Rules of Issuance and Operation of Credit Cards

(Second Edition – Dhu al-Hijjah 1446H - June 2025 CE)

Table of Contents

Page Number	Chapter
3	Chapter One: General Provisions
5	Chapter Two: Issuance of Credit Card
6	Chapter Three: Credit Card Agreement
7	Chapter Four: Repayment
8	Chapter Five: Account Statement
10	Chapter Six: Credit Card Transactions
12	Chapter Seven: Reporting of Unauthorized Use
13	Chapter Eight: Fees and Costs Related to Credit Card
14	Chapter Nine: Final Provisions
15	Appendix (A): Disclosure Form of Fees and Costs Related to Credit Card
16	Appendix (B): Disclosure Form of Basic and Optional Features
17	Appendix (C): Guideline Model for Illustrative Example of Period Cost Calculation

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Number: 1.6911157
Date: 1446/12/23
Attachments: 17 sheets of paper

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Circular

To:
The Managers

Greetings,

Subject: Rules of Issuance and Operation of Credit Cards.

Based on the powers of the Saudi Central Bank under its system issued by Royal Decree No. (M/36) dated 11/04/1427H, and other related systems, and referring to the controls for the issuance and operation of credit cards and the monthly installment, communicated via Circular No. (361000090389) dated 26/06/1436H,

Attached are the Rules of Issuance and Operation of Credit Cards, which replace the controls for the issuance and operation of credit cards and the monthly installment communicated via the aforementioned circular.

Please take note and act accordingly within (9) days from the date of publication on the Saudi Central Bank’s website, except for Paragraph No. (3) of Article (Seventeen) included in Chapter (Fourth) regarding Repayment, and Article (Forty-Eight) included in Chapter (Eighth) regarding Fees and Costs Related to Credit Card, which must be implemented within (30) days from the date of publication.

Accept my regards,

Yazeed bin Ahmed Al-Sheikh
Deputy Governor for Supervision

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Distribution Scope:

• Banks and financial institutions operating in the Kingdom.
• Financing companies operating in the Kingdom.

P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000

Chapter One

General Provisions

Article One:

The following terms and expressions, wherever they appear in these Rules, have the meanings indicated opposite them, unless the context requires otherwise:

Term	Definition
Central Bank	The Saudi Central Bank.
Issuing Entity	Any entity responsible under the supervision and regulation of the Central Bank and authorized to issue and finance credit cards.
Customer	A natural or legal person who applies for or obtains a credit card from the Issuing Entity.
Credit Card	A card issued by the Issuing Entity through which the Customer can obtain goods, services, or cash according to the credit limit, and then repay the due amount according to the agreed repayment arrangements. The definition includes monthly installment cards where the Customer is required to repay the full due amount on the due date.
Credit Limit	The maximum amount determined by the Issuing Entity that the Customer can borrow via the credit card for obtaining goods, services, or cash.
Due Amount	The total amounts used via the credit card plus any fees or costs due to the Issuing Entity that the Customer must repay according to the repayment arrangements agreed upon with the Issuing Entity.
Minimum Amount	The minimum amount of the Due Amount that the Customer must repay on or before the Due Date.
Due Date	The end date of the repayment period by which the Customer must repay the Due Amount according to the agreed repayment arrangements.
Annual Percentage Rate (APR)	The total cost of the credit card calculated in accordance with the rules for calculating the Annual Percentage Rate issued by the Central Bank.
Grace Period	The period during which the Due Amount can be repaid according to the agreed repayment arrangements without incurring any fees or costs.
Period Cost	The value of the installment on the Due Amount that was not repaid during the Grace Period, as read by the beneficiary according to the credit card agreement.
Late Repayment Fee	An amount charged to the Customer after the Grace Period expires without repaying the Due Amount according to the agreed repayment arrangements.
Initial Disclosure	Basic and clear information about the credit card, such as fees and costs, the credit limit, and repayment terms, provided to the Customer before concluding the credit card agreement.

