These Regulations shall be applicable to the issuance and operations of all aspects of Credit and Charge Cards as issued by a regulated entity (such as Banks, Finance Companies and other Credit and Charge Card Issuers) as licensed and authorized by Saudi Central Bank, (such as VISA, MasterCard, Union Pay & AMEX). Saudi Central Bank is the sole authority empowered to apply these Regulations and to take necessary measures as it deems appropriate regarding any violations of these provisions including imposing punitive charges and/or enforcement actions as applicable under the Banking Control Law and the Implementing Regulation of the Finance Companies Control Law. These Regulations are to be read in conjunction with the Banking Consumer Protection Principles and supplement the Regulations as annotated in the Updated Regulations for Consumer Financing issued in July 2014 and its subsequent updates.
Saudi Central Bank may, at its discretion, impose a restriction on a Card Issuer under which its Credit Card authorized limit portfolio may not exceed a specified percentage of its total Credit portfolio.
In all cases where instruction or information is required from Cardholders, Card Issuers may accept Authenticated Communication unless otherwise specified.
In all cases where instruction or information is required to be sent to Cardholders, Card Issuers may use Guaranteed Communication Means unless otherwise specified.
Card Issuers must include details about the Card Issuer’s credit advisory services in all monthly statements, default notices and any other correspondence or communications regarding the Cardholder’s account.
