Revolving Credit Card

Unlike a charge card, a revolving credit card lets the cardholder carry a balance from one cycle to the next, paying interest on the unpaid portion. The account can be secured or unsecured depending on whether the line is collateralized:

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Step 1 — Create and Verify the Customer

Complete the person or business setup, including KYC/KYB. See Create a Personal Customer and KYC/KYB Verification.

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Step 2 — Record Disclosures

At the time the application is created:

1. E-Sign
2. Privacy Notice
3. USA Patriot Act Notice
4. Owner Certification (business customers)

Prior to the account being created:

1. Account Terms & Conditions
2. ACH Authorization

See Record Disclosure Acceptance.

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Step 3 — Create the Application

The account cannot be created until the customer applies through the Application API. See Credit Applications.

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Step 4 — Handle Adverse Actions

If the application is denied, adverse action reasons must be sent to personal customers, and the adverse action ID included in the application when its status is marked CREDIT_DENIED. This is optional for business customers. See Adverse Actions.

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Step 5 — Define the Account Product

Because balances revolve, this product carries interest. Define the interest rates charged on the account through an account product. See Interest and Line of Credit Accounts, which covers the closest existing setup.

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Step 6 — Create the Account Template and Account

Set up an account template for the revolving credit account type from the table above, then create the account from it.

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Step 7 — Issue the Card

Issue against the revolving credit account with "type": "CREDIT". Physical and virtual cards are both supported. See Card Issuance and Management.

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Step 8 — Issue Statements

Statements drive the billing cycle, the minimum payment due, and interest accrual on carried balances. See Statements.