SAMA issues updated rules for issuance, operation of credit cards

The Saudi Central Bank (SAMA) issued the updated rules for the issuance and operation of credit cards.

The updated rules aim to reduce costs for customers and enhance disclosure and transparency related to credit card transactions. They also seek to keep pace with ongoing developments and align with the growing variety of credit card products in line with global best practices.

The rules include detailed provisions on the issuance and operation of credit cards and increased clarity regarding financial transactions related to the cards. This is in addition to increasing financial awareness among customers, as well as creating innovation-friendly regulatory environment in the financial sector.

SAMA also coordinated with global payment companies to review and reduce the costs associated with credit card transactions. This move is part of SAMA’s broader efforts to develop and strengthen the digital payments ecosystem and offer diverse payment solutions to both residents and visitors in retail outlets across the Kingdom, in line with Vision 2030.