Note that 'transit pass' is the North American term: this may not be understood outside the US and Canada.
In the UK, 'travelcard' would be the the right term. You could also use 'season ticket' in some cases.
In Australia, I believe, 'transport pass' is used.
There is no single answer to your question. It all depends on where you are, how the particular transport systems are run, and what products are on offer there.