The move supports SAMA’s efforts to enhance digital payments and aligns with Saudi Vision 2030 goals.
Key highlights of new credit card rules:
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Cash withdrawal fees: Capped at 3% for amounts under SAR 2,500; maximum SAR 75 for SAR 2,500 or more.
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International Transactions: Flat 2% fee on foreign purchases.
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E-Wallet top-ups: Now free when using credit cards.
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Excess deposits: Customers can withdraw funds paid above their credit limit anytime, without charges.
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Fee Disclosure: All fees must be clearly listed in a standardised format.
Maximum fees (Excl. VAT):
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Cash withdrawal: 3%, up to SAR 75
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Late payment: SAR 50
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Invalid dispute filing: SAR 25
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International purchase: 2%
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Local POS and online payments: Free
More transparency and control for customers
SAMA now requires credit card issuers to:
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Notify customers of any fee changes via SMS, with a 14-day window to cancel the card without penalty.
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Provide account statements via SMS and alert customers to every financial transaction.
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Offer tools to calculate expected charges and estimate rewards before making purchases.
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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.
Previous vs new fee structure
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.
Additional customer safeguards and issuance rules
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.
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Source: New credit card rules: free e-wallet top-ups, lower fees – What’s changing for Saudi
