Pay and transfer your credit card outstanding balance at other banks to your SAIB Credit Card with easy installments with no admin fees* and a competitive profit rate, as low as 0%!*
This program helps you have all your finances under one umbrella and consolidate them into one monthly statement and one monthly payment due date.
It will help you relax and not worry about paying several cards and review several statements (you will settle the minimum payment for one card monthly, instead of settling the minimum payment for each single credit card). This means you will win the time, the effort, and the control over your finances and balances.
Features
0% Profit Rate*
One minimum payment for all your cards (5%) including installments
Digital payment (directly through “SADAD”)
Easy monthly installments (Up to 18 months)
Early settlement option is available
No admin fees*
*Only for 3 or 6 months installment.
*Offer valid from 12 June until 31 July 2023
Terms and Conditions
The terms and conditions below are complementary to the Credit Card Agreement that is accepted and agreed to by the Cardholder:
- Balance Transfer service is a transaction initiated by the cardholder via the contact center, in which the Cardholder agrees to repay SAIB in equal monthly installments.
- Customer is allowed to transfer up to 90% of the Credit Card limit to his Credit card account in another bank.
- If the Balance Transfer amount to be transferred exceeds the eligibility criteria on the date of acceptance by SAIB, SAIB will automatically transfer only an amount equal to eligibility criteria of Credit Cardholder’s as authorized by Credit Cardholder in the recorded call, or online channels.
- EPP terms and conditions mentioned in the Credit Card Agreement apply on all Balance Transfer transactions.
How to Apply
Call us at 8001248000 and make sure you prepare the below information within hand reach:
- Bank name of the other card
- Account number of the other credit card
- The amount you would like to pay
- Tenor to pay
Balance Transfer Example
Customer requests to transfer his Credit Card outstanding balance at other banks to his SAIB Credit Card
| Balance Transfer amount | SAR 3,000 |
| Administration Fees | 0% |
| Profit Rate | 0.29% (Assuming customer has requested for 12 months tenor) |
| Profit Amount: | (3,000 x 0.29%) x 12 = 104.4 |
| Monthly installments: | (3,000 + 104.4) /12 = SAR 258.7 |
Fees
- The longer the plan you choose, the more Tawarruq savings you will make
Minimum Amount (SAR) Administration Fees Profit Rate Tenor (Months) 500 0% 0%** 3 500 0% 0%** 6 500 0% 0.39% 9 500 0% 0.29% 12 500 0% 0.29% 18 **Offer valid from 12 June until 31 July 2023* No early settlement fee (outstanding principal and profit payable)
In addition, you can enjoy saving more by transferring your huge purchases at well-known partners into monthly installments through our Easy Payment Plan for SAIB Credit Cardholders!
FAQs
What is The Saudi Investment Bank Balance Transfer Program?
Balance Transfer is a program which allows you (SAIB Credit Cardholder) to transfer your outstanding balances from other bank credit cards to the balance in your SAIB Credit Card.
Why should I transfer my Balance to my SAIB Credit Card?
Transferring balances would help you have all your finances under one umbrella and consolidate them into one monthly statement and one monthly payment due date. It will help you relax and not worry about paying several cards and review several statements. This means you will win the time, the effort, and the control over your finances and balances. You will have the chance to choose your preferred option in transferring your balances. The longer the tenor period, the more savings you make on tawarruq charges.
Moreover, the installments are included in your 5% monthly minimum payment.
What are the admin fees for Balance Transfer?
0% as a special offer valid from 12 June until 31 July 2023
What are the documents required to process my balance transfer request?
There are no documents required.
If you need help, do not hesitate to give us a call at our “Flexx Call” Phone Banking at 8001248000. We will be glad to answer your questions!
What is The Saudi Investment Bank Balance Transfer Program?
Balance Transfer is a feature which allows you (SAIB Credit Cardholder) to transfer your outstanding balances from other bank credit cards to their balance at their SAIB Credit Card.
Why should I transfer my Balance to my SAIB Credit Card?
Transferring balances would help you have all your finances under one umbrella and squeeze them into one monthly statement and one monthly payment due date. It will help you relax and not worry about paying several cards and review several statements. This means you will win the time, the effort, and the control over your finances and balances. You will have the chance to choose your preferred option in transferring your balances. The longer the tenor period, the more savings you make on tawarruq charges.
Moreover, the installments are included in your 5% monthly minimum payment.
What are the processing charges for Balance Transfer?
There is a one-time fee that can go up to 2% based on the number of installments you choose.
What are the documents required to process my balance transfer request?
There are no documents required. All you need to do is follow the below steps:
- Login to your online bank account through the internet banking or SAIB mobile application
- Go to the SADAD service (bills and MOI payments)
- Enter the number of the credit card you want to pay off
- Enter the amount you want to pay off (If you do not have to pay the whole amount)
- Proceed
- Done! That simple!
Who can apply for a Balance Transfer on a Credit Card?
Balance Transfer is open to all SAIB Primary Credit Cardholders.
What is the maximum Balance Transfer I can avail?
You can avail a maximum of up to 90% of your available Credit Card limit. The amount varies based on your eligibility and the available Credit Card limit.
How Can I request for a Balance Transfer?
All you need to do is follow the below steps:
- Login to your online bank account through the internet banking or SAIB mobile application
- Go to the SADAD service (bills and MOI payments)
- Enter the number of the credit card you want to pay off
- Enter the amount you want to pay off (If you do not have to pay the whole amount)
- Proceed
- Done! That simple!
