### Question
What is the definition of open end credit plan?


### Answer
The definition of **open end credit plan** is as follows in *15 U.S.C. § 1602*:

> a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance

#### Citation:
  - *15 U.S.C. § 1602*
  - Heading: **CHAPTER 40-DEPARTMENT OF COMMERCE > SUBCHAPTER I-CONSUMER CREDIT COST DISCLOSURE > Part A-General Provisions**