Term	Definition
Account Statement	A periodic document issued by the Issuing Entity to the Customer containing data on transactions made via the credit card during a specific period, as per Article (Twenty-Three) of these Rules.
Cash Withdrawal	Utilizing the credit limit via an ATM, executing a transfer to a current account, or charging electronic wallets.
Credit Record	A report issued by credit reporting agencies containing the Customer’s credit information.
Affected Categories	A registered, verifiable, and retrievable communication means, either paper or electronic.
Due Diligence Measures	The process of identifying and verifying the Customer’s or Beneficial Owner’s information, enabling the Issuing Entity to assess its exposure to risks.
Unauthorized Use	Transactions made using the credit card without the Customer’s consent or authorization.
Basic Feature	Features and services that are part of the basic services of the credit card, provided automatically without the need for a request or additional fees.
Optional Feature	Features and services that are not part of the basic services of the credit card, provided based on the Customer’s request.
Day	A calendar day including weekends and official holidays.
Business Day	A calendar day excluding weekends and official holidays.

Article Two:

1. These Rules aim to set the minimum requirements that the Issuing Entity must comply with when issuing and operating credit cards; this is to enhance disclosure, transparency, and fair practices, as well as to limit credit risks.
2. These Rules apply to Issuing Entities.

Chapter Two

Issuance of Credit Card

Article Three:

The Issuing Entity is prohibited from issuing a credit card without receiving an explicit request from the Customer through any of the verified channels, taking due diligence measures regarding the Customer, and inquiring about their credit record. Additionally, the Issuing Entity must evaluate the Customer’s creditworthiness by following a scientific approach, clear and written standards, and procedures in accordance with relevant regulatory provisions and best practices in this field.

Article Four:

The Issuing Entity must notify the Customer via Short Message Service (SMS) upon accepting or rejecting their request to issue a credit card, within (3) business days from the decision. The rejection notification must include the reasons for rejection and the objection mechanism.

Article Five:

1. The Issuing Entity must, in any case of re-issuing a credit card, notify the Customer of the card issuance via Short Message Service (SMS).
2. The Issuing Entity must enable the Customer to accept or reject the re-issued credit card. The Customer may be deemed to have agreed to its issuance if they do not object within (14) days from the notification date or upon activating the card.
3. The re-issued credit card must be of the same category, terms, conditions, fees, and costs as the first card, except if the issuance is based on the Customer’s request to upgrade to a higher category or downgrade to a lower category.

Article Six:

1. Upon receiving a request from the Customer through any of the verified channels, the Issuing Entity may issue an additional credit card on the card held by the Customer, in the Customer’s name or another person’s name (Additional Credit Card Holder). The Issuing Entity must notify the Customer of their responsibility for all obligations related to the use of this card.
2. The Issuing Entity must take due diligence measures regarding the Additional Credit Card Holder and notify the Customer via any of the verified channels about transactions made through the additional card. The Customer may also request that the Additional Credit Card Holder be notified about transactions made through the card.

Article Seven:

The Issuing Entity is prohibited from issuing a credit card to customers under the age of (18) Hijri years, unless the card is additional as per the requirements for issuing an additional credit card outlined in these Rules.

Article Eight:

1. The Issuing Entity must not allow the use of the credit card until it is activated by the Customer through any of the verified channels.

Article Nine:

The Issuing Entity may not calculate annual fees for the credit card until it is activated by the Customer. The Issuing Entity may cancel the card if it is not activated within (90) days from the issuance date without charging fees, and must notify the Customer via Short Message Service (SMS) of the cancellation.

Article Ten:

The Issuing Entity must periodically update the information collected during due diligence measures regarding the Customer and the Additional Card Holder, in accordance with the risk level and degree of each. The Issuing Entity must enable updating this information through any of the verified channels, with verification of its accuracy through a reliable and independent source.

Article Eleven:

The Issuing Entity must record the credit card information (with the Customer’s consent) in the Credit Record, including the credit limit and the due amount, and update this information in accordance with relevant regulatory provisions.

