Regular account statements
Article 48
A Card Issuer must provide Cardholders with regular monthly statements that contain the following information:
a. Details of Credit Limit: includes approved Credit limit, available and outstanding balances.
b. Previous balance: The outstanding account balance at the beginning of the account statement cycle.
c. Purchases or Advances: Identification of transaction and its merchant description including the date of transaction and the transaction amount in Saudi Riyal or its equivalent if it's in foreign currency.
d. Details of fees or term cost charged to the account, and the dates when those amounts were posted to the account, including fees for 'Optional Features' purchased by the Cardholder.
e. The amount that the Cardholder must pay, on or before a specified due date.
f. The total sum for payments and the total sum for purchases, total sum for Credit advances and total sum for fees.
g. Any payments charged or refunds to the account during the account statement cycle, including the amount and the date of payment and or refund.
h. If the term cost has changed during the account statement cycle, each periodic rate used to calculate the term cost and the value of balances to which it will be applied shall be disclosed. If different periodic rates were used for different types of transactions, the types of transactions to which such rates are applied shall be disclosed.
i. The amount of the balance to which a periodic rate was applied. The manner in which the balance was determined shall be disclosed.
j. The closing date of the account statement cycle on which the balance becomes due and outstanding.
k. The date on which the new outstanding balance of the Credit or Charge Card must be paid fully or partially to avoid term cost and any applicable penalty charges.
l. The address or telephone number to be used for notification of account statement errors or any other enquiries that a Cardholder may have on the account statement.
m. The time period allowed to the Cardholder to verify the accuracy of transactions as annotated in the account statement after which the account statement is binding. This period shall not be less than 30 Calendar days as of the date of sending the statement.