PayPal credit...

cjv

glentoran99 wrote: »

like say 24 months?

Yep, 24 month interest free installment plan on the phone I wanted + cheap sim only deal vs. an overpriced mobile contract with inadequate allowances for my needs.

[Deleted User]

Is it true S.75 doesn't apply? I thought it would as although you're paying through PayPal, it's not the usual third party/intermediary that usually voids it on traditional cards - it's a direct purchase from them (confirmed as such in your account history too) - so anything over £100 is automatically covered?

Although they are based abroad, it's based on English Law, so my understanding is that S75 would be there by default? They're regulated by FCA etc too - if they AREN'T subject to the same rules as the traditional cards it seems very unfair and potentially a big detriment to the consumer.

T-G-C wrote: »

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.

I was accepted 2 years after Bankruptcy, but someone I know earning twice what I am, with perfect history (multiple lines of credit paid well, settled etc) and minimal debt they didn't take. Same day they got a £12k limit from Sainsburys bank....
Paypal (like Monzo!) seem very hit and miss when it comes to defaults etc!

Jlawson118

It isn't the best deal on the market considering there's banks which offer credit cards with 0% on Balance Transfers and/or Purchases for 2 - 3 years, if not longer.

In this year's snow, I ended up bumping my car and did around £1600 worth of suspension damage. And instead of breaking into my savings, I took out First Direct's 0% BT cards, as they were offering 27 months interest free. I set my minimum monthly payment to £100 per month to clear it in 16 months, but I also pay in extra if I've got money left over from a month's expenditure, with a hope to have it cleared by the new year.

I suppose £150 or even a few hundred with PayPal isn't bad split over four months, but purchases over the £1500 mark and it'd be difficult.

its_all_over

Samsung_Note2 wrote: »

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.

Just to correct you, but Paypal on eBay gives buyer protection for 180 days.

Also, I can't see why you are saying using Paypal Credit for items over £100 wouldn't be covered by section 75 protection, there is nothing I can see that would prevent it. Are you confusing Paypal Credit with normal Paypal funded from a credit card?

A4445

I’ve had PayPal credit for 2 years and bought plenty on it. It’s always been fine not had any issues. You can use it to buy Apple products with special offers. They are not good with limit increases. My account started with £2000 and it’s still £2000 you can’t ask for increases. Saying that the most I’ve spent is around £600.

its_all_over

Samsung_Note2 wrote: »

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.

Just found the article I was thinking of, and as I suspected you are wrong with regard to Section 75 protection on Paypal Credit transactions.

Paypal Credit does indeed have Section 75 protection.

In 2016, PayPal introduced Paypal Credit in the UK: a digital line of credit you can add to your PayPal wallet.

Using funds from this pot to pay online gives you both PayPal protection and Section 75 coverage.

https://www.moneysavingexpert.com/credit-cards/PayPal-Section75/#paypal

tastyhog

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

17.9% not far off most credit cards, even mainstream cards are around 15 - 20% these days when outside of special offers and the like

20aday

A4445 wrote: »

I’ve had PayPal credit for 2 years and bought plenty on it. It’s always been fine not had any issues. You can use it to buy Apple products with special offers. They are not good with limit increases. My account started with £2000 and it’s still £2000 you can’t ask for increases. Saying that the most I’ve spent is around £600.

I’ve had my PayPal Credit account nearly two years now and have had two limit increases in that time; but as you point out you can’t ask for a limit increase yourself.

dazzaofdagenham

Do they sent a statement....either online or post....

I!!!8217;m not a fan of direct debits.....so want to know when payment will be due

[Deleted User]

Online. Its fairly straightforward but they dont give you an option to pay all BUT the promo balances


So for example if you had 1 x £500 interest free for 4 months then a £99.99 purchase from eBay (only interest free for 56 days or whatever) youd have to check the minimum payment but also make sure yove covered the £99.99 in full. Clearly an example like that is easy - just chuck £100 on. But if youve multiple 0% deals expiring on different months and also multiple smaller purchases its a bit of a faff

Id personally use it for one or the other (baskets over £150 OR small items only) - then you can set a payment strategy - 4 months 0% pay 25% each month, or just the minimum and clear it etc.

I think theyve deliberately made it somewhat confusing.....

Also the direct debits arent taken automatically - I have to go in and tell them when to take one, how much, from which account and on which date

So onus is very much on the customer to ensure its paid (by card or DD) and also to figure out what to pay - if youre trying to extract full value from the 0% its a bit of a pain

I just clear mine in full as my limit is so pathetic - if I ever got a higher limit it might be worth playing around a bit more!!