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People who do not want to take conventional credit cards due to the interest factor can take prepaid credit cards in Saudi Arabia and earn points. Here is how it works;
Prepaid Credit Cards in Saudi Arabia
The following 6 banks in Saudi Arabia are offering prepaid credit cards to their customers as listed below;
- SNB Prepaid Credit Card.
- Al Rajhi Prepaid Credit Card.
- Riyad Bank Prepaid Credit Card.
- Bank Al Bilad Medad Card.
- Alinma Charge Card.
- Saudi Investment Bank Travel Card.
Control the spending
Although the card is called a prepaid credit card, it works like a debit card. You control the amount of money that the card holds. Even as you are spending, you are not borrowing the money but just using up the money you have deposited into the prepaid card.
When your balance gets low, you can always recharge the card with more cash, or a bank transfer. These cards can be used where all major standard credit card companies are used including MasterCard, Visa, American Express, etc.
No Interest Agreement
Many people avoid getting a credit card as you enter into an agreement with the bank to pay interest if the payment is delayed i.e. unislamic. However, with prepaid credit cards, you do not have to sign such an agreement.
No problem with a bad credit rating
If your credit history is as bad as it gets, no need to worry as you can get a prepaid credit card in Saudi Arabia even with a bad SIMAH credit report.
Withdrawing money from a credit card costs a fixed amount of around SR 75 to SR 100 in Saudi Arabia. However, this is not the case with the prepaid credit card as you can withdraw as much as you want.
Protection against loss or theft
The prepaid credit card in Saudi Arabia offers the same protection against loss or theft as a regular credit card. If you report the incident to them immediately, they just cancel your old card, reimburse you for the fraudulent transaction and issue a new card.