How to Pay off PayPal Credit?

Kellyw

Hi. I’m new to this site.

My husband has around £3000 on his PayPal credit account. This has been building up for the last 3 years, much to my dismay.

We really need to get a handle on our finances and I’m looking at getting a credit card to try and pay this off but I do t know what to look for. Would it be a 0% balance transfer or purchases or money card?

I’m really unsure and can’t seem to find a definitive answer anywhere. We don’t have the money to pay it off ourselves so does anybody have any suggestions to how I go about clearing it please?

Thanks in advance

steve900

Hi. I think for paypal accounts, you would be better getting a credit card (a money transfer card) that allows you to transfer to your bank account, then use this to pay off paypal.

Willing2Learn

Is the £3,000 debt to PayPal the only debt you have or are there others too.

A Money Transfer card would only be suitable if you have the budget surplus to repay the card balance before the promotional offer ends. Once the promotion ends, the interest rate for a money transfer card is often very high.

Edit: And welcome to the forum Kellyw

Kellyw

Thanks for the reply. Am I right in thinking that you aren’t meant to withdraw or spend the money of a money transfer card though? I’ve never had one before so I’m unsure what I’m looking for. But I thought money transfer cards were for clearing overdraft etc (at obviously a better rate).

Kellyw

We have £3000 credit card debt too. So it would be a money transfer card I’m looking for then? Thanks for your help

Willing2Learn

Kellyw wrote: »

We have £3000 credit card debt too. So it would be a money transfer card I’m looking for then? Thanks for your help

You would need a Balance Transfer card to transfer the credit card debt and a Money Transfer card for the PayPal credit. However, if you are currently utilising most of your available credit, then an application for one of these cards may not be successful. Try an eligibility checker for each type of card.


Are you having difficulty managing your monthly budget? Are you spending more than your combined income?

Kellyw

My husband has just been really laidback on his PayPal credit spending. Putting anything on there from hotel stays, takeaway orders, purchases etc. He just pays a set minimum payment each month but it’s been going nearly 4 years now so He must have had a fair few thousand on there.

I want to consolidate everything as I am only just starting back at work after maternity leave. So trying to get finances in order.

I am applying for MBNA money transfer card now.

Thanks for all your help and your prompt responses.

steve900

Hi @ Kellyw. Good luck. Please report back how you get on.