This article does not cite any sources. (August 2013) (Learn how and when to remove this template message)
A revolving account is an account created by a financial institution to enable a customer to incur a debt, which is charged to the account, and where the borrower does not have to pay the outstanding balance on that account in full every month. The borrower may be required to make a minimum payment, based on the balance amount. However, the borrower normally has the discretion to pay the lender any amount between the minimum payment and the full balance. If the balance is not paid in full by the end of a monthly billing period, the remaining balance will roll over or "revolve" into the next month. Interest will be charged on that amount and added to the balance.
|This money or currency-related article is a stub. You can help Wikipedia by expanding it.|