Chapter Three

Credit Card Agreement

Article Twelve:

The Issuing Entity must provide the Customer, through any of the verified channels, with an initial disclosure containing the contents of Article (Thirteen) of these Rules, and obtain the Customer’s acknowledgment of reading and understanding the disclosure.

Article Thirteen:

The Issuing Entity must obtain the Customer’s signature on the credit card agreement in writing, either electronically or on paper, in accordance with relevant regulatory provisions.

Article Fourteen:

The credit card agreement must be in Arabic (or English if requested by the Customer) and must include all terms and conditions of card use, including:

1. Fees and costs related to using the credit card, as per the form in Appendix (A) of these Rules.
2. The account statement issuance date.
3. The due date.
4. The credit limit.
5. The minimum amount.
6. Repayment terms, including the grace period.
7. Default terms.
8. Credit card risks and how to avoid them.

Article Fifteen:

1. The Issuing Entity must notify the Customer via Short Message Service (SMS) at least (30) days before changing the terms and conditions of credit card use. The SMS must be through verified channels for this notification and must include:
   1. Clear and explicit text on changes to fees, costs, and features.
   2. A direct communication channel with the Issuing Entity to learn about changes to the terms and conditions.
   3. The Customer’s right to terminate the credit card agreement within (14) days from the notification date, with the specific mechanism explained in an easy and simplified manner.
   4. Text stating the refund of annual credit card fees after deducting fees for the used period, if the Customer wishes to terminate the agreement.
2. The Issuing Entity is prohibited from modifying terms and conditions related to promotional offers within the credit card agreement before the specified duration of those offers expires. The Issuing Entity is also prohibited from making any increases in fees and costs related to credit, except for fees and costs related to another channel, provided the Customer is notified before the change takes effect at least (30) days in advance.
3. The Issuing Entity must enable the Customer to terminate the credit card agreement within (14) days from the notification date of changes to the terms and conditions of credit card use. Annual credit card fees must be refunded after deducting fees for the used period, and appropriate solutions for repaying the due amount must be offered.

Chapter Four

Repayment

Article Sixteen:

1. The Issuing Entity must set the due date on the same date every month, and treat amounts paid until midnight of the due date as paid without delay.
2. The Issuing Entity must consider cases where the Customer may face difficulties in repayment due to technical glitches or system updates, and treat amounts paid after resolving the glitch as paid without delay.

Article Seventeen:

1. The Issuing Entity is prohibited from imposing late repayment fees without granting the Customer a grace period of at least (25) days from the date of issuing the account statement.
2. The Issuing Entity is prohibited from reducing the monthly minimum amount to less than 1% of the Due Amount.
3. The Issuing Entity is prohibited from requiring the Customer to repay only the minimum amount. The Issuing Entity must provide all repayment options for the Customer, including the option to repay the full Due Amount.
4. The Issuing Entity is prohibited from changing the agreed repayment method without a documented request from the Customer, except to enable them to repay the minimum amount (1% of the Due Amount) if the full Due Amount is not available.

Article Eighteen:

The Issuing Entity must clarify the consequences of repaying only the minimum amount when repayment is available, in addition to including this in the credit card agreement and account statement.

Article Nineteen:

As an exception to the provisions of collection controls and procedures: The Customer is considered in default if they do not repay the minimum amount for more than (90) consecutive days. In this case, the Issuing Entity may stop the use of the credit card and work with the Customer to collect the Due Amount, offering appropriate solutions to settle the amount before taking regulatory actions.

Article Twenty:

The Issuing Entity is prohibited from increasing the period cost on the Due Amount due to repayment delay or default.

Article Twenty-One:

The Issuing Entity must enable the Customer to cancel the credit card at any time without requiring their presence at the Issuing Entity’s premises, after repaying the Due Amount and submitting a cancellation request through any of the verified channels. In this case, the Issuing Entity must issue a clearance letter and update the Credit Record within (7) business days from the date of card cancellation.

