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Questions and Answers
What is the main distinction between credit cards and debit cards?
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?
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?
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?
What is the purpose of a credit card?
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How does the usage of credit cards differ from that of debit cards?
How does the usage of credit cards differ from that of debit cards?
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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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