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revolving credit

noun
1.
credit automatically available up to a predetermined limit while payments are periodically made.
Compare credit line (def 2).
Origin
1915-1920
1915-20
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples for revolving credit
  • Maybe it's the savings rate, or revolving credit, or total bank credit.
British Dictionary definitions for revolving credit

revolving credit

noun
1.
a letter of credit for a fixed sum, specifying that the beneficiary may make repeated use of the credit provided that the fixed sum is never exceeded
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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Encyclopedia Article for revolving credit

system of retail credit in which the buyer makes periodic payments to an account to which his purchases and service charges have been debited. The service charge is based on the outstanding balance; if the buyer pays his entire balance, no service charge accrues. The total credit allowed the customer may be some multiple of a fixed monthly payment, or there may be no credit limit-the monthly payment varying with the outstanding balance. Revolving-credit plans are provided by many department stores and are an important feature of bank credit-card systems (see credit card).

Learn more about revolving credit with a free trial on Britannica.com
Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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Difficulty index for revolving credit

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Word Value for revolving

16
21
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