Important:

Before you use your SAB Credit Card (the “Card”), please carefully read this Cardholder Agreement. In the name of allah, the most gracious, the most merciful. All praise is due to Allah, the cherisher of the world, and peace and blessing be upon the prophet of Allah, on his family and all his companions.
The SAB Credit Card is issued by The Saudi Awwal Bank (”The Bank”) on the following Terms and Conditions:

Issuing of Cards

Use of the Card is restricted to the “Cardholder” and subject to these Terms and Conditions, the Card remains valid until its date of expiry mentioned on the Card.

The Cardholder will not permit any other person to use the Card and will at all times safeguard the Card and any Personal Identification Number (the “PIN”) issued, and keep it under his/her personal control.

In the event of a conflict between the two versions of these Regulations, the Arabic version shall prevail.

The Bank will maintain an account in the name of the Cardholder in respect of the Card (the “Card Account”) to which the value of purchases of goods and services, cash advances, fees and charges e ected by the use of the Card (”Card Transactions”), any other liabilities of the Cardholder arising under these Terms and Conditions and any loss incurred by the Bank arising from the use of the Card (or Card number) shall be charged. A statement of account for amounts so charged will be sent to the Cardholder at his/her last address advised by the Cardholder and any such statement shall be deemed to have been received by the Cardholder 7 days after dispatch by the Bank.

The Bank may issue Supplementary Card(s) to any person nominated as a Supplementary Cardholder by the Cardholder. The Terms and Conditions of this Agreement shall apply to the use of any Supplementary Card(s) and the term the “Card” shall whenever applicable include such Supplementary Card(s). The Cardholder shall be bound by and be liable for the use of any Supplementary Card(s). In addition to its other rights and powers under this Agreement, the Bank may cancel any Supplementary Card(s) at any time, and seek the return of Supplementary Card(s) issued to the Supplementary Cardholder. The Cardholder will be solely liable for the principal Card and the Supplementary Card(s).

Conditions related to the Card Account

The Cardholder will be responsible for all credit or other facilities granted by the Bank in respect of the Card and for all related charges hereunder, notwithstanding the termination of this Agreement.

The Cardholder’s failure to sign any Sales Slip, Cash Advance Slip or Mail Order / telephone order MOTO) will not relieve the Cardholder from liability to the Bank in respect thereof. The Cardholder has the objection right against any amount charged on the Card Account. Copies of the Sales or Cash Advance Slips may be provided to the Cardholder subject to an additional charge. Provision of Sales Slip copies may take a minimum of 30 days subsequent to the Cardholder’s request through the available channels to the Bank.

The value of all Card Transactions will be charged to the Card Account in the currency of the Account as advised by the Bank. Card Transactions, which are e ected in currencies other than the Account Currency, will be debited to the Card Account after conversion into the Account Currency at a rate of exchange to be determined by the Bank from time to time.

If the Cardholder is authorized by the Bank to use the Card at an ATM belonging to the Bank or any Member Bank of Visa International / Mastercard® International or any other ATM as advised to the Cardholder from time to time, the following additional Terms and Conditions shall apply:

The Cardholder shall accept full responsibility for all transactions processed by the use of the Card at any ATM that accepts it (the Bank’s record of transactions processed being conclusive and binding for all purposes), and hereby authorizes the Bank to debit the Cardholder’s current or savings account as specified in the Card application (the “Nominated Account”) or the Card Account with the amount of any withdrawal or transfer e ected by the use of the Card with or without the Cardholder’s knowledge or authority.

The Bank’s record of transactions processed by the use of the Card at any ATM shall be conclusive and binding for all purposes.

The Cardholder shall not be entitled to overdraw the Nominated Account or exceed the limit of the Card Account with the Bank.

The Bank shall not be responsible for any loss or damage arising directly or indirectly from any malfunction/failure of the Card or ATM arising out of the Cardholder’s mistake, the temporary nsu ciency of funds in such machines or any other reason either within or beyond the Bank’s control unless such occurs as a result of the Bank negligence.

