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Paypal balance

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Tike1402
Tike1402 Posts: 2 Newbie
First Post
What is the best way to pay off my paypal balance. Currently only just paying interest, want to clear it

Comments

  • born_again
    born_again Posts: 20,458 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Do you have the funds ready to pay it?
    Life in the slow lane
  • CliveOfIndia
    CliveOfIndia Posts: 2,533 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Well the "best" way to clear it is to repay the balance.  But since you've asked the question, I'm assuming you don't have the funds available to be able to do this?
    That being the case, one option may be a Money Transfer credit card (I believe I'm right in saying that you can't do an ordinary Balance Transfer to Paypal).
    But if you are eligible for a MT offer, there are two things to be aware of.  Firstly, there is almost always a fee for doing the transfer, so you need to work out whether the interest you'll save will outweigh the fee.
    Secondly, you must put money aside (as well as making the minimum monthly payments to the card) to repay the card in full by the time the promotional rate expires.  Otherwise you'll start paying interest at the card's standard APR, which is likely to be very high.  You may be able to transfer any remaining balance to another card, but there's absolutely no guarantee, so it would be very unwise to just assume you'll be able to do so.
  • Tike1402
    Tike1402 Posts: 2 Newbie
    First Post
    Do you have the funds ready to pay it?
    Unfortunatly not, i wish i could. All i am paying is interest every month
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