Chapter Five

Account Statement

Article Twenty-Two:

The Issuing Entity must provide the Customer with an account statement monthly through any of the verified channels, at least (25) days before the due date. The statement must be in Arabic (or English if requested by the Customer), and the Customer must be notified upon issuance via Short Message Service (SMS), including the Due Amount, the minimum amount, and the due date.

Article Twenty-Three:

1. The account statement must include the following data and information:
   1.1 The time period covered by the account statement.
   1.2 The opening balance (credit card account balance at the beginning of the statement period).
   1.3 The closing balance (credit card account balance after the last transaction in the statement period).
   1.4 Details of financial transactions (transaction type, date, amount, merchant data). For international transactions, the statement must include the base amount in the foreign currency, the exchange rate used to convert to the local currency, the corresponding amount in the local currency after conversion, and any fees charged for this transaction.
   1.5 The total amount of financial transactions.
   1.6 Payments and credited amounts (any payments collected or credited amounts recorded in the account, including the amount and date of the paid or credited amount).
   1.7 The total amount of payments.
   1.8 Details of fees and costs.
   1.9 The total amount of fees and costs.
   1.10 The Due Amount, clarifying the amount subject to period cost and the calculation method.
   1.11 The due date.
   1.12 The Annual Percentage Rate (APR).
   1.13 The objection mechanism for the account statement, including the available deadline.
   1.14 An illustrative example in red including the following information:
   a. The time period required for the Customer to repay (7,000) Saudi Riyals or the actual account statement balance if they repay the minimum amount of this total. b. The total amount with cost that the Customer will incur at the end of the period resulting from choosing to repay the minimum amount.
2. The Issuing Entity must consider the interests outlined in the account statement.

Article Twenty-Four:

The Issuing Entity must enable the Customer to object to the account statement within a period of not less than (30) days from the notification date of its issuance, according to the following controls:

1. Verified channels must be designated to receive objections.
2. A form must be provided to submit the objection, including the Customer’s name, the data presented to them, and the reasons for the objection.
3. Contact the Customer to complete any information or documents to verify the validity of the objection within a period not exceeding (7) days from the date of submitting the objection.
4. Provide the Customer, through any of the verified channels, with a reference number to follow up on the objection, specifying the time period allocated for processing, which must not exceed (90) days from the date the objection is completed. The Issuing Entity may extend the period to (120) days from the date the objection is completed if necessary, provided the Customer is notified.
5. Provide the Customer, through any of the verified channels, with the result of the objection review, including the objection mechanism for the result and escalation.
6. Do not require the Customer to pay any amounts related to the objection until the objection processing is completed.

Article Twenty-Five:

If the Customer’s objection is proven valid, the Issuing Entity must correct the error immediately, including refunding any amounts deducted in error, and correcting the information provided to the Credit Record, while notifying the Customer through any of the verified channels.

Article Twenty-Six:

If the Customer’s objection is proven invalid, the Issuing Entity must clarify the reasons for the invalidity of the objection with any necessary evidence.

Chapter Six

Credit Card Transactions

Article Twenty-Seven:

The Issuing Entity must use the Saudi Riyal as the basis for calculating and disclosing credit card transactions, except for cards issued in currencies other than the Saudi Riyal.

Article Twenty-Eight:

Without prejudice to the provisions of relevant instructions: The Issuing Entity may allow cash withdrawals, provided this does not exceed 30% of the card’s credit limit.

Article Twenty-Nine:

The Issuing Entity must enable the Customer to deposit additional amounts into the credit limit, according to the following controls:

1. The added amount must be used to settle the following transactions after the deposit without calculating period cost or any fees (except fees borne by the Issuing Entity on behalf of a third party), not exceeding the maximum limits of fees outlined in Article (Forty-Eight) of these Rules.
2. Enable the Customer to refund the added amount at any time, without charging fees for the refund process.
3. Clearly state the added amount within the credit card account statement.
4. State the terms and conditions related to the added amount within the credit card agreement.