Any cash deposit at an ATM shall only be regarded as having been received by the Bank upon verification and crediting the same to the Nominated Account or Card Account.

The Cardholder must notify the Bank in writing or through the available channels as soon as possible of any changes in the Cardholder’s address and telephone numbers of o ce / residence / mobile. Failure to do so will relieve the Bank from any further liability with regards to o cial correspondence.

The Bank shall not be liable for the refusal of any merchant establishment to accept or honour the Card, nor shall the Bank be responsible in any way for the goods or services supplied to the Cardholder. The Cardholder must resolve any such complaints directly with the merchant establishment.The Bank shall have no responsibility in this respect. No claim by the Cardholder against the merchant establishment may be the subject of a claim against the Bank. The Bank will credit the Cardholder’s Card Account with the amount of any refund only upon receipt of a properly issued credit voucher from the merchant establishment.

The Cardholders must not use the Card for any unlawful purposes, including the purchase of goods or services prohibited by the Shariah laws. The Card also shall not be used for any purchases or services prohibited by Shariah. In case of such use, the Bank reserves the right to cancel the original Card and any Supplementary Cards provided the customer shall pay the amount due directly.

Lost or Stolen Cards

The loss or theft of a Card must be reported to the Bank’s Card Center on one of below numbers (depending on the product you hold, or any Visa / Mastercard® member number.A Police Report must also be made of the lost/stolen Card and a copy sent to the Bank if there is suspected misuse. The Cardholder will be responsible for any unauthorized Card Transactions e ected before notification of the loss or theft has been received by the Bank’s Card Centre. The maximum potential liability to the Cardholder as a result of lost/stolen Cards will not exceed the approved limit of the Card.

After receipt by the Bank of notification of loss or theft of a Card to the Bank through any available channel, the Bank will block the Card. The Cardholder will thereafter have no further liability provided that the Cardholder has acted in good faith and with all reasonable care and diligence in safeguarding the Card unless it has proved to the Bank that he acted in bad faith. In case the Cardholder recovers the Card, he/she shall report the matter to the Bank and the police and immediately hand over the recovered Card to any of the Bank’s branches in the Country, for destruction. The Cardholder must not make any attempt to use the Card.

The Cardholder will be liable for all losses to the Bank arising from the use of the Card by any person obtaining possession of it with the Cardholder’s consent.

The Bank may its absolute discretion agree to issue a replacement Card for any lost or stolen Card which shall be issued on the same Terms and Conditions as the original Card or as may be amended from time to time. The Bank reserves the right to charge a replacement/ handling fee to the Cardholder’s Card Account and notify the Cardholder.

Dormant, Unclaimed and Abandoned Credit Cards.

Card Account Dormancy states is defined as follows:

Card Account is considered to be Active if no more than 24 calendar months has elapsed from the date of last financial transaction such as and not limited to (Purchase, Cash withdrawal, E-commerce transaction and Payment) done by the main cardholder or any supplementary cardholder authenticated bank channel.

Card Account is considered to be Dormant if it completes more than 24 calendar months from the date of last financial transaction such as and not limited to (Purchase, Cash withdrawal, E-commerce transaction and Payment) done by the main cardholder or any supplementary cardholder authenticated bank channel.

Card Account is considered to be Unclaimed if it completes 60 calendar months from the date of last financial transaction such as and not limited to (Purchase, Cash withdrawal, E-commerce transaction and Payment) done by the main cardholder or any supplementary cardholder authenticated bank channel.

Card Account is considered to be Abandoned if it completes 180 calendar months from the date of last financial transaction such as and not limited to (Purchase, Cash withdrawal, E-commerce transaction and Payment) done by the main cardholder or any supplementary cardholder authenticated bank channel.

Credit Limit

The Bank will assign a Credit Limit to the Card Account, which must not be exceeded without prior agreement of the Bank.

If a Cardholder exceeds the assigned Credit Limit without prior agreement, the Bank may at its discretion cancel the Card immediately without notice to the Cardholder and all Amounts Outstanding will thereupon become immediately due and payable.

