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credit cards faq/glossary
The most common questions asked about Credits Cards.
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Credit Card Glossary
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C
 
Closed loop
definition
What does Closed loop mean?

A term used in the payments industry, a closed loop is basically a gift card or credit card that can be utilized only in a single kind of store or a number of stores.

Unlike open loop cards, which have dormancy fees or purchase fees, closed loop cards do not have any type of fees associated with them like their general purpose counter parts do.
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