The Saudi Riyal shall be used as a basis for calculating all transactions and charges of Credit and Charge Cards, and it shall be used in all disclosures of monetary values for cards issued and or denominated in Saudi Riyal. For cards issued in currencies other than the Saudi Riyal, the basis for calculation  will be their respective currency of issuance.

A Cardholder may terminate the relevant Credit or Charge Card Agreement if they do not agree to any amendment, change or modification by notifying the Card Issuer of their desire to terminate the Credit or Charge Card Agreement within 14 calendar Days after their receipt and after paying the outstanding amount. The aforementioned notice from the Card Issuer should advise Cardholders of their entitlement to a 14 calendar Days termination period.

The Cardholder is required to keep the Card Issuer's records updated with their latest address and to immediately notify the  Card Issuer of any change in their contact details. Failure to  provide this information will release the Card Issuer from any liabilities and obligations under Article 56.

A Card Issuer may allow its Cardholder or a Designated Individual to process a Cash Advance using their Credit or Charge Cards up to a maximum of 30% of their Credit limit. ATM cash withdrawals are subject to limits that pertain in the jurisdiction where the Cardholder is making the cash withdrawal.

Card Issuers should be advised to incorporate in their Credit or Charge Card agreements a clause which specifies that within 10 days of receiving a Credit or Charge Card, the Cardholder has the right to cancel it free of change and the Card Issuer will not claim any fee unless the Cardholder has activated the Card.

The Card Issuer must, upon the approval of the Cardholder, register the Cardholder’s credit information with a Licensed Credit Information Bureau in accordance with the relevant laws, regulations and instructions. Such information shall be updated throughout the period of dealing with the Cardholder.

Card Issuers must issue regular SMS, email and other electronic communication awareness messages regarding paying the outstanding amount in time and the actions that a Cardholder needs to take in case of fraudulent transactions and a lost/stolen card with contact details.

Card Issuers are expected to have appropriate anti-fraud and monitoring systems and procedures in place to protect itself and its Cardholders. At a minimum, Card Issuers must have systems to detect unusual transactions or account behaviour and must proactively contact Cardholders to verify any suspicious transactions.

A Card Issuer should emphasise to merchant customers that they cannot pass on or impose any additional fees or charges (merchant service charge) when Cardholders use a Credit or Charge card for payment of goods or services in their stores. The Card Issuer responsible for accepting the merchant’s deposits should ensure the amounts deposited are aligned with the merchants’ business. A Card Issuer should facilitate training of merchants’ staff on the use of POS devices and provide them with the required rules and regulations to be followed.

A Card Issuer engaging in Outsourcing of any component of its Credit or Charge Card business (including marketing for new cards and or collection of dues etc.) shall comply with Saudi Central Bank’s ‘Rules on Outsourcing’.

Each monthly statement must include an illustrative information in red colours showing :

Card Issuers must issue an SMS message to Cardholders:

A Card Issuer must inform Cardholders about outstanding transactions and request payment within a maximum of 90 days from the original date of the transaction. After that, the Card Issuers can only debit a Cardholder’s account for payment after obtaining documented approval from the Cardholder.

A Card Issuer is required to implement a clearly defined Code of Conduct for employees engaged in Cards business including sales and marketing of Credit and Charge Card products and follow-up and collection of impaired and delinquent Credit Card and Charge Card Accounts. A Card Issuer must provide those employees with a copy of the Code of Conduct and obtain their acknowledgement of receipt. The Code of Conduct must prohibit the following:

Card Issuers are prohibited from increasing the Term Cost on an existing outstanding balance as a result of delinquency or default.

Credit and/or Charge Card outstanding amount must be due on the same date each month and payments received up to and including midnight on the due date must be treated as timely. Card Issuers cannot charge a late payment fee unless Cardholders are given at least 21 days to pay their due amount.

Late payment fees must be reasonable in proportion to the violation of the account terms in question and must not exceed SAR100. The amount of the late payment fee cannot exceed the outstanding amount.

Card Issuers are prohibited from allowing a cardholder to exceed the approved credit limit and paying an ‘over-the-limit- fee and any decision to allow the balance to exceed the authorized credit limit is based on the Card Issuer’s risk assessment.

Cash Advance fees must not exceed:

• SAR75 for Cash Advance transaction up to SAR 5000.

3% of transaction amount over SAR 5000, and subject to
a maximum of SAR 300.

Card issuers are prohibited from imposing any fees for transfer transactions between Cardholder’s current account and the Cardholder’s Credit or Charge Card account at the same bank.

Card issuers must immediately credit transfers between their Cardholder’s current account at their bank and the Cardholder’s Credit or Charge Card that has been issued by them.

Card issuers must send a notification to Cardholders, one month before expiry of reward points, and repeat one week before expiry date, advising the Cardholder of the number of points due to expire and the expiry date.