Credit Card Glossary

Letter O

Office of the Comptroller of the Currency

The OCC is a government agency responsible for the regulation of national banks who issue credit cards to residents and businesses in the United States. The Office of the Comptroller of the Currency is a division of the Treasury Department.

Office of Thrift Supervision

The OTS is the head controller of savings and loans companies both on the state and federal level. These companies or associations are referred to as "thrifts" and traditionally are referenced in relation to mortgages and savings accounts but also may issue credit cards.

Online Bill Presentation and Payment

Electronic viewing and payment of bills usually via online suites of banks.

Online Financial Transaction

A transaction that is completed and initiated, start to finish online in a single session. Usually in the case of purchases it is facilitated via a v-terminal (virtual terminal).

Open End

Credit card loans are open ended as the terms and conditions may change throughout the history of the account being active in contrast to other loans which remain the same provided that payments are made per the original agreement of the loan contract.

Open Loop

These are credit cards such as Amex, Visa, Discover or MasterCard offers that may be used anywhere where the logo is pesent or where the brand is accepted. The opposite of an open loop card is a closed loop card which is only able to be used in a specific location such as store charge cards.

Opt Out

Per the CARD Act, issuing banks are required to notify their cardholders of rate increases forty five days prior to enacting the change. The consumer has the option to opt out of their contract and have a minimum of a full five years to pay off the remaining balance on their credit card if they choose to do so.

Over Limit

When a cardholder has spent more than their credit limit on their account. The card issuer may push transactions through in this case and charge the cardholder fees, typically fairly hefty. Unsuspecting consumers are protected against this now due to the CARD Act and must opt in to over-limit fees.

Over Limit Fee

The fee incurred when a cardholder goes over their credit limit and has opted in to over limit fees. See the above term over limit for further understanding.

Overdraft Protection

The transferring of funds from one account that is joined to another (see also linked transfer account) in the event that a charge or withdrawal has been made to one account that cannot cover the amount of the transaction. Typically this occurs when a savings account is joined to a checking.