open-end credit

A pre-approved loan that may be used repeatedly up to a certain limit.

Investopedia Says:
Also called a line of credit or a revolving line or credit, this provides individuals and companies with an accessible pool of cash in times of need.

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Revolving line of credit offered by banks, savings and loans, and other lenders to consumers. The line of credit is set with a particular limit, after which consumers can borrow using a credit card, check, or cash advance. Every time a purchase or cash advance is made, credit is extended on behalf of the consumer. Consumers may pay off the entire balance each month, thereby avoiding interest charges. Or they may pay a minimum amount, with interest accruing on the outstanding balance.

A type of revolving account that permits an individual to pay, on a monthly basis, only a portion of the total amount due.

This type of consumer credit is frequently used in conjunction with bank and department store credit cards.