Revolving Credit A credit agreement that allows consumers to pay all or part of the outstanding balance on a loan or credit card. As the balance is paid off, credit becomes available again to use for another purchase or cash advance. The credit line on the card is usually more than the amount of the deposit. If the cardholder fails to make payments, the issuer will apply the deposit toward the outstanding balance. The date a when a transaction like purchase, cash withdrawal, or balance transfer took place.
Some companies assess interest from the transaction date, many from the posting date.
Transaction Fee A charge for credit activities such as using an ATM, balance transfer, or cash advance. An interest rate that changes based on prime interest rate as opposed to fixed interest rate. When the total outstanding balance is paid and there are no new charges or cash advances during a billing cycle.