Saudi Introduced New Bank Card Regulations
Today I am here to share big good news for all credit card users in Saudi Arabia: using credit cards to get many more benefits without tax. The Saudi Central Bank (SAMA) has introduced new bank card regulations to make credit cards more affordable and transparent. These changes will help people save money and avoid hidden fees.
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ATM withdrawals now cost less. If you take out less than 2,500 SAR, the maximum fee is 3%. For larger amounts, the fee is now fixed at 75 SAR.
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When you buy things from other countries, the extra charge is now just 2% of the purchase price.
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Putting money into e-wallets like STC Pay or Apple Pay with your credit card won’t cost anything extra anymore.
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Many fees are being reduced.
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Getting a new card if yours is lost or damaged now costs only 15 SAR
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Paying your bill late will cost 50 SAR instead of 100 SAR
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If you need to dispute a charge, the fee is now 25 SAR instead of 50 SAR
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Banks must now tell you clearly about any fee changes by SMS.
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You’ll have more control over your card:
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You can cancel your card within 14 days if you’re not happy with it
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If you cancel, you’ll get money back for any annual fees you paid but didn’t use
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All banks in Saudi Arabia must follow these new rules within the next 30 to 90 days. This means credit cards will soon be more affordable and easier to understand for everyone.
These changes are part of Saudi Arabia’s effort to make banking fairer and more helpful for regular people. Whether you use your credit card a little or a lot, you’ll likely save money thanks to these new rules.
The simpler fees and clearer information will help people avoid unexpected charges and make better decisions about how they use their cards. It’s a positive change that puts customers first!