Article Thirty:

The Issuing Entity must include agreements with its merchant customers prohibiting the imposition of additional fees on the amount of goods or services when payment is made using a credit card, whether via point-of-sale terminals or electronic websites and applications, as well as prohibiting photographing, copying, or recording the information contained in the credit card.

Article Thirty-One:

1. The Issuing Entity must notify the Customer via Short Message Service (SMS) immediately about financial transactions made using the credit card.
2. The notification about financial transactions for the credit card must include, at a minimum: the merchant’s name (if available), the transaction date, the transaction amount, the transaction fee, the total Due Amount, the remaining balance of the credit limit, the exchange rate, and fees for international purchase transactions for international transactions.

Article Thirty-Two:

The Issuing Entity is prohibited from increasing the credit limit of the credit card without receiving an explicit request from the Customer through any of the verified channels and re-evaluating creditworthiness.

Article Thirty-Three:

The Issuing Entity is prohibited from allowing the credit limit of the credit card to be exceeded.

Article Thirty-Four:

The Issuing Entity must periodically educate Customers, through all available channels, about the proper use of the credit card, and the mechanism for dealing with loss, theft, or unauthorized use of the card.

Article Thirty-Five:

The Issuing Entity must, in any case where it is necessary to reduce the credit limit of the credit card, notify the Customer in advance through any of the verified channels, clarifying the reasons.

Article Thirty-Six:

The Issuing Entity is prohibited from collecting any payments via the credit card without prior documented authorization or consent from the Customer.

Article Thirty-Seven:

The Issuing Entity must waive amounts transferred between the Customer’s current account and the credit card account in the same bank during the transfer date. The Issuing Entity is not entitled to charge fees for this transaction.

Article Thirty-Eight:

1. The Issuing Entity must, before activating any optional features for the credit card, receive an explicit request from the Customer through any of the verified channels, and obtain their consent to bear the fees.
2. The Issuing Entity must enable the Customer to view details of basic and optional features via the Issuing Entity’s application or website.

Article Thirty-Nine:

1. The Issuing Entity must notify the Customer via Short Message Service (SMS) at least (14) days before the expiration of any features related to the credit card.
2. The Issuing Entity must notify the Customer via Short Message Service (SMS) about reward points (if any) at least (30) days before the expiration date, and notify them again at least (7) days before the expiration date.

Article Forty:

The Issuing Entity, if a rewards program is available, must provide an estimated calculator on the website and electronic application, through which the Customer can calculate the rewards due to them (cashback and exchange) for financial transactions executed using the credit card, according to the rewards program policy approved by the Entity.

Chapter Seven

Reporting of Unauthorized Use

Article Forty-One:

The Issuing Entity must provide a toll-free phone number available around the clock, along with other verified channels, to receive Customer reports from within or outside the Kingdom regarding the loss or theft of the credit card or unauthorized use.

Article Forty-Two:

The Issuing Entity must suspend the credit card immediately upon receiving the Customer’s report of card loss, theft, or unauthorized use, and notify the Customer via Short Message Service (SMS), providing them with a reference number to follow up on the status of the report.

Article Forty-Three:

1. The Issuing Entity must suspend the transaction resulting from unauthorized use immediately upon receiving the Customer’s or Additional Credit Card Holder’s report of unauthorized use.
2. The Issuing Entity may request clarifications and necessary documents to verify the validity of the report on unauthorized use.
3. The review and processing period for the report on unauthorized use must not exceed (7) days from the date of receiving the report, including reversing the transaction amount and depositing it into the credit card account, and considering reactivating or reissuing the card after taking appropriate precautionary measures.

Article Forty-Four:

The Issuing Entity bears responsibility for credit card transactions after receiving the Customer’s or Additional Credit Card Holder’s report of credit card loss, theft, or unauthorized use.

Chapter Eight

Fees and Costs Related to Credit Card

Article Forty-Five:

The Issuing Entity must include the initial disclosure and credit card agreement a detailed table of all fees and costs related to the credit card, according to the format in Appendix (A) of these Rules.

