New rules on Credit cards, 3% for withdrawal, 2% for International transactions, free top-ups in e-wallet

Posted by : Aahil Shaik Friday, June 20, 2025

New rules on Credit cards: 3% for withdrawal, 2% for International transactions, free top-ups in e-wallet

In an effort to bring down fees for consumers and increase transparency, the Saudi Central Bank (SAMA) introduced new regulations for the issuing and functioning of credit cards on Thursday. The new regulations will come into force within 30 to 90 days. Most Viewed: Saudi Central Bank updates rules for issuance and functioning credit cards

Credit card companies are now required to send out text message notifications to their customers whenever costs are to be changed. Customers have 14 days from the date of notice to cancel their agreement. Paying into an e-wallet with a credit card is now completely free.

Withdrawals of less than SR2,500 are subject to a fee ceiling of 3% of the total amount. Charges for withdrawals of SR2,500 or more are set at a maximum of SR75.

There will now be a 2% fee added to the total amount of all purchases made internationally.

Additionally, customers are free to deposit and withdraw amounts above their credit limit whenever they like, without any fees.

To better serve its customers and tourists, SAMA collaborated with international payment processors to evaluate and lower transaction costs; this was all part of their effort to improve the environment for electronic payments in Saudi Arabia. Recommend: An accident kills a woman on her way to father burial

As a result of new transparency regulations, companies must now provide account statements to users via SMS and promptly inform customers of any financial transactions. In addition, issuers need to make it easy for buyers to estimate fees and benefits before they buy.

Regarding repayment, clients are allowed a necessary grace period of 25 days to pay off their entire outstanding sum without paying late fees.

In an effort to make credit card agreements more transparent for customers, the rules also standardize disclosure forms for all fees, charges, and benefits.

A cost of SR75 was previously applied to cash withdrawals up to SR5,000, and a fee of 3% of the amount, up to a maximum of SR300, was applied to transactions above SR5,000.

For bigger deals, the new SR75 cap provides better conditions. See Also: No Umrah visa for international pilgrims unless they book approved hotels for accommodation

There is now a clear 2% cost for all international transactions. Additional charges include SR25 for invalid transaction complaints and account statement inquiries.