The Bank will assign a Credit Limit (”the Credit Limit”) to the Card Account which must be strictly observed by the Cardholder. The Credit Limit is determined by the Bank in accordance with its normal credit policy and is subject to variation from time to time at the Bank’s absolute discretion. The Cardholder may, however, apply for a review of his/her Credit Limit at any time.

Card Payments

Non-compliance with the Credit Card Terms & Conditions or monthly credit limit that are stated in the Agreement will a ect the customer’s credit report provided by the Saudi Company for Credit Information (SIMAH) and may result in legal consequences.

The Primary Cardholder shall be liable for all liabilities incurred under the Supplementary card, including any outstanding and or unpaid balances.

Paying the monthly amount owing on the credit card does not necessarily extinguish the financial liability of the customer after the repayment period. To learn how to settle the complete amount due in full or over a specified time period, please consult the Bank’s credit o cer.

A Card Account statement will be issued and sent to the Cardholder monthly through the Bank available channels with details of the total Amount Outstanding on the Card Account including purchase transaction amounts, cash withdrawal and the minimum payment due computed at a rate to be determined by the Bank and notified to the Cardholder from time to time and the date by which the payment must be made to the Bank. The Minimum Amount Due also includes any unpaid Minimum Amount Due from any previous statements which has not been settled, any amount over the Credit Limit and any other fees stated in the Card User Guide.

Should the customer settle only the minimum of the total amount due on or before due date; the Bank shall carry out a Tawarruq transaction by selling certain commodities owned by the Bank on a FUDOLY basis to the Cardholder for the remaining balance of the total amount due by one instalment for one month starting as of the due date and to settle the Card dues from the proceeds of selling the said commodities on behalf of the customer.

If the Cardholder pays the full outstanding balance on or before the due date, no Tawarruq shall take place

Tawarruq transaction will appear in the next statement of the Card and in case such action is not objected by the Cardholder within 20 days from the date of the statement issue that will be regarded as acceptance by him.

If the card holder is proven to have been engaged in any fraud behaviors relating to the disputed transactions, and if the card holder refuses to provide relevant necessary materials for the investigation of the disputed transaction, the bank shall have no liability for the disputed transactions.

If the Cardholder objects to the Tawarruq transaction within the 20 days period from issue of the statement of account, the Bank shall review the request of the Cardholder and refund the entire amount of the Tawarruq and the profit of the objected transaction only. The Bank has the right to stop the Card and claim settlement of the whole amount due from the Cardholder.

In all of the above cases, Tawarruq will be processed only after the expiry of the grace period and provided the Cardholder is not a bankrupt.

If the Cardholder defaulted payment of the Amount Outstanding on maturity, then the Card will be suspended, and the Bank may not process the Tawarruq for settlement of the Card’s transactions

If the Cardholder objects against any transaction after processing of Tawarruq which includes the respective disputed amounts, then the amounts that will be refunded to the Card Account will only be equivalent to the value of the disputed transaction and the profit thereof.

If payments are made by cheque, the Cardholder must provide the cheque 7 working days before the payment due date for clearing purposes.

The Cardholder may issue a direct debit standing instruction on an account with the Bank (the Nominated Account) to settle the Amount Outstanding on the Payment Due Date. For direct debit standing instruction, the following additional Terms and Conditions shall apply:

If the customer does not pay the amount due to the Bank by the agreed due date, then the Bank will impose a penalty charge on the customer and the amount will be paid to charity after deducting the actual expenses of collection if any.

If the Cardholder disagrees with any charge indicated in the monthly statement, this should be communicated to the Bank within 30 days of the statement date, failing which, the Bank will not be in a position to guarantee the success of disputing the transaction with the transaction processing Bank and or the merchant.

Any payments made by a Cardholder will be applied by the Bank in or towards payment of the Cardholder’s liabilities to the Bank under these Terms and Conditions in such order as the Bank may decide.

