open-end credit


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Related to open-end credit: credit facilities
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.open-end credit - a consumer credit line that can be used up to a certain limit or paid down at any time
consumer credit - a line of credit extended for personal or household use
charge account, credit account, open account - credit extended by a business to a customer
charge card, charge plate, credit card, plastic - a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered; "do you take plastic?"
debit card - a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder's bank account
smart card - a plastic card containing a microprocessor that enables the holder to perform operations requiring data that is stored in the microprocessor; typically used to perform financial transactions
check overdraft credit, overdraft credit - credit provided by a bank in honoring a customer's overdrafts
References in periodicals archive ?
In 2017, the predatory lending unit took aim at an open-end credit plan lender, Allied Title, doing business at 23 offices as "Allied Cash Advance." In a civil lawsuit, state lawyers accused the company of making illegal, unlicensed loans at 273.75 percent annual interest.
On July 22, 2015, the Department amended its MLA regulation, primarily for the purpose of extending the protections of the MLA to a broader range of closed-end and open-end credit products (the July 2015 Final Rule).
It is also beginning a review of "other potentially high-risk loan products and practices" such as open-end credit.
In the case of consumer loans, banks generally follow a uniform charge-off policy set by the banks' regulators: open-end credit (such as a home equity line of credit) is written off at 180 days delinquency, and closed-end credit (such as an auto loan) is written off at 120 days delinquency.
closed-end extension of credit that does not meet the definition of open-end credit as an open-end plan.
Oklahoma--Oklahoma's Consumer Credit Code (Title 14A, Section 2-211) says that "no seller in any sales transaction may impose a surcharge on a cardholder who elects an open-end credit card or debit card account instead of paying by cash, check or similar means"
The plan as a whole, including all its sub-accounts, is designed to be treated as open-end credit.
22, 2010, implement parts of the Credit CARD Act passed last May, but don't read too much into that title: Certain advertising provisions in the rule affect all types of consumer open-end credit plans, not just credit cards.
considered to be finance charges, be disclosed for open-end credit
The amendments principally deal with open-end credit accounts and require new disclosures on periodic statements and on credit card applications and solicitations.
In part one of this series (September 2004), we reviewed open-end credit and direct closed end credit.
[NEW!] Finally, to prevent creditors from evading HOEPA requirements, which cover only closed-end loans, creditors are prohibited from wrongfully structuring a home-secured loan as an open-end credit.