In the case of a credit card user having a revolving balance at a given charge; what do they mean by 'revolving balance'?
2007-08-29 04:53:37 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
that is the balance the card issuer uses to determine interest charged to the account....
2007-09-02 04:15:55 · answer #1 · answered by I Can Count To Potato 7 · 0⤊ 0⤋
"Revolving" means that it keeps going around.
Example of non-revolving: you borrow $200 then you pay it back. If you need $150 you need to apply for a new loan.
Example of revolving: you have a limit of $200. You borrow $200 and you can't borrow any more. You pay it back and you can borrow up to $200 again. If you only pay back $150, then you still have $50 outstanding, but you can borrow up to $150.
2007-08-29 12:46:04 · answer #2 · answered by Ted 7 · 0⤊ 0⤋
Revolving balance is the balance that you do not pay off and it revolves to the next month.
2007-08-29 12:04:13 · answer #3 · answered by Don 5 · 0⤊ 1⤋