open-end credit plan

open-end credit plan
Credit extended pursuant to a plan providing for and contemplating continuing or repetitive transactions on credit. Town & Country Co-op v. Lang, N.D., 286 N.W.2d 482, 487.
For purposes of Truth in Lending Act, "open-end credit plan" is one in which credit terms are initially established with the opening of the account, but no fixed amount of debt is incurred at that time with purchases made from time to time instead being added to the outstanding balance in the account; each new purchase represents an additional extension of credit. Goldman v. First Nat. Bank of Chicago, C.A.I11., 532 F.2d 10, 17.
Examples are credit cards and "revolving charges" where one can pay a part of what he owes each month on several different purchases

Black's law dictionary. . 1990.

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