New Credit Card Rules in Saudi Arabia: Free E-Wallet Top-Ups, Lower Fees for Users

The Saudi Central Bank (SAMA) has announced new credit card regulations designed to reduce consumer costs and enhance transparency.

These updated rules will take effect within the next 30 to 90 days and align with the goals of Saudi Vision 2030 to promote digital payments.

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Key Highlights of the New Credit Card Rules

Fee Structures

• Cash Withdrawal Fees:
  • Capped at 3% for amounts under SAR 2,500.
  • Maximum fee of SAR 75 for amounts SAR 2,500 or more.
• International Transactions:
  • A flat fee of 2% on foreign purchases.
• E-Wallet Top-Ups:
  • Now free when using credit cards.
• Excess Deposits:
  • Customers can withdraw funds paid above their credit limit at any time without charges.

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Transparency and Communication

• Fee Disclosure:
  • All fees must be clearly listed in a standardized format.
• Customer Notifications:
  • Card issuers must notify customers of any fee changes via SMS, allowing a 14-day window to cancel the card without penalty.
• Account Statements:
  • Issuers are required to provide account statements via SMS and alert customers to every financial transaction.
• Charge Calculation Tools:
  • Customers will have access to tools for calculating expected charges and estimating rewards before making purchases.
• Grace Period:
  • A minimum 25-day grace period before late fees apply, allowing customers to pay their full balance without penalties.

Fee Structure Comparison

Previous vs New Fee Structure:

• Cash Withdrawals:
  • Previous: SAR 75 for transactions up to SAR 5,000; 3% fee (capped at SAR 300) for larger amounts.
  • New: SAR 75 cap now applies universally to high-value withdrawals.
• Invalid Dispute Fees:
  • New: SAR 25 for invalid transaction disputes and account statement requests.

Additional Consumer Safeguards

The new regulations also clarify consumer protections regarding credit card issuance, activation, and transaction limits.

This aligns with SAMA’s focus on responsible lending and transparency, ensuring consumers are well-informed at every stage—from applying for a card to making payments and receiving statements.

These changes reflect SAMA’s collaboration with international card networks to reassess transaction costs and modernize the Kingdom’s payment infrastructure, ultimately expanding digital financial services for consumers.

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