If you’ve ever looked at your credit card bill and felt personally attacked by mystery charges, you’re not alone. But here’s some wallet-friendly news from across the border: Saudi Arabia just rewrote the credit card rulebook, and it’s looking pretty good for users.
Saudi Arabia’s New Credit Card Rules Slash Fees & Boost E-Wallets
The Saudi Central Bank (SAMA) unveils a set of updated credit card rules. It’s designed to bring more transparency, ban hidden charges, and give customers better control. These changes will definitely make your next statement better, be it for a once-in-a-lifetime spender or a frequent swiper.
What You’ll Notice First
SAMA’s new rules will be enforced in the next 30 to 90 days and aim to align with Saudi Vision 2030’s push towards a more digital, financially savvy society. Here’s what’s new:
- Cash Withdrawal Fees: Capped at 3% or a max of SAR 75. Previously, 75 riyal charge could hit you for withdrawals under SAR 5,000.
- International Purchases: Flat 2% fee on all foreign transactions. That’s lower than the 3-5% range that used to sneak up on you while shopping abroad or online.
- E-Wallet Top-Ups: Free, finally. No more small but annoying charges when loading your digital wallet.
- Excess Deposits: Paid more than your limit? You can now withdraw the extra anytime, without any charges.
Text Alerts, Grace Periods & Built-In Bill Calculators
SAMA now wants banks to keep customers in the loop, always. That means:
- Instant SMS alerts for every fee change or transaction.
- 14-day cancellation window if you don’t like the new fee structure.
- Monthly account statements by SMS so nothing slips through the cracks.
- 25-day grace period to pay off your full balance with no late fees (as long as you don’t miss the deadline).
- Handy tools to estimate rewards and charges before you make a purchase.
Also Read: Tap, Pay & Go! Saudi Arabia To Launch Google Pay This Year
Why It Matters
The previous credit card setup in KSA often left users in the dark. Fees were scattered, and terms were buried deep in the fine print. SAMA’s fresh approach flips the script, bringing everything to the surface and making sure banks speak the customer’s language.
Invalid transaction disputes? SAR 25 flat fee now. Need a paper statement? That’s also SAR 25. Straightforward, simple, and fair.
These changes also follow a deeper collaboration with global card networks to reassess transaction costs. In plain terms: Saudi Arabia’s not just changing rules, it’s reshaping the financial culture.
It’s no longer about penalties and surprises. It’s about control, clarity, and convenience.
Cover Image Courtesy: Canva Pro/photobyphotoboy
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