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revolving credit


Definition: Revolving credit can be used repeatedly up to a certain limit as long as payments are made. Types of revolving credit include credit cards and lines of credit. With revolving credit, the amount of available credit goes up and down depending on the purchases and payments made to the account. Payments are made based on the amount that's been borrowed, plus an interest charge based on how long you've carried the balance. You're able to repay the balance over a period of time or immediately.
Also Known As: open-ended credit

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