Open Loop Card: This refers generally to a Card that is usable by the cardholder to buy goods and services at all merchants who accept the cards issued by a bankcard network such as the Visa, MasterCard, American Express and Discover networks. Among other rules, Open Loop Cards are regulated by Consumer Protection Laws, Unclaimed Property Statutes, Money Transmitter Laws, Privacy Laws, and AML Regulations, and the open loop status of a Card may impact the application of these laws.
