A common worry with a revolving facility is that paying off what you have drawn might "use it up" or shut it down. With Credicorp Flex it does the opposite: clearing a drawing refreshes the credit available to you, and the facility stays open. Here is what actually happens.
Clearing a drawing frees the limit
When you fully repay a drawing, that portion of your agreed limit becomes available to draw again. That is the whole point of a revolving line — you can draw, repay, and redraw against the same limit as your cash flow rises and falls, without reapplying each time. Repaying is what keeps the line useful, not what ends it.
The facility stays open
The facility itself remains open after a drawing is cleared, with no fee or maintenance charge for simply holding it. An unused Flex line costs you nothing while it sits there: interest is only ever charged on a balance you have actually drawn — see how interest is charged on a Flex facility. So there is no cost penalty for paying a drawing off and leaving the line ready for next time.
A clean line can be increased
Keeping a facility open and well-run works in your favour. A Flex line with a clean repayment history is exactly the kind of account we periodically review for a limit increase — see how your Flex limit is set and raised. Clearing drawings promptly is part of building that record.
If you do want to close it
The facility only closes when you ask us to close it. If you would like to, you can request closure once any drawn balance is settled — start from your customer portal or the Forms & Requests page, and we will confirm in writing. Closing a Flex facility is not the same as closing your whole Credicorp account; for that, see how to close your Credicorp account.
Paying a drawing off early
You can settle a drawing in full at any time, with no fee and no minimum interest charge, which stops that drawing's interest the same day — see can I pay off a Flex drawing early. Once it is settled, the limit it used is free again, and the facility carries on.