All types of open-end credit accounts allow multiple uses without reapplication,but some require that the entire balance be repaid each month.

Question

Quizplus · Accepted Answer

Open-end credit accounts, such as credit cards, allow for multiple uses without reapplication. Some types, known as revolving credit accounts, require only a minimum payment to be made each month while others, known as charge cards, require the entire balance to be repaid each month. Therefore, the statement is true.

All Types of Open-End Credit Accounts Allow Multiple Uses Without