SAMA’s Updated Rules for Issuance and Operation of Credit Cards to Enhance Disclosure and Transparency

The Saudi Central Bank (SAMA) announces “updated rules for issuance and operation of credit cards” which will supersede the previous regulations governing credit cards and monthly charges.  

The updated rules establish guidelines for credit card issuers to enhance disclosure, transparency, and reduce the cost of credit cards for consumers. The rules also include detailed provisions governing operational aspects of credit cards in order to increase consumers’ financial awareness and foster a regulatory environment that promotes innovation in the financial sector.

In addition, SAMA has collaborated with international card schemes to review and revise the fees and charges for credit cards transactions, as part of SAMA’s broader strategy to enhance the digital payments for consumers and visitors to the Kingdom, in line with the objectives of the Saudi Vision 2030.

For more details, the rules are available via (link).