Open end credit

Open end credit,

Definition of Open end credit:

  1. Line of credit such as an overdraft or credit card facility where (other than the maximum credit limit) no restrictions are placed on withdrawals and repayments. Any amount deposited in an open end credit account is available for re-borrowing, and interest is charged only on the outstanding balance which may be paid off at any time (within its term) without early payment penalty. Also called revolving credit.

Meaning of Open end credit & Open end credit Definition