This is applicable only to Standard Chartered Bank UAE Credit cardholders who have been contacted directly by the Bank through SMS.
1. Why did the bank decrease my credit card limit?
We periodically review our credit policies based on economic conditions such as credit score, income, repayment history, or broader market risk assessments. A reduction may be implemented for business reasons or to help our customers manage their debt safely.
2. Did I receive a notice regarding this reduction?Yes. In compliance with Central Bank UAE regulations, a notice was sent via SMS 60 days prior to the reduction taking effect, informing you of the new limit.
3. What happens if I have already utilized more than the new reduced limit?
If your current outstanding balance exceeds the new reduced limit:
You will not be charged over-limit fees during the 60-day notice period.
However, you must settle the excess amount immediately after the 60-day period expires to avoid over-limit fees After the notice period expires.
4. Can I request to keep my old limit?
You may contact us to review the decision after 6 months’ time and it will be subject to the bank’s approval. However, the new limit will based on our at time credit assessment and eligibility criteria.
5. What is the 60-day notice period for?
The 60-day notice period is to provide you with adequate time to adjust your spending habits and manage any upcoming planned payments.
6. Will this reduction affect my credit score with Al Etihad Credit Bureau?
Yes, changes in credit utilization can affect your credit score. Reducing your limit might increase your utilization percentage (debt-to-limit ratio), which can affect your credit score, but it may also reflect improved financial management to credit bureaus.
7. Can I reduce my limit voluntarily?
Yes, you can request a voluntary limit reduction at any time by calling our Client Care Centre number, printed at back of your credit card. (please include the number of our Call Centre)
8. Is my supplementary card affected?
Yes, the overall limit reduction applies to the total credit limit (primary + supplementary cards).it Alps depends on the limit that has been set for the supplementary cards.
9. What should I do next?
Review your current spending and outstanding balance.
Update any automated payments or direct debits that may exceed the new limit.
Ensure the outstanding balance is brought within the new limit within the 60-day period.
10. I did not receive the notice, what should I do?
Please update your contact details via our banking app or Phone Banking.
11. I have other bank cards, but they haven’t reduced my limit. Why has SCB done this?
Each bank follows its own internal policies and credit assessment criteria. At Standard Chartered, we regularly review accounts based on our internal guidelines, which may differ from other banks.
12. If I use my card more and make frequent payments, will my limit be increased?
Consistent usage and timely payments are positive indicators. However, credit limit increases are subject to internal review criteria and are not guaranteed. Your account will be reassessed periodically.
13 . I am currently under financial stress; can my limit be increased?
We understand your situation. However, credit limit adjustments are subject to internal policies and review processes. You may request a review, and it will be assessed accordingly.
14. I have active payments/loans—why is my limit reduced?
Credit limit decisions are based on a holistic review of your account, including recent usage patterns. In some cases, lower utilization over time may result in a revision of the limit.
15. When will I be eligible for a limit increase?
You may submit a request for a limit increase, which will be evaluated based on the bank’s criteria at that time after 6 months.
16. What is the process to increase my limit again?
You may submit a credit limit increase request through the bank’s Phone Banking. The request will be assessed based on internal policies, including income verification and account performance.
17. What happens if I don’t agree with this change? Can I cancel my card?
We value your relationship and hope you continue to benefit from your card. However, if you still wish to proceed, our team can assist you with the cancellation request.