Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Consumers wary of credit card trap  Join our daily free Newsletter

MENAFN - Arab News - 23/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) A growing number of bank customers in the Kingdom have second thoughts about using credit cards such as Visa, Master Card and American Express. It is mostly people of limited income group who find it hard to repay the debt and fall into a debt trap.

Arab expatriate Muhammad Ali Yamani said the delay in repaying the credit had doubled or tripled his debt to his banks and has become a burden that he cannot afford to repay given his limited monthly income. This is a situation faced by many ordinary people.

Abdul Aziz Asiri, a Saudi, said he was thinking of limiting the use of the credit cards he received from different banks because they tempted him to buy things more than he actually needed by 50 percent.

"On many occasions the credit cards in my pocket tempt me to buy things which I would not have bought if the cards were not with me," Asiri told Arab News.

Saudi nurse Abeer Turkistani said even though 80 percent of her purchases are on credit cards, she never goes on a shopping spree.

Another Saudi, Khaled Al-Amoudi, said he was reluctant to use credit cards these days because some traders demanded ext charge for credit card payments in addition to monthly fees charged by the companies that issued the cards.


On the other hand, Secretary General of the Media and Awareness Committee of Saudi banking sector Talat Hafiz said only 1.5 percent of the total credit payments were in default. This is much lower than in other Arab countries or other parts of the world, a fact he attribtuted to the healthy credit policies of Saudi banks.

He said while credit cards have been in use in the Kingdom for the past two decades, credit purchases peaked at SR9.4 billion in 2008.

He added that while a fee of about SR70 is charged for issue of a credit card, the ATM cards are issued with no fees at all.

In the Saudi market, 12 local and 11 foreign banks are competing to get the largest market share for credit cards, he said.

He said the practice of any trader charging a fee for payment through credit card is illegal. Some traders' claim that they experience delay in getting the payment for credit card sales is not true as payments are made without any delay online.

A trader charging extra for credit card use is liable for penal action.

 


Arab News




  MENA News Headlines
 May 4 2016 - Kuwait- Al-Ghanim receives head of Palestine cmte at Jordan's Parl'tKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT May 4 (KUNA) -- National Assembly Speaker Marzouq Ali Al-Ghanim on Wednesday received in his office visiting head of the Palestine Committee at the ...

 May 4 2016 - Kuwait- Sheikha Fariha urges care for Arab women refugeesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) CAIRO May 4 (KUNA) -- It is crucial that maximum care and attention be given to refugee and displaced women and children caught up in wartime conditions in the ...

 May 4 2016 - Kuwait- Yemeni stakeholders conclude 1st session of direct talksKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT May 4 (KUNA) -- Yemeni parties involved in Kuwait consultations on Wednesday concluded their first session of face-to-face talks. The session was ...

 May 4 2016 - Kuwait- Info. Min. to embark on landmark visit to Ramallah Sat.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT May 4 (KUNA) -- Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Al-Salem Al-Humoud Al-Sabah is set to commence a ...

 May 4 2016 - Jordan- Royal decree approves constitutional amendmentsJordan News Agency
(MENAFN - Jordan News Agency) Amman May 4 (Petra) -- A royal decree was issued on Wednesday approving the constitutional amendments in line with Article (31) of the Constitution and as referred from ...

 May 4 2016 - UAE's Etihad Airways : 31 injured by severe turbulence in AsiaJordan News Agency
(MENAFN - Jordan News Agency) Abu Dhabi May 4 (Petra) -- The United Arab Emirates' national Etihad Airways Wednesday said that several passengers were injured when one of its flights encountered ...

 May 4 2016 - Jordan- 75m children in desperate need of education support : UnicefJordan News Agency
(MENAFN - Jordan News Agency) Amman May 4 (Petra) -- Around 75 million school-age children in crisis areas around the world are in dire need of educational support the BBC said citing a new report by ...

 May 4 2016 - Davutoglu says Turkey ready to send ground troops to Syria if necessaryJordan News Agency
(MENAFN - Jordan News Agency) Amman May 4 (Petra) -- Turkish Prime Minister Ahmet Davutoglu Wednesday said that Ankara was in a position to send ground troops to Syria "if necessary". ...

 May 4 2016 - The Women in Parliaments Global Forum kicks off in AmmanJordan News Agency
(MENAFN - Jordan News Agency) Amman May 4 (Petra)--Deputizing for His Majesty King Abdullah II Senate President Faisal Al Fayez on Wednesday opened the Women in Parliaments Global Forum (WIP) which ...

 May 4 2016 - International conference of Internal Medicine kicks ofJordan News Agency
(MENAFN - Jordan News Agency) Amman May 4 (Petra) -- Under the Patronage of Her Royal Highness Princess Basma Bint Talal the 13th International Conference of Internal Medicine started late Tuesday . ...

 May 4 2016 - Jordan received attractive Gulf investment offers : JIC PresidentJordan News Agency
(MENAFN - Jordan News Agency) Amman May 4 (Petra) -- Jordan Investment Commission President (JIC) Thabet Al Wir Wednesday said the commission has received lucrative offers to invest in Jordan from ...

 May 4 2016 - Hundreds of Jewish settlers storm West Bank villageJordan News Agency
(MENAFN - Jordan News Agency) Ramallah May 4 (Petra) -- Hundreds of Jewish settlers on Wednesday rampaged through a Palestinian village in the occupied West Bank a Palestinian source said. Ghassan ...

 May 4 2016 - Jordan- Al Fayez meets US House of Representative delegationJordan News Agency
(MENAFN - Jordan News Agency) Amman May 4 (Petra) --Minister of Tourism and Antiquities Nayef Al Fayez met on Wednesday with a delegation of US congressional aides and briefed them on Jordan's ...

 May 4 2016 - Jordan- Agadir Agreement 's partnership meeting held in TunisiaJordan News Agency
(MENAFN - Jordan News Agency) Amman May 4 (Petra)-- A number of businessmen from Jordan Egypt Morocco and Tunisia took part at the Agadir Agreement 's partnership meeting recently held in Tunisia to ...

 May 4 2016 - Maximum temperature to cross 40 degree celsius in QatarThe Peninsula
(MENAFN - The Peninsula) Doha: The weather forecast for Qatar valid until 6pm Wednesday inshore will be hot during the day with slight dust to blowing dust at places by midday while offshore it ...

 May 4 2016 - UAE- Sheikha Lubna commends National Policy for ReadingEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 4th May 2016 (WAM) -- Sheikha Lubna bint Khalid Al Qasimi Minister of State for Tolerance and President of Zayed University has praised the ...

 May 4 2016 - Qatar adopts NATO Individual Partnership and Cooperation ProgrammeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) BRUSSELS 4th May 2016 (WAM) -- The State of Qatar has approved the Individual Partnership and Cooperation Programme with NATO and handed over the agreement ...

 May 4 2016 - UAE- Humanitarian policies should precede any political decisions says Ruler of SharjahEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) KUALA LUMPUR 4th May 2016 (WAM) -- H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi Supreme Council Member and Ruler of Sharjah has emphasised the importance ...

 May 4 2016 - Abu Dhabi Airports awards FB contracts for Midfield Terminal Building to four global retailersEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 4th May 2016 (WAM) -- Abu Dhabi Airports announced today that Emirates Leisure Retail ELR HMSHost International Lagardere Capital and SSP four ...

 May 4 2016 - Emir of Kuwait receives UAE AmbassadorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) KUWAIT 4th May 2016 (WAM) -- Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah Emir of Kuwait has received Rahma Hussein Al Zaabi the UAE Ambassador to Kuwait. ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help