Sharjah Islamic Bank (SIB) Credit Card Eligibility

Sharjah Islamic Bank (SIB) Credit Card Eligibility in the UAE

The officials at the bank will assess your SIB credit card eligibility based on the UAE Central Bank mandate. The UAE Central Bank-mandated eligibility criteria are mentioned below.

• The minimum age of the customer has to be 21 years and above
• The minimum monthly income of the customer needs to be AED 5,000.
• The maximum Debt Service Ratio should be lower than 50% of your monthly gross salary (30% for pensioners), 5% of which is related to your minimum Credit Card monthly payment

Documents Required to Apply for SIB Credit Cards

You need to gather the following documents to apply for SIB credit cards.

Factors Affecting SIB Credit Card Eligibility

If your SIB credit card application was rejected, there could be numerous causes for it. The bank does not specify all of its internal qualifying factors of credit card eligibility online, which can make it frustrating to understand the reason for your credit card application rejection. The following list details the most probable factors that can affect your SIB credit card eligibility.

• credit Score: If your credit score is low, it may affect your SIB credit card eligibility. Even though the bank doesn’t specify any credit score requirement as a part of its eligibility criteria, it is generally observed that a credit score over 700 increases your chance of credit card application approval.
• DTI Ratio: Your Debt-to-Income ratio can play a significant role in determining your credit card eligibility. The Central Bank of the UAE states clearly that banks or financial institutions offer a credit card only if your Debt-to-income ratio is less than 50%. So, you must check your DTI before applying for a credit card.
• Repayment History: This is a part of your credit report check and may lead to manual rejections of your credit card application. If SIB notices that you have multiple faults on your credit card repayment history or that you have significant credit card debt, the bank may reject your credit card eligibility.

How to Improve SIB Credit Card Eligibility?

The most important way to improve your SIB credit card eligibility is to not apply again right after your application was once rejected. This will trigger automatic rejections again. The following list details all the ways you can slowly improve your SIB credit card eligibility.

• Create a healthy repayment habit and make sure you don’t have any missed payments in the past 12 months
• Lower your DTI by prepaying any active debt you have. This is especially important if your DTI is closer to 50%
• Check your credit report for any discrepancies in your active debt listings or personal details. This can help you fix any mistakes in your credit score
• Make sure your salary is above the minimum salary requirements, and your employer is seen favourably by the bank
• Build a relationship with the bank and apply for a credit card as an account holder. It may help you get more clarity on why your credit card application was rejected and how you can improve your approval chances.

FAQs on SIB Credit Card Eligibility