Article Forty-Six:

The Issuing Entity must provide an estimated calculator on the website and electronic application, through which the Customer can calculate the approximate cost of an international transaction using the credit card, considering all transactions used to calculate the cost, such as the exchange rate, fees for international purchase transactions, and stating that this cost is approximate and may vary based on changes in exchange rates.

Article Forty-Seven:

The Issuing Entity must include the initial disclosure, credit card agreement, and account statement an illustrative example of calculating period cost. The Issuing Entity may refer to the format in Appendix (C) of these Rules.

Article Forty-Eight:

The Issuing Entity is prohibited from exceeding the maximum limit of fees for transactions and procedures related to the credit card shown in the table below for Individual Customers.

Maximum Fee Limit (excluding Value Added Tax)	Transactions/Procedures
Not exceeding 3% of the transaction amount, maximum (75) Saudi Riyos. Free.	1. Cash withdrawal (ATM withdrawal) <br> 2. Cash withdrawal (executing a transfer to a current account) <br> 3. Cash withdrawal (charging electronic wallets)
25 Saudi Riyals.	4. Objection regarding transactions and account statement
1.5 Saudi Riyals.	5. Inquiry about the credit card via ATM
Free.	6. Use of credit card locally via point-of-sale terminals or online purchases
15 Saudi Riyals.	7. Re-issuance of credit card (lost, damaged, PIN error)
50 Saudi Riyals.	8. Late repayment
2% of the transaction amount.	9. Fees for international purchase transactions

Chapter Nine

Final Provisions

Article Forty-Nine:

1. The provisions of these Rules do not prejudice the provisions contained in relevant instructions issued by the Central Bank, including, but not limited to:
   1. Principles and rules for protecting customers of financial institutions.
   2. Principles of responsible financing for individuals.
   3. Controls and procedures for collection.
   4. Controls on advertising products and services provided by financial institutions.
   5. Rules for calculating the Annual Percentage Rate (APR).
   6. Rules for disclosing prices of financing and savings products.
   7. Principles of conduct and business ethics in financial institutions.
   8. Controls on consumer financing.
   9. Financial fraud prevention guide.
   10. Regulatory guide for information security in the financial sector.
   11. Regulatory guide for business continuity management.
   12. Instructions on services provided to persons with disabilities in financial institutions.
2. In the event of a conflict between the provisions of these Rules and the provisions of rules issued by international payment companies, the provisions of these Rules shall apply.

Article Fifty:

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These Rules shall be implemented within (90) days from the date of their publication on the website of the Saudi Central Bank, and they replace the controls for the issuance and operation of credit and monthly debit cards, communicated via Saudi Central Bank Circular No. (389...90361) dated 26/6/1436H.

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Appendix (A): Disclosure Model for Fees and Costs Associated with Credit Cards

No.	Fee Name	Fee Value
1	Annual Percentage Rate "APR"	The discount rate at which the present value of all installments and other payments due from the beneficiary, representing the total amount payable by the beneficiary, equals the present value of the payments of the financing amount granted to the beneficiary, on the date when the financing amount or its first installment is closest to the beneficiary, in accordance with the provisions of the Annual Percentage Rate "APR" calculation rules issued by the Saudi Central Bank.
2	Time Cost	The value of the time on the unpaid amount during the grace period.
3	Annual Fees	An amount charged annually in exchange for activating or using the card.
4	Cash Withdrawal Fees (ATM withdrawal, and executing a transfer to the current account)	An amount charged for withdrawing cash from the available balance in the credit card via an ATM or transferring to the customer's current account.
5	Cash Withdrawal Fees (Electronic Wallet Top-up)	An amount charged for topping up the customer's electronic wallet from the available balance in the credit card.
6	Fees for Incorrect Dispute on Transactions and Account Statement	An amount charged when a dispute is filed on a transaction or item in the account statement, which is found to be correct after review and verification.
7	International Purchase Transaction Fee	An amount charged for using the credit card to purchase goods or services whose currency differs from the card's currency or outside the Kingdom of Saudi Arabia.

