Paypal balance

Tike1402

What is the best way to pay off my paypal balance. Currently only just paying interest, want to clear it

born_again

Do you have the funds ready to pay it?

CliveOfIndia

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

born_again said:

Do you have the funds ready to pay it?

Unfortunatly not, i wish i could. All i am paying is interest every month