Rules of Issuance and Operation of Credit Cards

An illustrative example in red text shall include the following information: 1. The period required for the customer to repay an amount of SAR 7,000 or the actual statement balance by paying only the minimum amount. 2. The total amount, including cost, that the customer will pay by the end of the period as a result of choosing to pay the minimum amount. The card issuer must observe the definition of terms in the account statement. Article 24 The card issuer shall enable the customer to object to the account statement within a period of not less than (30) days from the date of notification of its issuance, in accordance with the following controls: authenticated channels for receiving objections are defined. Develop a form for submitting an objection that includes the customer's name, the data objected to, and the reasons for the objection. Contact the customer to complete any information or documents to verify the validity of the objection within no more than seven (7) days from the date of submission. The customer shall be provided, through any of the authenticated channels, with a reference number to track the objection, along with the expected time frame for resolution, which shall not exceed 90 days from the date the objection is deemed complete. The card issuer may extend this period to 120 days from the date of objection completion if necessary, provided that the customer is notified. Provide the customer through any of the authenticated channels with the result of the objection study, indicating the mechanism for objecting to the result and escalation. The customer shall not be required to pay any amounts related to the objection until the objection has been fully resolved. Article 25 If the customer's objection is found to be valid, the card issuer shall immediately correct the error, including returning any amounts deducted in error and correcting the information recorded in the credit record, taking into account the customer's notification through any of the authenticated channels. Article 26 If the customer's objection is invalid, the card issuer shall explain the reasons for the invalidity of the objection along with any necessary proof. Chapter Six Credit Card Transactions Article 27 The card issuer must use the Saudi Riyal as the basis for calculating and disclosing credit card transactions, except for cards issued in currencies other than the Saudi Riyal. Article 28 Without prejudice to the provisions of the relevant regulations: the card issuer may allow cash withdrawals provided that it does not exceed 30% of the card's credit limit. Article 29 The card issuer shall enable the customer for additional amounts to be credited to the credit limit in accordance with the following rules: The additional amount shall be used to settle post-deposit transactions without charging a term cost or fees-except for fees incurred by the card issuer on behalf of third party-and provided such fees do not exceed limits specified in Article (48) of these rules. The customer shall be allowed to redeem the additional amount at any time, with no charge for the redemption process. The additional amount is clearly shown on the credit card statement. The terms and conditions of the additional amount within the credit card agreement. Article 30 The card issuer must include in the agreements concluded with its merchant customers the right not to impose additional fees on the amount of the product or service in the event of payment using a credit card, whether through POS machines or e-commerce websites and electronic applications, as well as the right not to photograph, copy or record the information contained in the credit card. Article 31 The card issuer shall notify the customer via SMS immediately about the financial transactions that are carried out using the credit card. The credit card notification shall include -as a minimum- the following: the merchant's name -if available-, and the transaction date, and the transaction amount, a