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Can I do can credit swap for PayPal credit - interest rates
hey! I’m about 1150 in debt with PayPal credit, it’s not a lot but it’s stressing me out how much interest there is now. I can’t afford more than the min payment of £50 ish per month currently but can pay off more later in the year.
My question is can I do a 0% balance transfer to another credit card? Because the amount is low, a loan would have similar interest charges as PayPal anyway.
This is my only credit debt and have no other credit cards. Credit score is good.
Thanks in advance, can’t find any other info about this. ☺️
Comments
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No.
But if your credit is good enough, you may be able to get a 0% money transfer instead which moves money to your bank account, and then clear the Paypal balance with that cash.
https://www.moneysavingexpert.com/credit-cards/money-transfers/1 -
Is PayPal Credit a actual credit card or is it just a credit facility, often offered as interest free of so many months ?
As Balance Transfer only works for credit cards. Other option is a money transfer card, where funds are paid to you bank account & you are free to use as you want.
Life in the slow lane0 -
If you can't get a money transfer I'd suggest you check if you can set a particular amount to pay each month rather than the minimum. So say your minimum is £49.57 this month. If you set your monthly payment to £50 then it will eat away a tiny bit more of the debt. Next month the minimum might be £48.87 but if you are still paying £50 if will take a tiny bit more. Net result is that you will pay a bit less interest. OK it's not a game changer but it means that you are more in control and that's a positive thing.
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⭐️🏅😇🏅🏅🏅🏅🏅1 -
It's both. You can use it as a credit facility to pay for things that take PayPal payments with no card number involved, and you can also have a card attached to it that you can use to spend in shops. I don't know if you could transfer money to it from another credit card.
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