Illustrative Example:

Transaction Amount	Exchange Rate	Amount in SAR	International Purchase Transaction Fee	Amount Due

| 8 | Late Payment Fee | An amount charged to the customer after the grace period expires without settling the due amount according to the agreed payment arrangements. |

The issuing entity must add any other fees and costs associated with the credit card with a clear definition that is easy for the customer to understand. The issuing entity must distinguish the Annual Percentage Rate "APR" and Time Cost data with a different font and color from the rest of the data.

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Appendix (B): Disclosure Model for Basic and Optional Benefits

No.	Details
1	Benefits based on Promotional Offers - if any: <br> The details of the temporary or permanent promotional offer provided to the customer must be clarified, including its benefits, discounts, or exemption from specific fees, its duration, and all its terms and conditions in a clear manner that is easy for the customer to understand. <br><br> Illustrative Example:<br>	Type of Promotional Offer	Offer Details	Target Period	Duration and Conditions for Entitlement		---	---	---	---		Example: Entertainment Holidays	Example: Granting the customer 10,000 membership miles	Example: New customers	Example: One thousand miles upon card activation, or one thousand miles upon activation, and one thousand miles upon using the card for an amount of 5,000 SAR within 90 days of activation			Example: Exemption from Annual Fees	Example: Exempting the customer from annual fees for the first year	Example: Customers of packages / coding / specific category	Example: Free upon using the card for an amount of 5,000 SAR within 90 days of activation

The promotional offer is not subject to modification, and the customer will be notified before its expiration by a period of no less than (14) days.

| 2 | Reward Programs and similar - if any: <br> The details of the program, the mechanism and methods of benefiting from it, and all its terms and conditions must be clarified in a clear manner that is easy for the customer to understand. <br><br> Illustrative Example:<br> | Program Name | Earning and Entitlement Mechanism | Method of Benefit | Validity | | --- | --- | --- | --- | | Example: Cashback | Example: Specifying the merchant category, cashback rate, and upper limit for cashback | Example: Direct cashback or upon statement issuance | Example: After 24 months from the date of granting | |

The customer will be notified via Short Message Service "SMS" before the expiration of the benefit from the program benefits by a period of no less than (14) days. The customer will be notified via Short Message Service "SMS" before any modification to the program by a period of no less than (30) days, with his right to act upon notification. Benefit within (14) days from the date of notification and refunding the annual fees after deducting the fees for the used period.

| 3 | Other Basic and Optional Benefits - if any: <br> The details of any additional benefits and all their terms and conditions must be clarified in a clear manner that is easy for the customer to understand. <br><br> This new appendix for disclosing basic and optional benefits is considered important by the issuing entity within the value of those benefits to the customer.

Appendix (C): Guideline Model for the Illustrative Example of Time Cost Calculation

First Month
If you make a purchase transaction of (...) Saudi Riyals on date ..... and the statement (A) is issued on date ..... specifying the due date on date ..... and you settle only the minimum amount on this date: The following will result:

* The Amount Due
* The Amount Paid on the Due Date
* Mechanism for Adding Time Cost
* The Amount Carried Forward to the Next Month Added with Time Cost

Second Month
If you make a cash withdrawal of (...) SAR on date ..... and the statement (B) is issued on date ..... specifying the due date on date ..... and you settle only the minimum amount on this date: The following will result:

* The Amount Due
* The Amount Paid on the Due Date
* Mechanism for Adding Time Cost
* The Amount Carried Forward to the Next Month Added with Time Cost

Third Month
If you make a local purchase and an international purchase totaling (...) SAR on date ..... and the statement (C) is issued on date ..... specifying the due date on date ..... and you settle the full amount due on this date: The following will result:

* The Amount Due
* The Amount Paid on the Due Date
* Mechanism for Adding Time Cost
* The Amount Carried Forward to the Next Month Added with Time Cost
* A statement of its data taking into account the results of the previous month and the fees associated with the transaction - if any.
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