Cancelling this Agreement

The Cardholder may cancel the Credit or Charge Card for free charge within 10 days of receiving the Card, and the Card Issuer will not claim any fee unless the Cardholder has activated the Card.

The Bank may terminate this Agreement with the Cardholder at any time by cancelling the Card with or without prior notice and with or without assigning any reason, or refusing to renew the Card. The Cardholder may terminate the Agreement at any time by written notice to the Bank accompanied by the return of the Card and any Supplementary Cards.

A Cardholder may terminate the relevant Credit Card Agreement if they do not agree to any amendment, change or modification by notifying the Bank of their desire to terminate the Credit or Charge Card Agreement within 14 calendar Days after their receipt and after paying the outstanding amount.

The whole of the Amount Outstanding on the Cardholder’s Card Account shall become due and payable to the Bank on the termination of this Agreement. The Cardholder agrees that the Bank shall have the right to retain any funds placed in the Cardholder’s Current/Savings or any other account with the Bank or deposits held as a security for the issuance of Card and/or Supplementary Card(s) for a period of up to 45 days after the Card and any Supplementary Card(s) have been physically returned to the Bank, and to o set any such funds without notice to the Cardholder.

In the event of a Cardholder’s bankruptcy all Amounts Outstanding are immediately due and payable and the holder(s) of any Supplementary Card(s) will immediately cease the use of such Card(s) and return it or them to the Bank and pay any amount that may be outstanding under these Terms and Conditions.

The Card remains the property of the Bank at all times and shall be returned to the Bank upon request, together with any Supplementary Card(s) for which the Cardholder is liable.

Where this Agreement relates to the use of a Supplementary Card, the Cardholder may terminate this Agreement (in so far as it relates to the use of the Supplementary Card) by a notice to the Bank through the available channels accompanied by the return of the Supplementary Card. In both circumstances, the Agreement will remain in force until full payment of Card transactions and all amounts due under these Terms and Conditions e ected by the use of the Supplementary Card has been received by the Bank. Unless and until such termination takes place the Bank shall provide a renewal Supplementary Card to the Cardholder from time to time.

If, for any reason, the Cardholder fails to comply with the Terms and Conditions of this Agreement or refuses to accept any amendments - as described in 9.9 below, the Bank may terminate this Cardholder Agreement and proceed to recover all Amounts Outstanding thereunder. The Cardholder shall be responsible for all costs, charges and expenses incurred by the Bank including legal fees on a full indemnity basis.

The Bank reserves the right to close the Card account without notifying the customer if the card is used for any purposes other than what it was opened, or the Bank suspects any transaction founded against the rules governing Anti Money Laundering and Combating Terrorist Financing.

Authorization and indemnity for telephone and facsimile instructions

The Cardholder authorizes the Bank to rely upon and act in accordance with any notice, instruction demand or other communication which may from time to time be, or purport to be given by telephone or facsimile by the Cardholder or on his/her behalf (the “Instructions”) without any enquiry on the Bank’s part including, without prejudice to the generality of the foregoing, as to the authority or identity of the person giving or purporting to give the Instructions and regardless of the circumstances prevailing at the time of receipt of the Instructions.

The Bank shall be entitled to treat the Instructions as fully authorized by and binding upon the Cardholder and the Bank shall be entitled to take such steps in connection with or in reliance upon the Instructions as the Bank may consider appropriate, whether the Instructions include Instructions to pay money or otherwise to debit or credit any account, or relate to the disposition of any money, securities or documents, or purports to bind the Cardholder type of transaction or arrangement whatsoever, regardless of the nature of the transaction or arrangement or the amount of money involved.

The Bank under terms of this authorization and indemnity is not obliged to accept and act upon telephone and facsimile Instructions which include the following:

Change in Mandate

Change to authorized signatories

Power of Attorney to another person/entity

Closure of the account(s) and transfer of the remaining balance by any means

In consideration of the Bank acting in accordance with the terms of this authorization and indemnity, the Cardholder hereby irrevocably undertakes to indemnify the Bank and to keep the Bank indemnified against all losses, claims, actions, proceedings, demands, damages, costs and expenses incurred or sustained by the Bank of whatever nature and howsoever arising out of or in connection with the Instructions.

