General disclosures
Article 44
As part of the Initial Disclosure, Card Issuers must include a summary covering the basic information regarding the Credit or Charge Card product and the main provisions of the Credit or Charge Card Agreement, in a language clear to the Cardholder and in accordance with the format stipulated by Saudi Central Bank. The Cardholder's receipt of such summary shall be documented in the Cardholder record (Annex 2).
Article 45
If a Credit or Charge Card agreement is amended, the Card Issuer must, at least 30 Calendar Days before the amendment takes effect, disclose to the Cardholder, any changes to the agreement, except changes to the following:
a. An extension to the Grace Period.
b. A decrease in fees and charges.
c. A change concerning information about any optional service in relation to the Credit or Charge Card Agreement.
Article 46
The Card Issuer shall mail or deliver to the Cardholder, the monthly account statement at least three weeks prior to due date. Where the Cardholders agree to receive their monthly statement by electronic channel, the Card Issuers may not send the physical statements. The Card Issuer that fails to satisfy such requirement shall forfeit the right to collect any additional fees as a result of such failure.
Article 47
A Card Issuer should include specific warning statements in all Agreements, terms and conditions, application forms and Advertisements, in red colors stating clearly the potential consequences for the Cardholder in;
a) Not meeting the Credit or Charge Card conditions as confirmed in the Agreement.
b) Only making the minimum repayments each month.