Finance 101

[afrakabob]

im interested in opening a credit card for myself so i can start building my credit.

i dont plan on using the card much, and i'm certainly not to the type to get into the habit of spending money i don't have. i don't think i need loans anytime soon either, i'm just trying to plan for the future.

any advice? i understand that the company will charge interest (i think it's if you don't pay your full bill on time, right?). so i want to look for a card with a low interest rate, right? what's a good company to start with?

and if i already have a debit card linked to my personal bank account, should i stick to the same bank or look elsewhere?

[MossadConspiracy]

a good place to start is your bank account, because a credit card linked to it makes things much easier. If you do any online banking, you can usually just transfer money from your checking account to your credit card to make the payments, avoiding all hassles and interest. If you're gonna charge large purchases that take a long time to pay off... i dunno which cards have the best rates..

[zeyneddine]

afrakabob said

im interested in opening a credit card for myself so i can start building my credit.

i dont plan on using the card much, and i'm certainly not to the type to get into the habit of spending money i don't have. i don't think i need loans anytime soon either, i'm just trying to plan for the future.

any advice? i understand that the company will charge interest (i think it's if you don't pay your full bill on time, right?). so i want to look for a card with a low interest rate, right? what's a good company to start with?

and if i already have a debit card linked to my personal bank account, should i stick to the same bank or look elsewhere?

Go here:
iBankDesign

Choose credit card which matches your best interest. Nothing wrong with keeping a credit card and paying it off in full monthly. And yes, it does build your credit profile.

Using debit card is pointless. You can accumulate rewards/cashbacks using credit cards. And there is no reason to stick to the same bank as your personal/checking account.

And you can get a nice bonus while at it

Citicards Platinum Dividend Select card has very good cash back. So does American Express Blue. Chase Preferred was also a very good card, but they rolled back their reward systems due to current economic conditions.

[ghettosuperstar]

get out of the stock market. now.

[zeyneddine]

ghettosuperstar said

get out of the stock market. now.

buy into the market.
NOW.

[ramy]

allah akbar

[zeyneddine]

Salaam
Buy Citigroup. Now please.

[zeyneddine]

Salaam
Buy Citigroup. Now please.

[meraj]

as salaamu alaikum,

adding "please" doesnt exactly instill confidence in your "tip"

meraj

[zeyneddine]

meraj said

as salaamu alaikum,

adding "please" doesnt exactly instill confidence in your "tip"

meraj

Walaikum Assalam brother.

It is not a "tip". Please do your own due diligence. I only sought to emphasize the attractiveness of the current price point of Citigroup at this time. Since my last mention, the stock gained 5% to 3.6 for quite some time. Now it is at its resistence level.

Disclosure: I purchased 5k @ 3.16 today.

Zain.

[bravotwozero]

Alright, anybody familiar with shariah compliant mortgages, and the type of options they offer? Some of the transactions just seem like interest with a different name. Other alternatives to having a conventional mortgage would also be good to discuss.

[IbnMardhiyah]

bravotwozero said

Alright, anybody familiar with shariah compliant mortgages, and the type of options they offer? Some of the transactions just seem like interest with a different name. Other alternatives to having a conventional mortgage would also be good to discuss.

ISNA Canada has three different lines of housing finance. From what I've seen, go with Dr. Ashraf's group. Its a much more simple and straight up markup-and-sell than the other two groups.

[zeyneddine]

meraj said

as salaamu alaikum,

adding "please" doesnt exactly instill confidence in your "tip"

meraj

Salaam Brother.

Citi is at 3.385 at my last check. I'm selling out. That is a return of 7% in about 7 days. Annualize it.

Wasalaam

[IbnMardhiyah]

ironic that this troll comes on a muslim msg board, giving salams, etc and then turns around and violates the very principle behind that greeting by repeatedly advising people to commit haraam.

so hey zeyneddine, while we're buying up Citi, should we also buy stock in Anheuser-Busch as well? How about Smithfield?

[mekrob]

As for credit cards (yes, I'm a few months late), I've herd the argument that even if you pay it off and don't pay any interest, there is still sin in agreeing to pay interest. Since you can't know your future ability to make the payments, it's best to avoid. This is the opinion of Ibn Uthaymeen and others.