New Credit Card Rules In Saudi Arabia: Free E-Wallet Top-Ups, Lower Fees For Users
The Saudi Central Bank (SAMA) has introduced new credit card regulations aimed at reducing consumer costs and increasing transparency. The updated rules, announced Thursday, will take effect within the next 30 to 90 days, according to Saudi Gazette .
The revised guidelines set limits on fees for cash withdrawals and international purchases, standardize disclosure requirements, and mandate clearer communication between card issuers and customers.
The move supports SAMA's efforts to enhance digital payments and aligns with Saudi Vision 2030 goals. Cash withdrawal fees: Capped at 3% for amounts under SAR 2,500; maximum SAR 75 for SAR 2,500 or more.
Capped at 3% for amounts under SAR 2,500; maximum SAR 75 for SAR 2,500 or more. International Transactions: Flat 2% fee on foreign purchases.
Flat 2% fee on foreign purchases. E-Wallet top-ups: Now free when using credit cards.
Now free when using credit cards. Excess deposits: Customers can withdraw funds paid above their credit limit anytime, without charges.
Customers can withdraw funds paid above their credit limit anytime, without charges. Fee Disclosure: All fees must be clearly listed in a standardised format.
All fees must be clearly listed in a standardised format. Cash withdrawal: 3% , up to SAR 75
, up to Late payment: SAR 50
Invalid dispute filing: SAR 25
International purchase: 2%
Local POS and online payments: Free
SAMA now requires credit card issuers to: Notify customers of any fee changes via SMS , with a 14-day window to cancel the card without penalty.
, with a to cancel the card without penalty. Provide account statements via SMS and alert customers to every financial transaction.
and alert customers to every financial transaction. Offer tools to calculate expected charges and estimate rewards before making purchases.
and estimate rewards before making purchases. Give at least a 25-day grace period before late fees apply, allowing customers to pay their full balance without penalties.
The regulations also standardize the presentation of fees, charges, and benefits within credit card agreements, making it easier for consumers to understand costs and terms.
Under previous rules, cash withdrawals were charged SAR 75 for transactions up to SAR 5,000 and 3% (capped at SAR 300) for larger amounts. The new SAR 75 cap now applies to all high-value withdrawals, making the terms more favorable for users.
Invalid transaction disputes and account statement requests will now incur a SR 25 fee.
These changes follow SAMA's collaboration with international card networks to reassess transaction costs, part of a broader effort to modernize the Kingdom's payment infrastructure and expand digital financial services.
It provides clarity on consumer protections: These points highlight the conditions under which credit cards can be issued, reinforcing SAMA's focus on transparency and responsible lending.
They align with the updated rules: The details about card issuance, activation, fee notifications, and transaction limits directly correspond to the new framework that aims to standardize and protect credit card users.
It rounds out the customer experience: While the main story focuses on fees and benefits, this section gives a complete view of what consumers can expect at every stage—from applying for a card to making payments and receiving statements.
It's informative and policy-driven: Including this section adds credibility and comprehensiveness, especially for financial or regulatory reporting.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
21 hours ago
- Gulf Insider
New Credit Card Rules In Saudi Arabia: Free E-Wallet Top-Ups, Lower Fees For Users
The Saudi Central Bank (SAMA) has introduced new credit card regulations aimed at reducing consumer costs and increasing transparency. The updated rules, announced Thursday, will take effect within the next 30 to 90 days, according to Saudi Gazette . The revised guidelines set limits on fees for cash withdrawals and international purchases, standardize disclosure requirements, and mandate clearer communication between card issuers and customers. The move supports SAMA's efforts to enhance digital payments and aligns with Saudi Vision 2030 goals. Cash withdrawal fees: Capped at 3% for amounts under SAR 2,500; maximum SAR 75 for SAR 2,500 or more. Capped at 3% for amounts under SAR 2,500; maximum SAR 75 for SAR 2,500 or more. International Transactions: Flat 2% fee on foreign purchases. Flat 2% fee on foreign purchases. E-Wallet top-ups: Now free when using credit cards. Now free when using credit cards. Excess deposits: Customers can withdraw funds paid above their credit limit anytime, without charges. Customers can withdraw funds paid above their credit limit anytime, without charges. Fee Disclosure: All fees must be clearly listed in a standardised format. All fees must be clearly listed in a standardised format. Cash withdrawal: 3% , up to SAR 75 , up to Late payment: SAR 50 Invalid dispute filing: SAR 25 International purchase: 2% Local POS and online payments: Free SAMA now requires credit card issuers to: Notify customers of any fee changes via SMS , with a 14-day window to cancel the card without penalty. , with a to cancel the card without penalty. Provide account statements via SMS and alert customers to every financial transaction. and alert customers to every financial transaction. Offer tools to calculate expected charges and estimate rewards before making purchases. and estimate rewards before making purchases. Give at least a 25-day grace period before late fees apply, allowing customers to pay their full balance without penalties. The regulations also standardize the presentation of fees, charges, and benefits within credit card agreements, making it easier for consumers to understand costs and terms. Under previous rules, cash withdrawals were charged SAR 75 for transactions up to SAR 5,000 and 3% (capped at SAR 300) for larger amounts. The new SAR 75 cap now applies to all high-value withdrawals, making the terms more favorable for users. Invalid transaction disputes and account statement requests will now incur a SR 25 fee. These changes follow SAMA's collaboration with international card networks to reassess transaction costs, part of a broader effort to modernize the Kingdom's payment infrastructure and expand digital financial services. It provides clarity on consumer protections: These points highlight the conditions under which credit cards can be issued, reinforcing SAMA's focus on transparency and responsible lending. They align with the updated rules: The details about card issuance, activation, fee notifications, and transaction limits directly correspond to the new framework that aims to standardize and protect credit card users. It rounds out the customer experience: While the main story focuses on fees and benefits, this section gives a complete view of what consumers can expect at every stage—from applying for a card to making payments and receiving statements. It's informative and policy-driven: Including this section adds credibility and comprehensiveness, especially for financial or regulatory reporting.
