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    Aqsat FAQs en

    Uploaded by

    Rockroll Asim
    The document discusses SABB Credit Cards' Aqsat feature which allows cardholders to pay for large purchases over small, equal monthly installments at low profit rates. Customers can choose to repay amounts over 6, 12, or 24 months with no down payment, documents, or guarantor required. A nominal SAR 50 fee applies to each transaction converted to installments. FAQs provide more details on how to enroll, available limits, profit rates, and how payments are reflected on statements.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Aqsat FAQs en

    Uploaded by

    Rockroll Asim
    176 views3 pages
    The document discusses SABB Credit Cards' Aqsat feature which allows cardholders to pay for large purchases over small, equal monthly installments at low profit rates. Customers can choose to repay amounts over 6, 12, or 24 months with no down payment, documents, or guarantor required. A nominal SAR 50 fee applies to each transaction converted to installments. FAQs provide more details on how to enroll, available limits, profit rates, and how payments are reflected on statements.

    Original Description:

    SABB AQSAT KSA

    Original Title

    AqsatFAQsEn

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    The document discusses SABB Credit Cards' Aqsat feature which allows cardholders to pay for large purchases over small, equal monthly installments at low profit rates. Customers can choose to repay amounts over 6, 12, or 24 months with no down payment, documents, or guarantor required. A nominal SAR 50 fee applies to each transaction converted to installments. FAQs provide more details on how to enroll, available limits, profit rates, and how payments are reflected on statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    176 views3 pages

    Aqsat FAQs en

    Uploaded by

    Rockroll Asim
    The document discusses SABB Credit Cards' Aqsat feature which allows cardholders to pay for large purchases over small, equal monthly installments at low profit rates. Customers can choose to repay amounts over 6, 12, or 24 months with no down payment, documents, or guarantor required. A nominal SAR 50 fee applies to each transaction converted to installments. FAQs provide more details on how to enroll, available limits, profit rates, and how payments are reflected on statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Pay in Small, Equal and Affordable Instalments with Aqsat

    Now you can afford to make that big purchase youve always wanted with the Aqsat feature for SABB Credit Cards.
    This feature provides you with the convenience of paying for your large value purchases in small, equal and
    affordable instalments at low profit rates. In addition, you can choose to repay the amount over 6, 12, or 24
    months.

    You can also benefit from exclusive 0% Aqsat offers at participating merchant outlets when you pay with your
    SABB Credit Card. Click here to view the offers. (http://www.sabb.com/0-instalments)

    Features & Benefits:

    Applies to any transaction that is equal to SAR 1,000 or more made on your primary or supplementary credit
    card
    No restrictions on purchases within the Kingdom or abroad (excluding cash advances)
    Flexibility to repay the amount over 6, 12 or 24 months
    Low profit rate starting at 18% per annum
    No need of a guarantor
    No down-payments
    No restrictions on number of installment plans allowed within the available credit limit

    FAQs

    1. What is SABB Aqsat?


    SABB Aqsat is a credit card feature that offers the convenience of paying large value transactions in small,
    equal and affordable instalments.

    2. How can I convert my large value purchase into Aqsat (monthly instalments)?
    Its simple. Once you make a purchase of SAR 1,000 or more, you need to call SABB Direct (800 124 8888)
    48 hours after you make the transaction and within 15 days from the transaction date and request to
    convert the purchase amount into instalments for a nominal profit fee. You will have to specify the
    repayment duration (6, 12, or 24 months) for which you would like to benefit from the Aqsat feature.

    3. Do I need to apply for the Aqsat plan?


    No, you do not need to apply or fill a separate application form to benefit from Aqsat. All you need to do
    is to call SABB Direct (800 124 8888) 48 hours after you make the transaction and request to convert your
    purchase amount into Aqsat (monthly instalments).

    4. Are there any documents or a down-payment required?


    There are no documents or a down-payment required to benefit from the Aqsat feature.

    5. Is there a processing fee charged for the Aqsat feature?


    A nominal processing fee of SAR 50 would be charged with the first statement. This fee would be charged
    for each transaction converted to Aqsat.

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    6. How do I calculate the monthly instalments Ill be making for a purchase?

    The table below is an example of how SABB Aqsat works for credit card transaction of SAR 5,000
    converted into a SABB Aqsat plan for 6, 12, or 24-months term:

    SABB Aqsat Instalment Plan Calculation - SAR 5,000 Transaction


    Instalment Plan Term 6 - months 12 - months 24 - months

    Profit Rate 9% 18% 24%

    APR 30.20% 31.70% 21.60%


    908.33
    Monthly Instalment (SAR) 491.66 258.33

    7. Can all SABB Credit Cardholders benefit from the Aqsat feature?
    Yes, all SABB Credit Cardholders can benefit from the Aqsat feature.

    8. Is there a limit to how many transactions I can convert to Aqsat?


    No, there is no limit on the number of transactions you can convert to Aqsat. You can convert your
    transaction to Aqsat up to the maximum available credit limit.

    9. Would I have my entire credit limit still available for me to use?


    The credit limit equal to the Aqsat transaction would be blocked initially. The remaining balance of the
    booked Aqsat transaction would be blocked and released gradually after each monthly instalment. For
    example: If your credit limit is SAR 10,000 and you have done an Aqsat transaction for SAR 6,000. Initially,
    your credit limit would be blocked for SAR 6,000 and as and when you are repaying your monthly
    instalment of SAR 1,000, the blocked limit would be released. Once you repay 3 instalments, you would
    have SAR 7,000 available limit and once you settle the entire Aqsat outstanding balance, you would have
    your entire credit limit of SAR 10,000.

    10. How will it reflect in my monthly statement?


    The relevant Aqsat Monthly Instalment will be added to Amount Outstanding and the Minimum Amount
    Due on each months statement, the total of which needs to be settled by the customer on or before the
    payment due date (until all Aqsat outstanding amount is fully paid)

    11. What is the process of pre-closing or cancelling the Aqsat plan prior to the end of the agreed term?
    In case you wish to cancel the Aqsat transaction prior to the end of any outstanding Aqsat term,
    you need to call SABB Direct at 800 124 8888 and request for the same. This will take a
    minimum of 3 working days for the cancellation to take effect. The Aqsat outstanding amount

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    will be added to the overall outstanding amount which would need to be settled by the payment
    due date. The Bank will charge a fee of SAR 100 as an early settlement fee.

    12. Does SABB offer 0% instalment plans?


    Yes, you can benefit from exclusive 0% instalments plans at participating merchant outlets. Click here to
    view the list of offers. (http://www.sabb.com/0-instalments)

    13. Do I still earn ICSABB reward points on purchases converted to Aqsat?


    Yes, you earn ICSABB reward points for purchases converted to Aqsat.

    14. Who do I call to ask for more information about the Aqsat feature?
    For more information about Aqsat, please call SABB Direct 800 124 5557 (within the Kingdom) or +966 11
    440 8800 (outside the Kingdom)

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