What’s an Open-End Line of Credit? Is it a Good Fit for Me?

Credit cards, lines of credit, open-end credit plans, payday loans, title loans, installment loans, personal loans – it can be easy to drown in the options when you’re considering which financial product will work the best for you.

Fortunately, we can help add some color to your decision by explaining the open-end line of credit offered to WayBeyond Rewards members.

WayBeyond Rewards, offers our members access to a 5.99% APR open-end line of credit, underwritten and serviced by our trusted lending partner, Loyalty Lending. Almost all members are approved, regardless of credit score.

Open-end lines of credit operate similar to a credit card – you’re given an initial credit limit from which you can draw cash advances. This means that you can take cash, up to the amount of your credit limit, from your line of credit and use it to shop, pay bills, etc. You can use those funds anywhere that you can use cash. Your line of credit funds can be distributed to you through a virtual or physical MasterCard or by a deposit into your bank account.

Once you’ve demonstrated good repayment behavior to Loyalty Lending, you can contact them and ask for a credit limit increase. If approved, Loyalty Lending will issue you additional funds that you can draw from to get more cash.

You make payments to Loyalty Lending on a periodic basis that will be described to you in your agreement with them. Unlike a payday or installment loan, there is no date when the loan must be paid off – rather, you can continue making payments on your account and apply for additional credit increases and drawdowns for an indefinite term (so long as you remain in good standing on your account). There’s also no penalty for paying off the loan and closing your account at any point, so you can use the line of credit while you need it and close it when you don’t need it anymore.

The open-end line of credit offered to WayBeyond Rewards members boasts an APR that’s lower than the vast majority of major credit card brands, so it’s a great option for people trying to obtain credit at a rate that only applicants with the best credit scores usually receive. We hope that you’ll give it a try.

Sign-up today to take advantage of this awesome benefit provided to you by WayBeyond Rewards.

Nothing contained herein should be considered legal, financial, or other advice or counsel.

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