Open account credit is characterized by
A)no credit limit.
B)a monthly credit statement.
C)annual billing.
D)minimum balance requirements.
E)none of the above.

Question

Quizplus · Accepted Answer

Open account credit involves a monthly statement that lists the purchases made, payments received, and the current amount owed. This allows the borrower to keep track of their debt and make timely payments. Open account credit may or may not have a credit limit and typically does not have annual billing. Minimum balance requirements may apply, but this is not a defining characteristic of open account credit.

Open Account Credit Is Characterized by