Glossary of Terms
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Open End Account
A type of credit where a consumer promises to repay the full balance owed each month. Examples include local businesses, travel and entertainment charge cards.
Open End Credit
A line of credit that may be used repeatedly up to a certain limit, also called a charge account or revolving credit.
Open End Lease
A lease that may involve a balloon payment based on the value of the property when it is returned.
Other Charges
Other charges may be listed on your bill and can include the annual membership fee or late payment fees.
Overdraft Agreement
Some issuers allow you to link your credit card to a checking or savings account that you hold with that bank. When you sign an overdraft agreement and you bounce a check, the bank can charge that amount to your credit card account and the check will clear. This way, you avoid a returned-check fee.
Overdraft Checking Account
A checking account associated with a line of credit that allows a person to write checks for more than the actual balance in the overdraft checking account, with a finance charge on the overdraft.
Over Limit Fee
When you charge more than your credit limit allows, you may be charged an over-the-limit, or over-credit-limit, fee. Your card issuer may allow you to exceed your credit limit without telling you in advance, and you may not know you have done so until you receive your bill.
