Sharjah Islamic Bank Credit Card Payment in UAE - Get the full process of Sharjah Islamic Bank Credit Card bill payment through online & offline in UAE. Also know how to pay Sharjah Islamic Bank Credit Card bills from other Bank Credit Cards.
Here come credit cards into the picture to play the role of the savior. Credit cards are the easiest way out to manage your expenses when you’re out of funds. However irresponsible use of credit cards often leads to multiple issues. If you’re one of those expats who is planning to max out your credit card after leaving the UAE, here’s all you need to know about what happens if you max your credit card after leaving the UAE.
Every credit card comes with a pre-defined credit limit. Credit limit refers to the maximum amount that you can spend using your credit card. When you spend money using your credit card and reach the maximum permissible limit then your credit card is considered to be maxed out. The primary consequence of maxing out your credit card is that the credit card provider will not allow you to make any payments further, using your credit card unless you pay the remaining amount to the credit card company.
If you leave the country and max out your credit card limit, you simply won’t be able to get away with the debt. When you miss the first payment of your credit card bill, you are charged with late fees. After missing your credit card bill for several months your bank will list you as a defaulter and would initiate the process of debt recovery. The bank in such cases usually passes the case to a debt collection agency that has expertise in the field of recovery. Debt collection agencies have a large overseas network which helps them to recover the debt in other countries as well. Apart from this option, banks can opt for legal actions where the bank can file a criminal case against the debtor that bears a jail term/penalty. Under the civil law of UAE, the bank can chase such cases of unrecovered debts for up to 15 years. Depending upon the severity of the case along with extradition rules, debt holders may be extradited to the country to face legal charges.
When a debtor leaves the country without any prior information to the bank, the bank will assume that you have absconded and you have no intention to pay back which can land you into great trouble. In such a scenario the best way out is to reach the bank immediately and explain your current situation. Workout a repayment plan that helps you to repay the debt based on your current situation.
Spending decisions should always rely on your affordability. Taking out a personal loan in UAE or using your credit card for unnecessary expenses is never justified. Moreover, from the perspective of an expat one should never be involved in such unhealthy practices of fleeing the country with a debt trail. Such activities not only affect your credit score in the previous country but will also stop you from visiting or passing the country completely, moreover, it can also land you into legal prosecution overseas.