Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Paypal Credit - a query
JohanSmith
Posts: 1 Newbie
Hello
New to MSE, but in need of some advice as I'm new to using credit cards.
I recently signed up for PayPal Credit. I used it on an ebay purchase for a TV. I bought it on an offer of £9.92 per month for 12 months at 0% interest. Which seems straightforward enough to me.
However I'd like to put a further ebay purchase of £90 on PayPal Credit, but I'm not totally sure what my minimum repayments are going to be then or what interest will be incurred.
The way I currently understand it is this, on a balance of £209, the minimum monthly repayment is £5 (because 2% is less than £5), so I'd still be paying £9.92 (as per the 12 month 0% interest offer) + £5 + interest on the £90 at PayPal's 19.9% APR.
But what is the interest due each month?
MSE's own credit card minimum repayment calculator web page leads me to believe that at a minimum payment of £5 per month, £90 would take 1 year and 10 months to pay off and only incur £16 interest at PayPal's 19.9% APR.
So that's £0.727 per month interest.
Is that correct? Seems an awfully small amount of interest per month?
Are there other charges I'm likely to incur?
Thanks in advance for any help/advice on this.
New to MSE, but in need of some advice as I'm new to using credit cards.
I recently signed up for PayPal Credit. I used it on an ebay purchase for a TV. I bought it on an offer of £9.92 per month for 12 months at 0% interest. Which seems straightforward enough to me.
However I'd like to put a further ebay purchase of £90 on PayPal Credit, but I'm not totally sure what my minimum repayments are going to be then or what interest will be incurred.
The way I currently understand it is this, on a balance of £209, the minimum monthly repayment is £5 (because 2% is less than £5), so I'd still be paying £9.92 (as per the 12 month 0% interest offer) + £5 + interest on the £90 at PayPal's 19.9% APR.
But what is the interest due each month?
MSE's own credit card minimum repayment calculator web page leads me to believe that at a minimum payment of £5 per month, £90 would take 1 year and 10 months to pay off and only incur £16 interest at PayPal's 19.9% APR.
So that's £0.727 per month interest.
Is that correct? Seems an awfully small amount of interest per month?
Are there other charges I'm likely to incur?
Thanks in advance for any help/advice on this.
0
Comments
-
I have no experience with Paypal credit but have you tried Googling 'how does Paypal credit work' there are quite a few articles there that might help you0
-
It's not a linear 72p per month.
It's around £1.50 to begin with, dropping to a few pence at the end.0 -
The TV will continue to be paid interest free. The new £90 debt will be paid off with interest if you don't clear it after the statement date.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179K Life & Family
- 263.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards