Answer:
True
Step-by-step explanation:
An open credit account, also known as a revolving credit account, is a type of account in which the borrower is given a line of credit that they can use to make purchases or withdraw cash. The borrower is required to make a minimum payment each month, but can choose to pay more if they wish. The amount of credit available to the borrower is typically determined by the lender and may be based on factors such as the borrower's credit history and income.