Updated regulations for issuing credit card and costing cost costs for customers as they are increasingly exposed and involved in 30 to 90 days.
Under the updated framework, credit card senters need customers to pay fees through SMS, customers allow their agrees to end up with 14 days of acceptance of notices. Top-up-ups to e-wallet through credit cards no longer charge.
Saudi Central Bank announced new credit card rules to lower customer fees
the Regulations Build new fee structures for cash withdrawals. For values below SR2,500, the fee is set to 3 percent of the transaction value.
For withdrawal of SAR2,500 or more, the fee is limited to the highest SAR75. This represents a change from previous rules in which money withdrawals bring a charge to SAR75 for transactions to SAR5,000 and 3 percent of SAR300’s value.
International purchases bring a 2 percent of the transaction amount under the new system. Customers can now deposit the amount above their credit limit and retreat them free of charge.
Like is working with global fee companies to determine and reduce transaction costs, which form part of its mission to enhance Saudi Arabia options and provide payment options for customers and visitors.
Transparency steps require issues to instantly inform customers to financial transactions and send account statements through SMS.
Senders should provide tools that can afford customers to estimate rewards and international fees before purchasing.
Regarding the payment terms, customers can pay their full-end-free balance, with a mandatory period of grace at least 25 days warranty.
The regulations of combining the revelation templations for all fees, fees, and benefits within credit card agreements, which promote clarity for the conspiracy.
Extra fees under the new system include SAR25 for incorrect transaction disputes and account request request.
