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1.
When you've maxed out all your credit cards.
"I can't buy that dress. I've hit a swipeout."
by Craig Steele February 07, 2004
 
2.
An ATM or credit card that has been rendered useless because
the magnetic strip is worn away from extensive use.
Dang I cannot buy any more condoms My card is useless, I have had a swipeout.
by Buzz M. February 25, 2005
 
3.
An embarrassing encounter resulting from a credit/ATM card not working due to exceeding credit limit or overusage.
I wanted to take my girl RB to dinner at the Sizzlers, but couldn't because I didn't have any cash and was afraid that my credit card would be a swipeout.
by Robertino C. March 30, 2006