Revolving Credit

R rating is the Canadian payment-rating code family commonly used for revolving accounts such as credit cards and lines of credit.

Credit limit on a credit report is the limit field shown on a revolving tradeline, helping readers interpret available room and utilization.

Cash advance interest rate is the card rate applied to cash-advance balances, often without the same grace treatment as purchases.

Interest accrual is the ongoing build-up of interest on an outstanding balance over time.

An introductory rate is temporary promotional pricing that applies for a limited period before regular credit-card pricing returns.

A limit increase is a change that raises the approved borrowing ceiling on a revolving account.

A line of credit is a reusable borrowing limit that lets a borrower draw, repay, and borrow again.

Canadian borrowing terms for personal loans, lines of credit, and the difference between fixed and reusable debt.

Payoff amount is the full amount needed to bring a loan or line balance to zero on a specific date.

Prime rate is the lender reference rate often used to price Canadian variable-rate lines of credit and other borrowing.

Principal is the borrowed amount itself before future interest and most borrowing-cost add-ons are added.

Principal balance is the unpaid borrowed amount remaining before future interest and some additional charges are added.

Limited-time balance transfer offer with special pricing used to move card debt more cheaply for a period.

Card rate applied to ordinary purchases when the balance is carried past the grace period.

Revolving credit is borrowing with a reusable limit that can be spent, repaid, and used again.

Reusable borrowing limit backed by accepted collateral, usually priced differently from unsecured credit.

Reusable borrowing limit approved without specific pledged collateral and driven more by borrower profile.

A variable interest rate can change over time under the terms of the credit agreement.