Personal Finance
Credit and Debit Cards
Money Management
Credit

What is the difference between credit card and revolving credit?

345

Top Answer
User Avatar
Wiki User
Answered
2008-06-26 15:45:17
2008-06-26 15:45:17

A credit card is a type of revolving credit, whereas a revolving credit account may or may not be a credit card. Revolving credit can also include other types of accounts, such as a revolving line of credit with a bank or a home equity line of credit.

001
๐ŸŽƒ
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Related Questions


A line of credit is one type of revolving credit, which works similarly to a credit card. Both a line of credit and revolving credit have a set amount available to use, and when you pay down or pay off the amount, the credit is available for you to use again. A line of credit may use collateral to secure the loan, such as a business building, or it may be unsecured or without collateral, such as a credit card.


credit is any money loaned to you including cards/installments/mortgages etc and revolving indicates a line of credit or credit card which has a limit available and you can use and pay and reuse where an installment has a specific amount and you pay it off and it closes


what is the difference between credit and credit card


what is the difference between a credit card, debit card and smart card


The major difference between a Platinum credit card and a standard credit card is that with a standard credit card credit limits are lower than what they would be with a Platinum credit card. Interest rates will differ as well.


The type of credit that is extended when a person uses a credit card is revolving credit. Revolving credit allows the consumer to carry a balance and pay a minimum monthly.


The diffference between a debt card and a credit card is ,in a debt card it's money from your account .In a credit card is when you borrow money from the bank.


checking from bank fund & credit card prepaid by credit


credit card means post paid card debit card means pre-paid card


A revolving credit agreement is a legal contract between a lender and a borrower whereby the lender agrees to lend up to a certain amount to the borrower for some period of time. The borrower agrees to make minimum periodic payments during the time that the revolving credit agreement is in force and pay off any balance due at the end of the contract period. Many revolving credit agreements automatically renew after the agreed period (unless the credit circumstances for the borrower have radically changed). An example of a revolving credit agreement is the credit card. A credit card has a credit limit ("up to a certain amount" or "maximum"), an expiration date ("some period of time") and minimum payment requirements ("minimum periodic payments"). Most credit card agreements are renewed before the original agreement (the card) expires.



credit mean were you take money debit is what you give money


No. A Credit Card is a simple form of a revolving loan with a limit but is typically not secured by any asset.


A revolving department store credit card means that the interest accumulates monthly and the balance carries over. Most credit cards that are issued by a department store have this type of account.


There are various ways to acquire a Visa credit card. One can use their checking accounts and have their ATM card double as a Visa credit card. Another way is to apply to banks a revolving credit line.



The difference between a credit card and a debit card is a debit card is for money that you place in your own bank account that can be withdrawn with a personal pin number. A credit card company lends the person money and charges interest.


Only two types of credit card accounts in consumer credit. This is when a store or company issues a card with credit line say $1000. 1st is revolving credit which is like MBNA, Capital One, MasterCard, Visa, Orchard Bank, etc. Anything can be purchased at any store. A charge account is like Macy's, Foleys, Wal-Mart, etc. only items at that specific store can be purchased. Good Luck.


Most credit cards are designed as a revolving credit account. You spend money from the card and every month you pay it back so you can again use the money. That is why credit card have monetary limits based on you income and credit history.


The stored value credit card has the credit card information on the magnetic strip. The smart card credit card has the information in the smart card computer-chip.



Credit cards are an application of smart card.Credit cards are either smart card or magnetic strip card.A smart card is a card which have an IC chip to process the data/ Smart card have the capability to process the data.


A credit card is like a portable loan, where the money you spend isn't yours and you have to pay it back. A direct debit card is your money from an account.


a debit card is one in which you put money on your bank and use a debit card to do purchase with the amount in the bank. with credit card, you do purchases with a certain credit limit and pay later when the bill comes in.


A debit card removes money from your account the moment you use it. A credit card is a promise by you to pay the bill when it comes in the mail. Simply put: Debit Card - pay now. Credit card - pay later.



Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.