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Paypal Credit

Geodark
Geodark Posts: 1,049 Forumite
Part of the Furniture 1,000 Posts
Just taken out paypal credit and I am a bit confused, I thought that if I bought stuff from ebay that didn't have an instalment option that once the statement was produced the full value of that transaction was then due. But on some further reading this is more like a credit card where a percentage of the balance is paid off.

No biggie as anything that isnt on installments will be getting paid off anyway. Just wondered which was correct. is the full balance of anything not on instalments due, or is a percentage of it due.

Comments

  • redux
    redux Posts: 22,976 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I'm in a similar position, just started using it.

    I combined 2 things bought on eBay to have 4 months at 0%, and since added a couple of things for a few quid.

    I haven't seen the first statement yet, but I would assume that if then I pay at least the cost of the small items, and perhaps a percentage of the 0%, then there won't be interest.

    If on the other hand I pay the minimum possible, which I think is an option, after all somewhere it tells you an APR, like a credit card, I'd expect interest on the small items only.
  • It works just like a credit card, except that they offer different APR's depending on the offer at time of purchase. Purchases with no offer are at the standard variable rate (17.9% I think).
  • Geodark
    Geodark Posts: 1,049 Forumite
    Part of the Furniture 1,000 Posts
    It works just like a credit card, except that they offer different APR's depending on the offer at time of purchase. Purchases with no offer are at the standard variable rate (17.9% I think).

    ahh I see, makes sense :)
  • Marcio45
    Marcio45 Posts: 240 Forumite
    Ninth Anniversary 100 Posts
    Beware that if you have an offer for 4 months with no interest you still need to make the minimum payment every month as show on the statement.
  • I have 2 credit agreements on PayPal credit, the first I have had for 6 months and is 2 years interest free on the full amount, the other is an apple purchase and is 4 months interest free if paid within 4 months ending in Nov 2019. I was making an over-payment to pay of the 4 month one in full before the interest started but have since noticed that the 2 years 0% agreement is using the over-payment and is showing that it is paid off, I cannot see anyway to allocate a payment to a specific agreement and contacted PayPal who say I cannot do this either, Is this acceptable as I thought that with credit the higher interest transactions got paid off first or at least asked what transaction to allocate payment.

    Any help would be appreciated,
    At the moment it looks like I'll have to pay in full in Dec 2019 but should have had 0% for another year.
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