An external AC power adapter is provided in a compact form factor that utilizes an AC plug that swivels about the body of the adapter and that includes prongs (i.e., electrical contacts or terminals) which can fold into the body for transport or storage. The swiveling AC plug enables the body of the AC power adapter to be rotatably oriented in a user-selectable manner in order to fit in tight spaces when plugged in to maximize the utilization of available outlets. The foldable prongs help to minimize the overall size of the AC power adapter for easy portability and storage. When folded, the prongs are protected against damage and are prevented from damaging or scratching other articles when the AC power adapter is packed in a bag or suitcase during travel.