Credit cards are a form of ________ credit.
A)close ended
B)revolving
C)installment
D)service

Question

Quizplus · Accepted Answer

Credit cards are a type of revolving credit, which means that the borrower can continually borrow up to a certain credit limit and make payments over time. This is in contrast to installment credit, where you borrow a fixed amount of money and pay it back in regular installments, or closed-ended credit, where you borrow a fixed amount of money for a specific purpose and can't borrow more once the loan is paid off. Service credit refers to when a person receives services (like cable or electric) and pays for them after they've been used.

Credit Cards Are a Form of ________ Credit