Business Credit Card Quiz
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Questions and Answers

What is the main distinction between credit cards and debit cards?

  • Credit cards have higher interest rates than debit cards
  • Credit cards involve borrowing money from the issuing bank, while debit cards access funds directly from a linked bank account (correct)
  • Credit cards have no spending limit, while debit cards do
  • Credit cards are only accepted internationally, while debit cards are not

    • How do credit cards differ from prepaid cards?

  • Credit cards have more restrictions on usage than prepaid cards
  • Credit cards extend a line of credit, enabling spending beyond available funds, while prepaid cards require loading money onto the card beforehand (correct)
  • Credit cards have lower fees than prepaid cards
  • Credit cards have shorter expiration periods than prepaid cards

    • What is the eligibility criterion for the I&M Bank Rwanda Business Credit Card based on?

  • 10% of average monthly sales/turnover
  • 30% of average monthly sales/turnover
  • Average annual sales/turnover
  • 20% of average monthly sales/turnover (correct)

    • What is the purpose of a credit card?

    <p>To allow users to borrow funds up to a predetermined limit to make purchases or withdraw cash</p> Signup and view all the answers

    How does the usage of credit cards differ from that of debit cards?

    <p>Credit cards involve borrowing money from the issuing bank, while debit cards access funds directly from a linked bank account</p> Signup and view all the answers

    Study Notes

    I&M Bank Rwanda Business Credit Card: Empowering Businesses

    • Credit cards are financial tools allowing borrowing up to a predetermined limit for purchases or cash withdrawal.
    • Unlike debit cards, credit cards involve borrowing from the issuing bank, creating a debt for repayment.
    • Unlike prepaid cards, credit cards extend a line of credit, enabling spending beyond available funds.
    • Eligibility for the I&M Bank Rwanda Business Credit Card is based on 20% of average monthly sales/turnover.
    • Monthly sales/turnover is a key criterion for determining eligibility for the business credit card.
    • The business credit card offers a comprehensive financial solution to empower businesses.
    • The card provides businesses with the ability to borrow funds for various business needs.
    • It helps businesses manage cash flow by providing access to a predetermined credit limit.
    • The credit card is designed to meet the financial needs of businesses, offering flexibility and convenience.
    • Businesses can use the credit card to make purchases and withdraw cash as needed.
    • The card agreement allows for repayment of the borrowed amount at a later date.
    • The I&M Bank Rwanda Business Credit Card aims to support business growth and financial stability.

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    Description

    Test your knowledge about business credit cards with this quiz. Learn about the features, benefits, and usage of I&M Bank Rwanda's business credit card, designed to empower businesses with a comprehensive financial solution.

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