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Open-End Credit

   Also found in: Dictionary/thesaurus, Financial, Wikipedia 0.06 sec.

A type of revolving account that permits an individual to pay, on a monthly basis, only a portion of the total amount due.

This type of Consumer Credit is frequently used in conjunction with bank and department store credit cards.


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? References in periodicals archive
The amendments principally deal with open-end credit accounts and require new disclosures on periodic statements and on credit card applications and solicitations.
A consumer home loan is defined as a loan, including an open-end credit plan but excluding a reverse mortgage loan, that is incurred by the borrower primarily for personal, family, or household purposes, and is secured by a mortgage or deed of trust upon real estate on which there is located or will be located a structure(s) designed principally for occupancy of from one to four families and that is or will be occupied by the borrower as the borrower's principal dwelling.
Open-end credit generally refers to a revolving line of credit (such as a credit card account) where repeated transactions are expected, the available credit is replenished as unpaid balances are repaid, and finance charges are assessed on unpaid balances.
 
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