Revolving Credit Law & Legal Definition
Revolving credit is a consumer credit line that can be used up to a certain limit or paid down at any time. It refers to an agreement by a bank to lend a specific amount to a borrower, and to allow that amount to be borrowed again once it has been repaid. It may be a line of credit or credit card in which the amount of available credit increases and decreases as funds are borrowed and then repaid.
Revolving credit is a line of credit that may be used repeatedly up to a specified total, with periodic full or partial repayment. It is often used in connection with the issuance of a credit card.
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