What is a revolving account?
Created by: Aazim Sharp
Modified on: Thu, 22 Mar, 2018 at 4:07 PM
Revolving accounts have open terms and varying payments. This means that your monthly payments will vary depending on the balance of the account. Examples of revolving accounts include all major credit cards and credit cards from department stores. Facts about Revolving Accounts:
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- When you open a revolving account, such as a credit card account, you are given a maximum amount that you can charge – a limit
- It’s up to you how much of your limit you will spend
- The amount that you owe will change each month, depending on how much of your limit you have charged
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