The terms of this authorization and indemnity shall remain in full force and e ect unless and until the Bank receives, and has a reasonable time to act upon, notice of termination from the Cardholder in accordance with the terms of the Mandate, save that such termination will not release the Cardholder from any liability under this authorization and indemnity in respect of any act performed in accordance with the terms of this authorization and indemnity prior to the expiry of such time.

General

Without prejudice to the provisions of the Saudi Value Added Tax Law and its Implementing Regulations, the Bank will charge a Value Added Tax at the rates prevailing by the Saudi Government from time to time without the need to obtaining the prior approval of the Cardholder VAT amount - if applied - will be disclosed with every transaction.

The Card establishes a surety relationship between the Bank, the holder and acceptor of the Card under which the Bank guarantees to the acceptor, the debt incurred by the holder as a result of using the Card according to the Terms and Conditions of this Agreement.

The Bank shall have the right at its absolute discretion to transfer and assign in any manner in whole or in part any Cardholder’s Amounts Outstanding. The Cardholder shall pay all the costs of collection of dues, legal expenses and Amounts Outstanding should it become necessary to refer the matter to a collection agency or to a legal recourse to enforce payment.

Whenever required by the Bank, the Cardholder shall furnish data concerning his/her financial position to the Bank. The Cardholder further authorizes the Bank to verify the information furnished. If the data is not furnished when called for, the Bank at its discretion may refuse renewal of the Card or cancel the Card forthwith.

The Cardholder authorizes the Bank to disclose information concerning the Cardholder and Supplementary Cardholder or the Cardholder’s and Supplementary Cardholder’s Card Account to the Saudi Central Bank, banks and competent authorities. The Cardholder also authorizes the Bank to collect from and or disclose to the Saudi Credit Bureau (SIMAH) or any appropriate third parties approved by SAMA such information as the Bank may require at its discretion, to establish, review and or administer the account/facilities with the Bank.

The Cardholder irrevocably agrees that the Bank may subcontract the provision of the services provided to the Cardholder or any part thereof to any third party, whether or not that third party operates in another jurisdiction or territory. The Bank shall remain liable to the Cardholder for any recoverable loss or damage incurred and maintain the confidentiality of any such information to the same extent as the Bank.

The Bank may assign the processing of information related to the Cardholders abroad within the HSBC Group or any other place.

Cardholder telephone calls may be recorded and retained by the Bank.

The Cardholder hereby authorizes the Bank to, without notice, combine or consolidate the Amount Outstanding on the Cardholder’s Card Account with any other account which the Cardholder maintains with the Bank and o set or transfer any monies standing to the credit of the Cardholder’s other accounts in or towards satisfaction of the Cardholder’s liability to the Bank under these Terms and Conditions.

This Agreement supersedes any similar agreement with the Bank in connection with the issue or use of Card(s), such agreement being hereby cancelled.

The Bank reserves the right at all times to vary or amend the foregoing Terms and Conditions or to introduce new Terms and Conditions. Any such variations or amendments will become e ective and binding on the Cardholder upon notification to the Cardholder by any means the Bank deems fit. If the Cardholder is unwilling to accept any such variations or amendment, the Cardholder must return the Card along with Supplementary Card(s) to the Bank for cancellation. The Cardholder will indemnify the Bank against Card Transactions of these Card(s) prior to the return of the Card and any Supplementary Card(s) to the Bank.

The Bank shall not be liable for any loss su ered by the Cardholder if the Bank is prevented from or delayed in providing the Cardholder with any banking or other service due to strikes, industrial action, failure of power, supplies or equipment, or causes beyond or outside its control.

The Cardholder will continue to be liable for the charges if for any reasons set out in clause 9.11 the Bank is unable to produce or send the Cardholder a statement of account.

