Tsehay Bank announced that it started issuing credit cards. The event will make Tsehay among the few private banks that extend a line of credit for its customers.
As opposed to debit cards, payment card that makes payments by deducting money directly from a consumer’s checking account, a credit card is a card issued by a financial institution that enables the cardholder to borrow funds from that institution. Cardholders agree to pay the money back with interest, according to the institution’s terms.
According to officials at the bank, the credit card service has various products designed for the needs of customers from small businesses to corporations and is already being issued.