Credit Card Glossary: Terms and Definitions
Confused by credit card terms? CreditCards.com's glossary of credit card definitions will help. From account holder to Regulation Z, we have defined the most-common and most-confusing credit card terms.
- Open loop
- 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.