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PayPal credit...

edited 30 November -1 at 1:00AM in Credit Cards
28 replies 39.3K views
dazzaofdagenhamdazzaofdagenham Forumite
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edited 30 November -1 at 1:00AM in Credit Cards
My credit file has been improving a lot over last 2 years.....Now have no CCJ, just waiting for some paid defaults to fall off....1 in September and last 1 in January.

However, PayPal credit just gave me a 1k credit line and 0% finance on purchases over 150 pounds for 4 months each time.

Sounds a winner to me ?
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Replies

  • zx81zx81 Forumite
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    It's not the greatest of deals, but if it will help your cashflow and is the best you can get, then it would be worth taking up.
  • dazzaofdagenhamdazzaofdagenham Forumite
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    I’ve taken it up....

    I mean 0% on purchases for 4 months for 150 pounds and above is good isn’t it ?
  • zx81zx81 Forumite
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    It's not particularly good compared to what else is on the market, but as I say, it very much depends on your needs and circumstances.
  • edited 25 June 2018 at 1:08PM
    T-G-CT-G-C Forumite
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    edited 25 June 2018 at 1:08PM
    As ZX81 had said, it is not an offer to brag to Billy about from the local boozer, but as far as sub-prime level goes, it's not a terrible offer, especially since the 0% is recurring rather than having a set expiration.

    Please bear in mind that PayPal can and probably will pull the plug on the 0% offer one day. They only launched in recent years, so this is a more of a Hook & Bait incentive.

    As credit products are a newer sector for PayPal, they might even expand their options in the future to a plastic card and allow for cash advances, since their whole system is built on exchanging money.

    I am quite annoyed that you were accepted with defaults, as I have been declined for this product twice, with no such history. Although the cliche about "numerous factors taken into consideration" comes into play too.
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
  • cjvcjv Forumite
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    I like my PayPal credit account so far, all the time it has the 4 months 0% on anything over £150 I will hang on to it for flexibility.

    I also used it to buy a new phone a while ago. Samsung were offering interest free over 24 months when paying with PayPal credit, so I grabbed the phone I wanted and a sim only deal to save a little money and not be tied in to a lengthy contract. Other merchants also offer interest free purchases with PayPal credit.

    It is not for everyone, but it has it's benefits.
  • dazzaofdagenhamdazzaofdagenham Forumite
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    Can only go by what I’m provided with.

    But 0% for 4 months is good for anybody I would think.
    If they decide to withdraw this facility then I’ll simply not use it
  • Just beware that whilst its a virtual credit..it doesn't offer the protection a standard card would.

    No section 75..your only protected for the first 60 days as you are with paypal and ebay...the fact its credit makes no odds.

    The 0% interest is good,used mine several times now...just watch out if you need to claim,as said its exactly same rules that apply to standard payment with paypal or ebay...no protection after 60 days.
  • SncjwSncjw Forumite
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    Will you be able to pay it off in four months. What!!!8217;s the rate if you don!!!8217;t pay it off.

    What!!!8217;s the rate if you purchase under £150. It!!!8217;s not very flexible I think
  • glentoran99glentoran99 Forumite
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    cjv wrote: »
    I like my PayPal credit account so far, all the time it has the 4 months 0% on anything over £150 I will hang on to it for flexibility.

    I also used it to buy a new phone a while ago. Samsung were offering interest free over 24 months when paying with PayPal credit, so I grabbed the phone I wanted and a sim only deal to save a little money and not be tied in to a lengthy contract. Other merchants also offer interest free purchases with PayPal credit.

    It is not for everyone, but it has it's benefits.



    like say 24 months?
  • Sncjw wrote: »
    Will you be able to pay it off in four months. What!!!8217;s the rate if you don!!!8217;t pay it off.

    What!!!8217;s the rate if you purchase under £150. It!!!8217;s not very flexible I think

    Without checking pretty sure its 17.9%.
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