spent this much money during these 30 days and you have to pay this money. So, on your monthly statement, you have statement balance. For example, it could be 30,000 rupees, which you have spent by spending this money on this boutique, on this restaurant and so on. And of course, that statement would give you a payment date as well. You might say, by the 16th of September 2021, you have to pay 30,000 rupees if you don't want to be charged interest. If you do so in the parlance of credit card companies, you are a transactor. You just make transactions and you clear your monthly bill straight away before the payment date. If you pay after the payment date, you will be charged interest as per the terms and conditions agreed between you and the credit card provider. And in that case, you would be a revolver. Revolver means you are revolving your credit facility. Now, if you are a transactor, the card holder pays no interest rate and you pay only what you have spent the money on. The card holder or card provider receives the income from the vendors. They charge a transaction fee to the vendors, to the shopkeepers, to the stores, to the restaurants and so on. And these transaction fees, they differ from the technology to technology, from the actual credit card provider. In case of Visa, for example, the transaction fee may be different from union pay or master card. You know, I said card provider. It's a bank. Bank is only on the front. The actual technology is provided by Visa, by Union Pay, Union Pay is a Chinese company and master card. So, this could be 2 rupees, 3 rupees, 5 rupees in terms of percentage. If you spend 100 rupees, you might, the card provider may get 2 rupees or 1.5 rupees and so on. And the, this is basically this amount, TF, TF, TF, that is actually earned by the card provider. And the card holder just pays P1, P2, PN and so on. So, whatever is your monthly statement balance, you pay only that one as a transactor. As a revolver, you do not pay the full amount before the payment date. And in that case, you will be paying interest. In many cases, the amount of this interest would be very, very high. And actually credit card providers love revolvers. I.e., those who are trapped in their web of indebtedness. And this is a very interesting observation. So, you should make sure that you are not a revolver, you are a transactor.