Other Nations’ Credit Cards Aren’t Like Ours

By Karen Datko

Credit cards marketed to Muslims don’t charge interest on outstanding balances. Chinese credit cards are neither MasterCard nor Visa.

Are all credit cards around the world just like those here in the United States? Not at all, we learned when we read a post by Jonathan Berr at NBC News about a new MasterCard being marketed to Muslims. It not only complies with Shariah law (no interest charged on outstanding balances) but it also includes an embedded compass that points to Mecca — which could be helpful when it’s time to pray.

Explains Berr: “Shariah forbids ‘riba’ or the charging of interest on loans because it could enable the rich to exploit the poor, encourages risk, and creates social and economic disharmony . . . ”

How do other credit cards around the world differ from ours? Here’s what we found:

Credit cards in some countries are more secure. Says Card Hub:

“Canadian, European and Japanese credit cards use chip-and-pin technology, which requires consumers to enter a personal identification number (PIN) that must match information contained on a computer chip embedded within the card for a transaction to be approved. Chip-and-pin credit cards are considered to be more secure than magnetic stripe cards.”

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