Paypal credit card 0% for 6 months and no BT fee

heleen

http://www.paypalcreditcard.co.uk/card_summary.htm

Look slike they havent' caught on to us credit tarts yet and offer 0% for 6 months but not the 2% balance transfer fee so many are charging nowadays.
Myabe I'm worng and it's in the small small print I haven't found

Clariman

I wouldn't be too sure about the lack of BT fee. The Ts & Cs state

2.4 If you use the Card (or Card number) to obtain cash, we charge a fee of 2% (minimum £2.00) on the amount of each Cash Transaction except where cash is provided at point of sale by a member of the Retailer Group, when there is no charge. If Convenience Cheques or Balance Transfers are available on your Account we will tell you the fee for using them when we send the cheques to you or you request the transfer.

That implies to me that there will be a fee but they won't tell you what it is until you request a BT !

Clariman

HGLTsuperstar

Taken from the FAQs on their website:
What balances can I transfer?
If you're accepted for a PayPal Credit Card, you can transfer UK storecard and credit card balances to your PayPal Credit Card from when you activate your card, this is subject to approval. 0% Interest on Balance Transfers for 6 months. Thereafter, interest is charged at Typical 12.9% APR variable.
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2. Can I transfer balances from a number of financial providers?
Yes, you can transfer balances from a number of accounts, and account providers – providing that they are UK storecard or Credit Card balances.
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3. How can I arrange a Balance Transfer?
To arrange a Balance Transfer you should call 0800 915 2252 (Open 8am to 8pm Monday to Friday, and 9am to 5pm Saturday and Sunday).
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4. How long will it take to process a Balance Transfer?
BalanceTransfers take no more than 7-10 working days to process.
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5. How much can I transfer?
You can ask to transfer any amount, as long as it's over £100 and less than 95% of your available credit limit.
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6. Can I transfer balances for my additional cardholder?
You can transfer a balance on behalf of your additional cardholder within the same criteria as for personal balance transfers.
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7. Is there a fee for Balance Transfers?
No, there is no fee for transferring a balance to your PayPal Credit Card account.

oks_2

OK - I called the application number and quickly got accepted. The CS rep confirmed that for a limited period BTs are free for new applicants.

So, just to be sure someone check my newbie logic here: I could BT several thousand into my new Egg Money account, raise interest on the reducing positive balance; pay for everything as normal with EggM whilst getting cashback; drip-feed the minimum per month to Paypal; time it all right so that I have set aside sufficient in my current account (offset, so also interest earning); and then net free money?

I guess the key would be to set aside the payback amount (or hope that another free 0% appears in 6 months).

gingercordial

oks wrote:

OK - I called the application number and quickly got accepted. The CS rep confirmed that for a limited period BTs are free for new applicants.

So, just to be sure someone check my newbie logic here: I could BT several thousand into my new Egg Money account, raise interest on the reducing positive balance; pay for everything as normal with EggM whilst getting cashback; drip-feed the minimum per month to Paypal; time it all right so that I have set aside sufficient in my current account (offset, so also interest earning); and then net free money?

I guess the key would be to set aside the payback amount (or hope that another free 0% appears in 6 months).

Yes, you seem to have it sussed. However you can earn higher interest rates than leaving it all in Egg Money, eg over 5% with ICICI HiSave.

HGLTsuperstar

Dear Oks, what sort of Credit limit did you get?

HGLTsuperstar

Bump Bump Bump

kazclogs

I read on Ebay forum that the Paypal CC is not a member of some body or scheme that protects consumer rights (the FSA or some equivalent) and therefore to be mucho wary of them. Sorry I can't be more specific but I was flicking and didn't really read it thoroughly. Maybe worth checkin that small print, although Im sure you credit !!!!!s out there know your rights inside out!

Karen