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 ?
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.
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.
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.
Open-End Credit - These include credit cards, cash advance credit cards and lines of credit, which can be used up to a pre-approved limit.
The alternative is to establish open-end credit so that funds are available for contingencies, but no expense is incurred unless and until a loss actually occurs.