Regulatory Alerts2025-09-04
Circular on Frequently Asked Questions Regarding the Rules for Issuance and Operation of Credit Cards
The Saudi Central Bank issued this circular to provide authoritative guidance on the Rules for Issuance and Operation of Credit Cards through a comprehensive set of twenty-seven FAQs. The document clarifies mandatory requirements for issuing entities, including strict timelines for customer notifications, prohibitions on charging late fees or annual fees before card activation, and clear definitions of grace periods, repayment options, and default thresholds. It establishes that SMS remains the primary notification channel while permitting alternative reliable methods upon documented request, and mandates that all operational adjustments align with the overarching regulations without overriding them.
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