Rules of Issuance and Operation of Credit Cards

Stipulating the refund of the annual fee for the credit card after deducting the charges for the period used if the customer wishes to terminate the agreement. The card issuer is prohibited from amending the terms and conditions related to the promotional benefits included in the credit card agreement prior to the expiration of the specified promotional period. The card issuer is also prohibited from making any increase to the fees and charges associated with the credit card, except for fees and charges imposed by third parties, provided that the customer is notified at least (30) days prior to the effective date of such change. The card issuer shall enable the customer to terminate the credit card agreement within (14) days from the date of notification of the change in the terms and conditions of use of the credit card , The annual fee of the credit card shall be refunded after deducting the fees for the period used, and appropriate solutions shall be offered for the payment of the amount due. Chapter Four Reimbursement Article 16 The card issuer shall set the due date on the same date of each month, and treat payments made by midnight on the due date as paid without delay. The card issuer shall take into account cases where the customer may face payment difficulties due to a technical failure or a system update, and shall treat the amounts paid after resolving the issue as if they were paid on time. Article 17 The card issuer is prohibited from charging late payment fees without granting the customer a grace period of at least (25) days from the account statement issuance date. The card issuer is prohibited from reducing the monthly minimum amount to less than 5% of the amount due. The card issuer is prohibited from forcing the customer to pay only the minimum amount. The card issuer must also make all payment options available to the customer, including the option to pay the full amount due. The card issuer is prohibited from changing the agreed-upon payment method without a documented request from the customer. An exception to this is allowing the customer to pay the minimum amount (5% of the amount due) in cases where the full amount due is not available. Article 18 The card issuer must clearly explain the consequences of paying only the minimum amount when payment is made available, in addition to including this information in the credit card agreement and the account statement. Article 19 As an exception to the provisions of the Debt Collection Regulations and Procedures , the customer is considered defaulted if he does not pay the minimum amount for more than (90) consecutive days. In this case, the card issuer may suspend the use of the credit card and communicate with the customer to collect the amount due, provided that appropriate solutions are offered to settle the amount before proceeding with legal actions. Article 20 Card Issuers are prohibited from increasing the term cost on the amount due as a result of delinquency or default. Article 21 The card issuer shall enable the customer to cancel the credit card - at any time - without requiring his presence at the issuer's premises, after paying the amount due and submitting a request for cancellation through any of the authenticated channels. In this case, the card issuer must issue a clearance letter and update the credit record within (7) business days from the date of canceling the card. Chapter Five Account Statement Article 22 The card issuer shall provide the customer monthly -through any of the authenticated channels- with the account statement (25) days before the due date. The account statement shall be in Arabic (or in English if requested by the customer). The customer shall be notified upon its issuance via SMS, including the amount due, the minimum amount, and the due date. Article 23 The account statement must include the following data and information 1.1 The time period covered by the account statement.