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The best choice that would assure and guarantee that José has open-ended credit is: a bank line of credit.
Line of credit
A credit can be any amount of money that is being borrowed and it is expected to be paid back with interest at an agreed date from a lender by a borrower.
Generally, there are three main types of credit and these include:
- Revolving credit
- Installment or closed-end credit
- Open-end credit
An open-end credit refers to pre-approved line of credit (loan) that is given to a borrower by a economic institution (bank) and it can be used frequently up to a specific preset limit. Thus, an open-end credit is typically used for many investments over a period of time rather than just a single investment.
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