Fees and Financial Commitments. 7-1 The customer shall pay a non-refundable annual fee. This fee amount varies for different card type as shown in the card fees table.
7-2 The Bank charges a fixed fee for each cash withdrawal transaction as mentioned in the price table and it is recorded on the customer's card account regardless of the withdrawn amount, and the maximum amount for each withdrawal transaction is SR 5,000.
7-3 The bank must notify the customer of any amendment or change regarding the following matters in this paragraph relating to the credit card Agreement by sending a written notice to the customer within a period of not less than 45 days prior to the amendment implementation, the matters are as follows:
1- Any increase in the annual fees and / or administrative expenses that are charged to the customer.
2- Any increase in Tawaroq profit margin.
3- Any change in the methods of calculating Tawaroq profit margin. 4- Any increase in expenditures and / or recurring charges.
5- Any new fees or expenses. The customer acknowledges that in case of non-acceptance of the amendments made by the bank and informed them, the bank will treat such refusal as a request for card cancellation, and the bank will not return any amounts paid by the customer in order to obtain the card.
7-4 The bank has the right to charge the annual fees mentioned in the price table upon the activation of the card, and in case the customer did not activate the card for three months of the card issuance day, the bank has the right to cancel the card without collecting any fees from the customer and with no legal consequences.
7-5 If the customer notifies the bank of his intention to terminate the credit card within 10 days from the date of receiving the credit card that is issued and approved by the bank, it is not allowed for the bank to collect any fees from the customer or even claim it unless the customer uses the card.
7-6 Transactions in Foreign Currency: The customer is obliged to pay the Credit card balance to the bank according to the account currency and to the exchange rate determined by Visa / MasterCard and the bank fees for international use as mention in the price table, as well, in the record of the day each purchase or cash withdrawals transaction is made by customer in any foreign currency.
Fees and Financial Commitments. A. The Cardholder shall bear any expenses,fees or any other financial obligations or burdens that might become due as a result of his use of the Credit Card and the Bank shall be entitled to enter these amounts to the Card Account.
B. When issuing the Credit Card, the Bank shall post an annual fee (determined by the type of card) to the Card Account on the first issue of the Account Statement of the new Credit Card, then a renewal fee thereafter at the beginning of each year throughout the validity period of the Credit Card shall be posted automatically to the said Card Account.
C. In case the Bank wishes to change the value of Credit Card fees charged or changing the method of due amount repayment then the Bank shall have to notify the client of its wish within a period of not less than 45 days prior to effecting the application. The notice shall be sent by mail or by any other guaranteed means of communication, to his contact details listed with the Bank.
D. In the event that there has been a change in the Customer data, the Cardholder shall be obliged to notify the Bank in writing immediately of all these changes and he shall have to update his data, through any guaranteed means of communication. The lack of updated data and information shall absolve the bank of the obligations and responsibilities set forth in paragraph (9.C) above.
E. The Bank shall have to notify the Card holder of any amendments or changes in respect of the matters that shall be mentioned herein below in this paragraph and which are related to the Credit Card agreement, through sending a notice to the client within a period of not less than 45 days prior to effecting the amendment and these matters are as follows:
I. Any increase in the annual fees and/or administrative expenses, which are charged to the Cardholder.
II. Any increase in the proportion of commission or profit rate.
III. Any change in the ways of calculating commission or profit.
IV. Any increase in expenses and/or recurring charges.
V. Any new fees or expenses.
F. In paragraph (9E), then the client may express his desire to terminate the contractual relationship related to the Credit Card agreement during a period of 10 days from the date of receipt of the notice on changes and amendments, and it should be sent via guaranteed means of communication. The Cardholder shall also be committed to settle all outstanding amounts charged to his Card Account before the Bank approves the cancellation of the account.
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