Qasset your balance
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Qasset Your Balance!
Qasset Your Balance program allows you to convert your current outstanding balance into a choice of smart payment plans in monthly installments.
The table below illustrates how Qasset Program works for a transaction of S..R 6,000 based on customer eligibility, and his regularity in card repayment
INSTALLMENT PLAN TERM
PROFIT RATE (PER MONTH)
MONTHLY INSTALLMENT in (Saudi Riyal)
3 Months
0.50%
2,020.03
6 Months
0.75%
1,026.41
12 Months
1.00%
533.09
18 Months
1.75%
391.46
24 Months
2.00%
317.22
Terms and Conditions
Terms and Conditions
- Qasset on Balance* is valid only for Riyad Bank Credit cards in good standing.
- Credit cardholder can avail this feature through call center 8001242225 or by applying through Riyad Bank Digital Channels.
- Minimum retail and cash outstanding balance of SAR 1,000 is required to avail this service.
- Nominal one-time processing fee of SAR 50+VAT will be applicable to process this transaction, which will be included in the first credit card statement after Qasset on Balance is processed.
- The Qasset on Balance can be availed for Tenure* ranging from 3, 6, 12, 18 or 24 months. The available tenures of the QoB can vary based on the Bank’s discretion. However, once the Cardholder has opted for a specific tenure of the plan, the tenure will remain unchanged.
- The applicable profit rate (which will be fixed for every month) will be informed to the Cardholder before proceeding with the Qasset on Balance transaction via Digital channels or via the Bank’s recorded lines.
- By availing this service, the Cardholder agrees to pay the Bank as per the selected tenure, Equal Monthly Instalments* (EMI) which will include the principal amount and the profit amount. This EMI amount will be part of the Cardholder’s monthly “Minimum Due” amount.
- Cardholder can Early-settle an ongoing Qasset on Balance plan before the Tenure completion via the Bank’s Digital Channels or Bank’s Call center.
- In case of the Early settlement* of Qasset on Balance, the remaining Qasset profit shall be waived.
- In case Payment made towards the Credit card is greater than current outstanding balance of the credit card and there is an ongoing Qasset on Balance, then the excess payment will be available as Surplus* balance on the credit card and, available for the Cardholder for any new purchases. The ongoing Qasset plan’s outstanding balance will remain unchanged and the monthly EMIs will continue to be billed on every statement as per the scheduled plan till the tenure is completed. The Surplus amount will be adjusted against the monthly EMI (assuming that there are no other new transactions).
- Approval of Qasset on balance request and the amount is at the sole discretion of the Bank.
- A Qasset on Balance transaction will not earn any Hassad Points, Cash back or Miles.
- This service is offered exclusively to Primary Cardholders who meet the criteria determined by the Bank from time to time for this product.
- The Bank may at any time and without any prior notice or liability to the Cardholder, modify or terminate the Qasset on Balance Terms and Conditions. However, any such modifications or terminations of an existing Qasset plan shall come into effect 30 days after notifying the customer through reliable communication channels.
- If the Cardholder fails to make payment in two full consecutive Qasset on Balance monthly EMI, the entire outstanding balance of the Qasset on Balance amount shall immediately become due and payable by the Cardholder, and the Bank shall have the right to demand and recover the immediate payment thereof. The Bank will not be responsible or liable for any actions, claims, damages, costs, charges and expenses which a Cardholder may suffer, sustain or incur by way of the Program operates.
- The Terms and Conditions of the Cardholder Agreement shall also apply to this Offer.
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EMI Calculation
EMI Calculation
Illustration of Qasset EMI calculation:
Qasset amount
6,000 SAR
Tenure (in months)
24
Qasset Profit rate per month
2.00%
Qasset One-time processing fee
50 SAR
Qasset Monthly Profit amount
120 SAR
First month EMI
420 SAR
Subsequent monthly EMI till end of Tenure
370 SAR
Terminology
Terminology
- Qasset on Balance (QoB): a credit card feature that offers the convenience of converting the retail and cash outstanding balance of the credit card into an instalment plan.
- Tenure: Is the number of month(s) requested by the Cardholder to repay the full Qasset on Balance amount (3, 6, 12,18 or 24 months).
- Equal Monthly Instalment (EMI): Total Qasset on Balance amount and the total Qasset profit divided by the tenure (in months) that is payable and due by the cardholder.
- Surplus Balance: If Payment towards the Credit Card is greater than the current outstanding balance of the card then the difference between the payment and the current outstanding balance is called the Surplus.
- Early Settlement: Cardholder decides to cancel an ongoing Qasset on Balance instalment plan before the completion of the Tenure, it is termed as Early Settlement of the plan.
- Cardholder Agreement: refers to the Credit Card Terms and Conditions.
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FAQS
Frequently Asked Questions
1
What is the Riyad Bank Qasset Program?
2
How does the Qasset Program work?
3
How to benefit from Qasset Program?
4
Do I need to apply for a new Credit Card to use the Riyad Bank Qasset Program?
5
Is Qasset Program limited for specific purchases?
6
How many transactions can I move to Qasset Program?
7
How many payment plans are available on the Riyad Bank Qasset Program?
8
How is the calculation done for the Riyad Bank’s Qasset Program?
9
How can I cancel a Qasset plan?
10
Can I early settle my Qasset plan?
11
Are there any early settlement charges on my Qasset plan?
12
What happens if I pay more than my Qasset monthly installment amount?
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