Revolving Charge Account (Noun)
Meaning
A charge account that does not have to be paid to zero balance.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The customer was approved for a revolving charge account with a credit limit of $5,000, allowing her to make purchases and pay off the balance over time.
- Revolving charge accounts are popular among consumers who want to make purchases online or in-store without having to pay the full amount upfront.
- The credit card company offered a revolving charge account with a low interest rate and no annual fee, making it an attractive option for frequent shoppers.
- To avoid overspending, Sarah made sure to review her revolving charge account statement each month and pay more than the minimum payment due.
- The store's revolving charge account allowed customers to make purchases and pay them off over several months, with interest accruing on the outstanding balance.