Syyaha
5 days ago
- Syyaha
Skytrax Crowns flynas as the Best Low-Cost Airline in the Middle East for the 8th Consecutive Year.. During the Paris International Air Show
Riyadh, June 17, 2025 – flynas, the leading low-cost airline in the world and the best LCC in the Middle East, has kept its global and regional leading ranking in low-cost aviation for 2025 after being named the leading low-cost airline in the Middle East for the eighth time in a row and among the top 10 low-cost airlines in the world, according to the prestigious International Skytrax Organization—widely regarded as the benchmark for excellence in the global aviation was crowned with the global ranking during the annual Skytrax Awards ceremony, held on the sidelines of the Paris International Air Show and attended by leaders and experts in the aviation industry in the achievement highlights flynas' continued leadership in the low-cost aviation sector across the Middle East and worldwide. It contributes to consolidating Saudi Arabia's position as a global hub for the travel and tourism industries. Moreover, it reflects the airline's ongoing commitment to excellence while balancing growth and profitability, as outlined in flynas' growth and expansion plan and in alignment with the goals of Saudi Vision 2030 and the National Civil Aviation on the global recognition, Bander Almohanna, CEO of flynas, said: 'We take great pride in being ranked the top low-cost airline in the Middle East for the eighth consecutive year and among the top 10 low-cost airlines worldwide. This achievement reflects the Kingdom's leadership in the aviation industry and our dedication to delivering a high-quality travel experience to our valued guests.''This recognition is the result of our team's hard work and dedication and the great support we receive from our wise leadership. It strengthens our ambition to continue expanding according to our growth and expansion plan launched under the slogan 'We Connect the World to the Kingdom,' Almohanna Skytrax World Airline Awards are determined every year through an extensive customer satisfaction survey involving millions of travelers from around the globe. This comprehensive methodology ensures the awards are among the most trusted and influential honors in the aviation industry. flynas operates 139 routes to more than 70 domestic and international destinations in 30 countries with more than 2000 weekly flights and has flown more than 80 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations within its growth and expansion plan, and in line with the objectives of Vision 2030.
Biz Bahrain
5 days ago
- Biz Bahrain
SICO Capital Wins Dual Honours at Sanadeq Investment Forum 2024 for Outstanding Fund Performance
SICO Capital, a leading provider for asset management, brokerage, and investment banking, headquartered in Riyadh and licensed by the Saudi Capital Market Authority (License No. 08096-37), announced today that it has received two prestigious awards at the Sanadeq Investment Forum 2024. The recognition highlights SICO Capital's strong fund management track record and its commitment to delivering long-term value for investors across its asset management, investment banking, and brokerage services. SICO Capital's MENA Equity Fund (formerly known as SICO GCC Dividend Growth Fund) was recognized as the Best Performance Investment Fund Award for 5 Years in Gulf Equity Funds Category in Saudi Financial Market, and its Money Market Fund (MMF) was named Best Performance Investment Fund Award for Murabaha and Liquidity Funds with Assets of Less than SR 1 billion in Saudi Financial Market 2024. These awards highlight the firm's consistent outperformance and strategic focus on delivering resilient, Shariah-compliant investment solutions. Wissam Haddad, CEO of SICO Capital, commented, 'We are truly honored to receive this recognition from the Sanadeq Investment Forum. These accolades underscore our team's in-depth market expertise, disciplined approach, and unwavering commitment to delivering the best results for our investors. The success of both our MENA Equity Fund and Money Market Fund showcases the effectiveness of our active management and the value of local insights in capturing regional growth. Looking ahead, we remain focused on innovation, performance, and expanding our range of Shariah-compliant products to align with our clients' financial goals.' SICO Capital's MENA Equity Fund (formerly known as SICO GCC Dividend Growth Fund), received top honors for its impressive five-year performance, achieving a remarkable return of 185%. This significantly exceeds its benchmark, which recorded a return of 74% during the same period. The fund aims to deliver long-term capital appreciation by investing in diversified, Shariah-compliant equities across the MENA region. Over the past five years, it has demonstrated strong risk-adjusted returns. SICO Capital's Money Market Fund has been recognized with the Best Money Market Fund award, showcasing its strong performance in capital preservation, liquidity management, and consistent returns within a Shariah-compliant framework. Since its launch in June 2016, the Fund has aimed to maximize short-term returns while safeguarding capital and ensuring high liquidity, a goal it has successfully achieved over the years. As of Q1 2025, the Fund has delivered a five-year cumulative return of 19.88%, surpassing its benchmark return of 18.51%, and a one-year return of 5.96%. The Fund's portfolio primarily consists of deposits (77%) and sukuk (23%), with investments spread across Saudi Arabia and Bahrain.
