Credit Card Glossary: Terms and Definitions
Open loop is a term used to describe general purpose cards that carry the American Express, Discover, MasterCard or Visa logo and can be used wherever those cards are accepted. Open-loop cards have a price for their convenience — they are more likely to carry fees. Closed-loop cards, by contrast, can be used only in a single store or group of stores, but almost never come with fees.
Terms from A-Z
Search the CreditCards.com glossary for every credit-related term from "account holder" to "zombie debt." Select a letter for alphabetized terms and definitions.