Business Credit Card Quiz

Questions and Answers

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

Credit cards involve borrowing money from the issuing bank, while debit cards access funds directly from a linked bank account

How do credit cards differ from prepaid cards?

Credit cards extend a line of credit, enabling spending beyond available funds, while prepaid cards require loading money onto the card beforehand

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

20% of average monthly sales/turnover

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.