PayPal changing 0% credit terms

longwalks1

Had an email through today saying anything purchased on PayPal will be charged at 21.9% interest from July, even if I purchased it with 4 months interest free, or 12 months interest free credit - can they do this? Had I known I’d of not used the ‘special promotional offers’ they sent out previously? 

[Deleted User]

Any change in rates won't over-ride existing promotional offers, but the balances will move to the new rate at the end of the promo period.

Aylesbury_Duck

I wouldn't have thought so, you entered into a contract at 0% for a period, they can't just change that arbitrarily.  Are you certain that a) the email is genuine, and b) if it is, that you've read it correctly and that it applies retrospectively and not just to new orders?

longwalks1

Sorry both, I re-read it and it says: 

The new interest rate will apply to all non-promotional balances and purchases made using your PayPal Credit account and will come into effect on 1st July 2021. Promotional balances refer to any 0% or instalment offers you may have. Any promotional purchases made before 1st July 2021 will remain subject to the applicable promotion’s interest rate and terms, but if these expire after 1st July and are not repaid in full the remaining balance will move to the new interest rate of 21.9%p.a.