Banks begin to amend the terms and conditions of credit cards in the UAE, as UAE banks announced that they are setting up a new system for credit cards, starting from August 2023
As a result of the United Arab Emirates (UAE) banks' announcement that they would begin implementing a new system for credit cards beginning in August 2023, credit card terms and conditions are undergoing revisions in the UAE.
Amending the terms and conditions of credit cards in UAE banks
According to the draft of the new terms and conditions, a copy of which was published in the newspapers, some banks operating in the country announced the modification of the terms and conditions for credit cards during the month of August 2023. These banks added several items, including the collection of a fee for late payment of the monthly payment of the credit card, amounting to 236 .
Immediately disclaiming responsibility from the banks and not bearing the loss of the customer
According to the new draft, the banks indicated certain instances in which they disclaimed responsibility. This includes the lack of responsibility for any loss or damage incurred or incurred by the customer due to the refusal of the bank or any merchant or any other financial institution, or any automated teller machine or other party, to allow any card transaction. Other examples include refusing to accept the card or PIN, refusing to provide or provide cash withdrawals within the limits of the card, or refusing to provide or provide cash withdrawals within the limits of the Any issues or disagreements that are brought to the attention of the bank more than a month after the applicable statement of account was issued.
Cases of the client being liable for losses resulting from the use of credit cards
The banks pointed out a situation in which the customer is solely responsible for any and all unauthorized transactions, using a lost or stolen credit card that takes place before the bank is informed of the lost or stolen card information, and the customer will be solely responsible for settling the said transactions with the bank. Additionally, the customer alone bears responsibility for any and all unauthorized card transactions, resulting from the sharing of sensitive information with third parties. In any way, whether such loss or damage is due to or arising from any interruption of work, malfunction or defect in any automated teller machine, machine, communication system, facilities, data processing system or transmission link, or any industrial defect, dispute or cause another, whether it is beyond the control of the bank or otherwise. In any way, whether such loss or damage is due to or arising from any interruption of work, malfunction or defect in any automated teller machine, machine, communication system, facilities, data processing system or transmission link.