This Agreement shall be construed and governed by the laws of the Kingdom of Saudi Arabia and any dispute shall be referred to the competent legal authority to decide on, that is consistent with Shariah principles

The Bank has the right to reject any Credit Card transaction that contradicts with local regulations.

SAB EMIRATES, ALFursan , Qitaf and Cashback Credit Card

When applying for any of the cards mentioned above, the Cardholder authorizes the Bank to disclose to to the second party (Emirates, Alfursan, & STC) information in connection with the Cardholder and any or all Supplementary-Cards’ holders including but not limited to my full name, title, date of birth, gender, nationality, email address, language, address details, contact information, membership number, and any/all information necessary for the purpose of e ecting the terms, conditions and/or the benefits contained in this agreement and to enroll me in Miles or Loyalty Program and facilitate the transfer of miles or points, and any billing disputes.

When applying for any of the cards mentioned above, the Cardholder agrees and accepts that the terms of using any earned miles or points pursuant to using the credit card applied for herein, will be subject to the terms and conditions contained in www.saudia.com, www.stc.com.sa, and www.emirates.com and its subsequent amendments from time to time.

SAB reserves the right to reduce the Miles or Points, or not apply any allotment , for transactions and payments to e-wallets operated by third parties.

“Cashback” means the amount earned on eligible transactions as set forth in this document or as decided by the Bank at its absolute discretion and which shall be credited to the cashback card account after posting the relevant transaction into customer card account;

“Eligible Transactions” means all retail transactions, at point of sale or online, charged/posted to a cardholder’s Cashback Credit Card, except for the transactions excluded

“Overall Retail Spend” refers to the sum of eligible transactions. This determines the cashback percentage and category-level cashback caps the cardholder is eligible for a given billing month/statement.

The cashback percentage and cashback limits are set at the category level, where the cardholder is eligible for a particular month / statement.

“Cashback Categories” refers to the Merchant Categories that are eligible for cashback subject to meeting the cashback terms & conditions.

The cashback categories consist of several Merchant Category Codes (MCC), for example: supermarket, fuel, restaurants. They are determined by Visa, and it is not the responsibility of the bank to determine the merchant category.Cashback Program:

The classification and design of merchant categories is determined by the merchant's bank, Saudi Awwal Bank cannot be held liable for incorrect allocation/segmentation and reserves the right to modify the cashback allocation at its discretion

Eligible Transactions made using a Supplementary Card will be combined with Eligible Transactions made by the Primary Cardholder for the purposes of calculating the cashback amount and will be granted on the primary card holder's cashback card only.

The cashback will be calculated after the transaction is recorded on the credit card statement based on the total retail spend (i.e. the sum of all eligible transactions) made as per the card statement.

The cashback percentage due to the card holders will be determined and applied to the total of eligible transactions made in the cashback categories.

The cashback amount will be credited to the cashback balance of the cardholder's account once the transaction is credited to the credit card account and shown to the customer when issuing the monthly card statement.

Saudi Awwal Bank cannot be held responsible for any delay in posting operations due to delays from the concerned merchants.

Cashback tiers will be designed based on the Visa Merchant Tier Code rating.

Maximum cashback is 400 SAR per month for each category, Tailored cashback at %5 ,%3 and %10 respectively

No maximum cashback is set per month for all other spend categories designed at %1 cashback.

No maximum cashback is set per month for all international transactions designed at 2 % cashback (please refer to the table below) :

If the transaction is disputed, fraudulent, unauthorized, illegal or reversed by the merchant, then the refund of the relevant transaction must be reversed accordingly, in case there are not enough funds in the card account, the reverse of the cashback will be posted as the balance due in Card Account with the exception of transactions that prove to be fraud and were not carried out by the card holder

If the customer gets a full cashback of SAR 200, SAR 100, SAR 100 for each cashback category on the first day, the cashback will not be calculated in all other categories for transactions executed in the same category during the month.

Cashback granted on eligible transactions in the statement cycle will be limited to the maximum limits per category group.

