ARTICLE 40

Effective from Jan 31 2025 - Apr 14 2015
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The Initial Disclosure must include the following information as a minimum:

a.	The initial Credit limit, if it is known at the time the disclosure is made.
b.	The APR and the annual 'Term Cost'.
c.	The nature and amounts of any recurring non-Term Cost’ charges.
d.	The minimum payment during each payment period and the method for determining it.
e.	Each period for which a statement of account is to be provided.
f.	The date on and after which term cost accrues and information concerning any Grace Period that applies.
g.	The particulars of all fees and charges.
h.	Information about any Optional Feature in relation to the Credit or Charge Card Agreement that the Cardholder accepts in writing, the fees for each Optional Feature and the conditions under which the Cardholder may cancel that feature.
i.	The manner in which the term cost is calculated.
j.	If the Cardholder is required by the Credit or Charge Card Agreement to pay the outstanding balance in full on receiving a statement of account:
		1.	Mention of that requirement
		2.	The Grace Period by the end of which the Cardholder must have paid that balance and,
		3.	The penalty fees charged on any outstanding balance not paid when due.
k.	Information on all applicable charges including reporting of Default cases to a Licensed Credit Information Bureau or appropriate Regulatory Authorities as per SAMA’s approval.
l.	An illustrative example of calculations depicting sample conversion of foreign currency charges into Saudi Riyal, showing the foreign exchange conversion fees used when the Card Issuer converts a foreign transaction back to Saudi Riyal. The calculations should include one foreign currency purchase transaction and one Cash Advance transaction at an ATM/POS outside of Saudi Arabia.

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