What is revolving credit?

With revolving credit, the financial institution grants the borrower a maximum credit limit which can be used to make purchases. When payments are made on the revolving line of credit, those funds become available for borrowing again. There is no set monthly payment, but interest accrues on the unpaid balance. If the borrower makes regular, on-time payments, his or her credit limit may be increased.

Examples of revolving lines of credit from Oregon State Credit Union include:

• Visa Value and Visa Rewards credit cards

  • Get access to convenient purchasing power while building your credit and consolidating debt.

• Personal Line of Credit (PLOC)

  • A loan that gives you flexibility to pay for a variety of expenses.

• Home Equity Line of Credit (HELOC)

  • Use your home equity as a source of funds for various expenses such as remodels or school expenses.

• Student Personal Line of Credit

  • Ideal for enrolled college students, 18 years or older, who want to begin establishing their credit history.