Saudi Hollandi Bank (SHB) launched for its customers a new credit facility that 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, SHB's Individuals Banking general manager, said 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 percent of the transferred amount to the credit card's balance without any annual fees. Al-Dabbagh said the new service launched by the bank falls within the category of exclusive and special facilities offered by the bank to its credit card customers. The initiative also reflects its drive to upgrade relations between the Bank and its customers; and enable them to benefit from the element of exclusivity enjoyed by SHB's credit card- holders. The SHB senior executive added that the new service is considered the first of its kind to be introduced by banks operating in the Saudi market. It 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 percent of the card's credit limit in cash; a 5 percent minimum limit on repayment; and the possibility of migrating from the customer's credit card account to his current account by phone. Other incentives include the possibility of repayment through “Sadad” channels across other local banks channels; besides the highly popular monthly offers provided by the card to their holders by agreement with some renowned commercial brand names. Several other benefits are on offer, such as the slew of prizes provided by “Tadallal” Rewards Program, under which a customer accumulates points for the use of his credit cards.
