revolving credit
re·volv·ing credit n: a credit which may be used repeatedly up to the limit specified after partial or total repayments have been made

Merriam-Webster’s Dictionary of Law. . 1996.

revolving credit
A kind of consumer credit that is renewed automatically as the borrower pays off debts and allows the borrower continuous credit as long as he or she makes regular payments and does not exceed a set limit.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

revolving credit
Also known as revolving loan. A credit in which the amount is renewed or reinstated without specific amendments to the letters of credit being required. A revolving letter of credit may be revocable or irrevocable and may revolve in relation to time or value. If the letter of credit is stated to be "cumulative", any sum not used during a period carries over and may be used during a subsequent period. If it is "non-cumulative", any sum not used in a period is not carried over to the subsequent period and ceases to be available.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

revolving credit
n. A renewable line of credit over a certain period of time, usually synonymous with credit card account. The borrowed amount is repaid to a merchant or bank over a length of time in installments, consisting of part principal and part interest. Generally, the amount of interest a creditor can charge is limited by state usury laws. Often more expensive than other forms of credit.

Webster's New World Law Dictionary. . 2000.

Look at other dictionaries:

  • revolving credit — ➔ credit1 * * * revolving credit UK US noun [C or U] ► FINANCE, BANKING REVOLVING LINE OF CREDIT(Cf. ↑revolving line of credit): »The recent sharp increase in bankruptcy filings has been primarily caused by revolving credit …   Financial and business terms

  • Revolving credit — is a type of credit that does not have a fixed number of payments, in contrast to installment credit. Examples of revolving credits used by consumers include credit cards. Corporate revolving credit facilities are typically used to provide… …   Wikipedia

  • revolving credit — credit automatically available up to a predetermined limit while payments are periodically made. Cf. credit line (def. 2). [1915 20] * * * ▪ finance       system of retail credit in which the buyer makes periodic payments to an account to which… …   Universalium

  • revolving credit — A bank credit that is negotiated for a specified period; it allows for drawdown and repayment within that period. Repaid amounts can be redrawn up to the agreed limit of the credit. At the end of the loan period there is a bullet repayment of the …   Big dictionary of business and management

  • Revolving Credit — Bei einem Revolvingkonto (oder Revolving Credit) handelt es sich um ein Konto, das ausschließlich im Minus (Soll) geführt wird. Es wird häufig kombiniert mit einer Zahlungskarte (z. B. einer Kreditkarte). Nach Einrichtung des Kontos werden die in …   Deutsch Wikipedia

  • revolving credit — atnaujinamasis kreditas statusas T sritis Gynyba apibrėžtis Kreditas, kuris gali būti išnaudojamas iki nustatytos ribos, o pasiskolinta suma kompensuojama arba sumažinama grąžinant. atitikmenys: angl. revolving credit šaltinis NATO mokymų ir… …   Lithuanian dictionary (lietuvių žodynas)

  • Revolving Credit — A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customer s current cash flow needs. Often… …   Investment dictionary

  • revolving credit — noun a consumer credit line that can be used up to a certain limit or paid down at any time • Syn: ↑open end credit, ↑charge account credit • Hypernyms: ↑consumer credit • Hyponyms: ↑credit account, ↑ …   Useful english dictionary

  • revolving credit — Type of consumer credit arrangement which permits a buyer or a borrower to purchase goods or secure loans on a continuing basis so long as the outstanding balance of the account does not exceed a certain limit. Loans are repaid and new loans… …   Black's law dictionary

  • revolving credit — Fin a credit facility which allows the borrower, within an overall credit limit and for a set period, to borrow or repay debt as required …   The ultimate business dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.