Applying for a Credit Card

Banks in Saudi Arabia offer various financial options, including credit cards, personal loans, and financing for major purchases like cars and homes.

Islamic finance is a key part of the system, offering Shariah-compliant products like Murabaha and Ijara, which follow ethical lending practices in line with Islamic law. Each product has specific terms, so it’s important to review these carefully before applying.

Applying for a Credit Card

In Saudi Arabia, there are different types of credit cards, each offering unique features and benefits depending on the bank and card level. Customers can choose between:

• Conventional Credit Cards: Allow purchases, bill payments, and cash withdrawals, with flexible repayment options.

• Islamic Credit Cards: Also allow purchases, payments, and withdrawals but follow Shariah principles by avoiding interest charges, providing an ethical financial option.

Each card type gives flexibility and options to meet various financial needs..

Requirements and Eligibility for Credit Cards

• Iqama (for Expats) Expatriates must provide a valid Iqama as proof of legal residency.

• Proof of Income Applicants generally need to submit a salary certificate or meet a minimum income threshold, which varies by card type. Premium cards usually require a higher income.

• Credit History Banks may review applicants' credit histories to assess repayment ability and financial responsibility. A good credit history can lead to higher limits and lower fees.

• Employment Stability Some banks may require proof of stable employment, typically for 6–12 months, to ensure the applicant can make timely repayments.

Popular Credit Card Options from Major Banks

• Saudi National Bank (SNB) Offers a variety of credit cards, including cashback, rewards, and premium cards with travel perks. Each card is tailored to different needs, from everyday spending to luxury services.

• Al Rajhi Bank Known for Shariah-compliant options, Al Rajhi offers cards like the Al Rajhi Platinum Credit Card, which adheres to Islamic principles with profit-based structures instead of traditional interest.

• Saudi Awwal Bank (SAB) Provides various cards with benefits such as rewards programs, cashback, and travel insurance, catering to a range of lifestyles.

Islamic Credit Cards and Shariah Compliance

• Shariah-Compliant Credit Cards These cards avoid interest (riba) and follow profit-based structures, such as Murabaha or Tawarruq. Fees are charged for services instead of interest, ensuring Islamic law compliance.

• Al Rajhi Islamic Credit Cards Al Rajhi offers popular Islamic credit cards with profits based on pre-agreed terms, ideal for customers seeking ethical financial solutions that align with Islamic values.

Saudi banks offer a variety of credit card options catering to both conventional and Islamic preferences, with diverse benefits that accommodate the financial goals and ethical considerations of their customers.

»COMPARE: Compare all credit card offers.