Saudi Central Bank Revises Credit Card Rules and Fees
The Saudi Central Bank (SAMA) has announced updated regulations regarding credit card issuance, usage, and associated fees. These new measures are designed to boost transparency and lower credit card costs for consumers across Saudi Arabia. Replacing the previous 2015 guidelines, the new rules are slated to take effect within the next 30 to 90 days.
Key Points of the Revised Regulations:
Cash Withdrawal Charges:
- For withdrawals under SAR 2,500, a fee of up to 3% of the transaction amount will apply.
- For withdrawals of SAR 2,500 or more, the maximum fee is capped at SAR 75.
International Transaction Fee:
- Purchases made with a credit card outside Saudi Arabia will incur a 2% fee on the transaction value.
Excess Balance Withdrawals:
- Cardholders can deposit funds exceeding their credit limit and withdraw the surplus at any time without incurring additional charges.
Repayment Grace Period:
- Customers can avoid late payment fees by settling their full balance within a 25-day grace period.
These updates reflect SAMA’s commitment to raising consumer awareness, improving transparency, and making credit cards more accessible and affordable for everyone.