Any cashback earned in any statement cycle will be considered null and void in the following cases:

using the card for business purposes instead of personal

The cardholder's card has expired and is not renewed;

In the event of a breach of the Card Agreement, in SAB's absolute discretion, this will result in the cancellation of the Cashback or similar (as applicable).

Cashback cannot be exchanged for any other rewards and cannot be exchanged or transferred under any circumstances. It can only be used after it has been credited to the cashback credit card account.

Transactions that are not eligible for cashback:

Balance Transfers

Easy Payment Plans

Cash withdrawal

Utility bills / SADAD payments

Financial fees

Digital wallets payments (eg STC PAY, URPAY, etc.)

All fees imposed on the card by the bank

Reverse transactions by merchants

The cashback program is valid for personal use only. In the event that the card is used for commercial purposes, Saudi Awwal Bank reserves the right to refund the granted cash and/or suspend the credit card and/or report this to the relevant authorities as a fair use breach.

SAB AQSAT

To take advantage of SAB AQSAT, the Cardholder should communicate his/her consent to convert to an AQSAT plan one or multiple eligible transactions within 15 days from the original transaction date. The Cardholder can call SAB Call Center or write to SAB Card Product Division, P.O. Box 69718, Riyadh 11557.

The following table highlights the minimum and maximum transaction amount for respective term/tenures.

* In addition to %24 annual rate

Late payments or non-payment of instalments will result in cancelling the AQSAT Plan(s) and the outstanding AQSAT Principal Sum(s) in question being converted to standard purchasing transactions and will be treated under Clause 6 of the existing Terms and Conditions as published in the “SAB Cards User Guide”. Also such cancellations will attract a late payment fee as advised to the Cardholders from time to time by SAB.

The Bank may at any time and without any prior notice or liability to the Cardholder, modify or terminate the AQSAT Terms and Conditions. However, any such modifications or terminations shall come into e ect 60 days from the date of introduction, providing the Cardholder ample time to agree to such changes.

The Terms and Conditions of the Cardholder Agreement shall also apply to this program.

SAB AQSAT Terms and Conditions are available on SAB website: www.sab.com

Charges

The Cardholder shall pay an irrevocable annual fee which varies according to the Card category

The Bank will charge a flat fee against cash withdrawal transaction which will be debited from the Card Account irrespective of the amount withdrawn.

The Bank reserves the right to amend charges from time to time, at its discretion. Any such variations or amendments will become e ective and binding on the Cardholder upon notification to the Cardholder by any means the Bank deems fit. Use of the Card after the date upon which any change to these Terms and Conditions is to have e ect (as may be specified in the Bank’s notice) will constitute acceptance without reservation by the Cardholder of such change. However, in case of his objection or non-acceptance, the Cardholder has the right to terminate the Card.

International Transactions

All foreign currency Credit Card Transactions will attract a currency conversion charge up to 3.10% of the value of each transaction at the time of converting same into Saudi Riyals.The following example illustrates the method applied when converting a foreign currency transaction into Saudi Riyals

Currency Conversion charges %3.10 are inclusive of Value Added Tax at the prevailing rates as determined by the Saudi Government (%15)

Note:
Regardless of the currency of the original transaction, any foreign currency transaction(s) made using a Credit Card is first converted to US Dollars and then converted into Saudi Riyals. The conversions from Foreign Currencies to Saudi Riyals are carried out by the respective schemes (Visa and Mastercard® ) as per their prevailing rate/s of day.Any reversed transaction will be subject to SAB’s prevailing currency exchange rates at the time of its reversal, therefore, any currency exchange rate losses arising from transaction reversed, shall be borne by the customer

Illustrative example for computation of Tawarruq Profit (TP) For example:
You purchased an airline ticket for SAR 1,000 on 20 March. Your statement generation date is 31 March and your payment due date is 25 April, on which date you made the minimum 5% payment (or SAR 100).

The following Tawarruq profit will appear on your next statement:

* Assuming no amount outstanding has been carried forward from previous months.

** For illustrative purposes only. For product-specific APRs, please refer to the Bank tariff.

*** Assuming no other transaction has been performed during April.