Saudi Hollandi Bank (SHB), a Saudi Arabia-based bank, has launched a new credit facility for its customers. It enables them to transfer the outstanding balances of all their credit cards issued by other banks to a Saudi Hollandi Bank credit card, provided that the bank shall pay all the due amounts on the customer’s credit cards to other banks.
Ehab Al-Dabbagh, individuals banking general manager of SHB has stated that the bank will also grant the customer a series of privileges for his transferred credit balance, including exemption from the profit margin on the balance of the new credit card for the first three months, as part of the transfer process, in addition to adding 1% of the transferred amount to the credit card’s balance without any annual fees.
The senior executive at SHB added that the new service opens up a new avenue through which the bank hopes to provide its credit card customers with extra facilities and value-added services. They will form an integral part of the package of privileges enjoyed by the holders of SHB’s credit cards, including the option to draw up to 50% of the card’s credit limit in cash; a 5% minimum limit on repayment; and the possibility of migrating from the customer’s credit card account to his current account by phone
The bank further added that other incentives include the possibility of repayment through ‘Sadad’ channels across other local banks channels and benefits such as the slew of prizes provided by ‘Tadallal’ rewards program, under which a customer accumulates points for the use of his credit cards.
