revolving credit

noun

1. credit automatically available up to a predetermined limit while payments are periodically made. Compare credit line ( def 2 ).

revolving credit

noun

1. a letter of credit for a fixed sum, specifying that the beneficiary may make repeated use of the credit provided that the fixed sum is never exceeded

Word History and Origins

Origin of revolving credit¹

First recorded in 1915–20

Example Sentences

Earlier this month, the Fed reported that in October, revolving credit rose at a 7.5 percent annual rate.

From The Daily Beast