Glossary of Credit Card Terms

(1) | 1 (1) | 3 (1) | 5 (1) | A (42) | B (28) | C (92) | D (44) | E (19) | F (33) | G (7) | H (3) | I (14) | J (7) | K (3) | L (10) | M (27) | N (12) | O (10) | P (43) | Q (2) | R (34) | S (43) | T (26) | U (9) | V (10) | W (2) | X (1) | Y (1) | Z (7)
Office of the Comptroller of the Currency (OCC) The Office of the Comptroller and the Currency (OCC) is a government agency, a part of the Treasury Department, which regulates the national banks issuing credit cards in the U.S.
Office of Thrift Supervision The Office of Thrift Supervision (OTS) was the initial executive of federal and state savings associations and savings and loan companies, also known as thrifts. The OTS closed with by the Dodd-Frank...
Online bill presentment and payment Online bill presentment and payment is a process that gives costumers an opportunity to make bill payments online via computer, by using credit cards or money transfers from checking accounts, bill...
Online financial transaction An online financial transaction is one that is authorized, cleared and settled in a single online session.
Open end Open end loan products, like credit cards, are different from closed end loans, like mortgages and auto loans, by one key feature. Decisions about lending with closed end loans are made at the time...
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 usable where these cards are accepted. Open-loop cards are more...
Opt out The Credit CARD Act of 2009 gave customers the right to opt out of interest rate increases, fee increases and other significant changes in terms. Issuers must give customers 45 day’s notice of the...
Over-limit Being over-limit refers to a cardholder account that has gone over its credit limit. When cardholders try to make purchases that will put them over their credit limit, the card issuer can decline the...
Over-limit fee An over-limit fee is a fee charged when you spend over your credit limit. When you try to make purchases that are over limit, card issuers usually decline the transactions. But recently many issuers...
Overdraft protection Overdraft protection is a service that automatically transfers funds from one bank account to another to avoid overdraft fees. It applies to savings accounts, checking accounts, lines of credit or...