Riyadh, Saudi Arabia – In a move aimed at enhancing transparency and reducing financial burdens on consumers, the Saudi Central Bank (SAMA) has issued updated “Credit Card Issuance and Operation Rules.” These new regulations replace the existing “Credit and Monthly Debit Card Issuance and Operation Rules” and come as part of SAMA’s broader supervisory and oversight mandate.
The updated rules are designed to reduce costs for customers while significantly improving disclosure and transparency related to credit card transactions. They also reflect SAMA’s efforts to keep pace with the evolving credit card landscape and are aligned with international best practices.
According to SAMA, the rules include detailed provisions regulating the procedures for issuing and operating credit cards, increasing the clarity of financial operations, and enhancing customer financial awareness. The revised framework aims to foster a more innovative and enabling regulatory environment within the Kingdom’s financial sector.
In parallel, the Central Bank has been working closely with global payment companies to review and lower costs associated with credit card usage. This initiative supports SAMA’s goal to enhance the digital payments ecosystem and expand diverse, customer-friendly payment solutions at points of sale across the Kingdom.
These efforts are part of SAMA’s contribution toward achieving the broader objectives of Saudi Vision 2030, particularly in promoting financial inclusion and digital transformation.
The full set of updated rules can be accessed via SAMA’s official website: https://rulebook.sama.gov.sa/en/rules-issuance-and-operation-credit-cards
