What is revolving credit?
With revolving credit, the financial institution grants the borrower a maximum credit limit which can be used to make purchases. When payments are made on the revolving line of credit, those funds become available for borrowing again. There is no set monthly payment, but interest accrues on the unpaid balance. If the borrower makes regular, on-time payments , his or her credit limit may be increased.
Examples of revolving lines of credit from Oregon State Credit Union include:
Visa Value and Visa Rewards credit cards
Personal Line of Credit (PLOC)
Home Equity Line of Credit (HELOC)
Student Personal Line of Credit
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