Consumer Credit terms starting with O

6 terms

1. Open-ended credit A plan in which the creditor anticipates repeated transactions, and for which there is a finance charge computed on any unpaid balance.
2. Opt-In Giving your credit card company or bank permission to include you in a particular service.
3. Opt-out Declining a particular service offered by your bank.
4. Origination Fee An origination fee is an amount, usually calculated as a percentage of a mortgage loan or home equity loan, which a lender charges for processing your…
5. Over-the-limit fee A fee charged if your account balance goes over your credit limit. You will not be charged this fee unless you have authorized your credit card company to…
6. Overdraft When the amount of money withdrawn from a bank account is greater than the amount actually available in the account, the excess is known as an overdraft…