The present Invention provides a system of transferring and utilizing reusable credit including a server having at least one database, at least one credit account having at least one line of credit, at least on© request for transfer, a reusable credit transfer processing (RCTP) system, a reusable credit accounting and transaction processing (RCATP) system and a reusable credit-merchant acceptance (RCMA) system whereby the system of transferring and utilizing reusable credit provides a means for enabling a sender to transfer reusable credit to a recipient for the purchase of goods/services and/or payment to another third party.