What is revolving Credit?

Revolving credit is an agreement that permits an account holder to borrow money repeatedly up to a set dollar limit while repaying a portion of the current balance due in regular payments. Each payment, minus the interest and fees charged, replenishes the amount available to the account holder.

Credit cards and lines of credit both work on the principle of revolving credit.

Revolving credit is an agreement that permits an account holder to borrow money repeatedly up to a set dollar limit while repaying a portion of the current balance due in regular payments.Credit cards and lines of credit both work on the principle of revolving credit.

Key Takeaways

1. Revolving credit allows customers the flexibility to access money up to a preset amount, known as the credit limit.

2. When the customer pays down an open balance on the revolving credit, that money is once again available ___ __________ _____ _______ __________ _______ ________.
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