nounThe American Heritage® Dictionary of the English Language, 4th edition Copyright © 2010 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
Credit repeatedly available up to a specified amount as periodic repayments are made.
revolving credit - Legal Definition
Webster's New World Law Dictionary Copyright © 2010 by Wiley Publishing, Inc., Hoboken, New Jersey.
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.
Used by arrangement with John Wiley & Sons, Inc.