What’s happening with PayPal Credit?

[eye4talent]

I’m finding more and more ebay listings aren’t eligible to be purchased with PayPal Credit.

Any idea why this? Is this a new fallout from the ebay-PayPal breakup?


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[cloakroom]

i haven't noticed a major downtick, but i would be fine with it. paypal credit is extremely predatory.

[Ferg1945]

Originally Posted by eye4talent

I’m finding more and more ebay listings aren’t eligible to be purchased with PayPal Credit.

Any idea why this? Is this a new fallout from the ebay-PayPal breakup?


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Select PayPal... once you sign in... select PayPal Credit.

[eye4talent]

Originally Posted by Ferg1945

Select PayPal... once you sign in... select PayPal Credit.

Hey, that did the trick!

Thanks for the walkthrough.


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[awz50]

Originally Posted by cloakroom

i haven't noticed a major downtick, but i would be fine with it. paypal credit is extremely predatory.

Expand on that?

[cloakroom]

Originally Posted by awz50

Expand on that?

is this not common knowledge? it's essentially a bad credit card with no rewards targeted at people who are credit risks. 22% apr, but the real kicker is when they get someone on multiple of those "zero interest if paid in 6 months" offers and apply all of the payments they make to the last purchase made (which makes zero sense and is blatantly predatory) in hopes of sacking someone with a huge monthly they can't pay and giving them all of the accrued interest from the purchases before that.

[whackadoo]

Originally Posted by cloakroom

is this not common knowledge? it's essentially a bad credit card with no rewards targeted at people who are credit risks. 22% apr, but the real kicker is when they get someone on multiple of those "zero interest if paid in 6 months" offers and apply all of the payments they make to the last purchase made (which makes zero sense and is blatantly predatory) in hopes of sacking someone with a huge monthly they can't pay and giving them all of the accrued interest from the purchases before that.

i didn't know that. but it explains why a few months ago my personal paypal page said $100 was the minimum i had to pay to avoid accruing interest. to be safe i paid $150. but the following month, my balance (which i had been tracking to the penny every month) suddenly was off. my minimal investigation showed interest had been charged. It wasn't a lot, so i blew it off and chalked it up to a lesson learned to never accept their "interest-free" loans again.

[KhalDrogo]

I love PayPal Credit. Free loans.

Don’t like that they’ve seemingly gotten rid of the 24 month/0% APR deals.

[Mr Wells]

I use PayPal credit all the time! Helps me hide my large purchases from the wife :P

[cjmccreary]

Originally Posted by cloakroom

is this not common knowledge? it's essentially a bad credit card with no rewards targeted at people who are credit risks. 22% apr, but the real kicker is when they get someone on multiple of those "zero interest if paid in 6 months" offers and apply all of the payments they make to the last purchase made (which makes zero sense and is blatantly predatory) in hopes of sacking someone with a huge monthly they can't pay and giving them all of the accrued interest from the purchases before that.

Not sure this is the complete truth. I make weekly payments on my paypal credit and the payment is applied to the special financing deal that ends the soonest, i.e. the oldest charge.

[pewe]

Originally Posted by KhalDrogo

I love PayPal Credit. Free loans.

Don’t like that they’ve seemingly gotten rid of the 24 month/0% APR deals.

Assuming the loans are used to buy card with intent of flipping for $$$…

…this is what makes me most scared for how hard this hobby will crash some day.

Buying on margin just accelerates and deepens market crashes

Not to say you don’t have the $$ to cover shortfall @Khal… I’m making this comment more broadly.


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[KhalDrogo]

Originally Posted by pewe

Assuming the loans are used to buy card with intent of flipping for $$$…

…this is what makes me most scared for how hard this hobby will crash some day.

Buying on margin just accelerates and deepens market crashes

Not to say you don’t have the $$ to cover shortfall @Khal… I’m making this comment more broadly.


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This is not unique to cards though. Interest free credit lines can't be beat if you're responsible. Put that money to work!

[cloakroom]

Originally Posted by cjmccreary

Not sure this is the complete truth. I make weekly payments on my paypal credit and the payment is applied to the special financing deal that ends the soonest, i.e. the oldest charge.

excuse you? i've literally watched it happen.

[coachnip13]

Originally Posted by cloakroom

excuse you? i've literally watched it happen.

I agree with cjm. When I've had 0% offers in my queue, my payments have gone toward the one that ends soonest. It has worked just the way it is supposed to work.

[marterburn]

Originally Posted by cloakroom

excuse you? i've literally watched it happen.

Also agree with cjm. It's always worked the way he's described.

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[Y2Hood]

I need to pay mine down again, but when it has a $0.00 balance, it is my best friend for hobby purchases. I've been able to spear a lot of hobby things through their no interest financing for X months. I just have to not charge anything else until I pay it down again.

[glen87]

Originally Posted by cloakroom

i haven't noticed a major downtick, but i would be fine with it. paypal credit is extremely predatory.

not if you are responsible and pay it off. gives you 6 months to work with your money.

[dizzydolse]

Originally Posted by KhalDrogo

I love PayPal Credit. Free loans.

Don’t like that they’ve seemingly gotten rid of the 24 month/0% APR deals.

[dizzydolse]

Originally Posted by KhalDrogo

This is not unique to cards though. Interest free credit lines can't be beat if you're responsible. Put that money to work!

Yep. Paypal credit has been so beneficial in the last couple years, since its inception and I haven't paid one cent of interest. Not a flex but if you're disciplined and understand the terms it can be a great thing.

[cloakroom]

Originally Posted by marterburn

Also agree with cjm. It's always worked the way he's described.

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no, it hasn't. i've seen multiple threads on reddit describing the same thing i have seen.

[marterburn]

Originally Posted by cloakroom

no, it hasn't. i've seen multiple threads on reddit describing the same thing i have seen.

All I'm saying is that, for me, my PP Credit has worked exactly as cjm described for many years and continues to do so. And it seems to work the same for several others in the thread.

There are certain payment methods where the 6 months thing does not work, and that may be feeding into misinformation in 'multiple threads on reddit'.

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[Ferg1945]

PayPal Credit used to go by purchase date... now it goes by last purchase made I believe.

Before if you bought something for $1000 (6 months same as cash), $200 in random purchases, $500 (6 months same as cash) and $475 in random purchases

Once you made a payment it started to deduct from the $1000 first... $200 next... $500 after that and finally the $475

Now you have to pay off the $675 before the $1000 begins to be paid off. If that $675 grows to $800... that's the new number before the $1000 begins to be paid down.

At least that's how I've seen it

[marterburn]

Originally Posted by Ferg1945

PayPal Credit used to go by purchase date... now it goes by last purchase made I believe.

Before if you bought something for $1000 (6 months same as cash), $200 in random purchases, $500 (6 months same as cash) and $475 in random purchases

Once you made a payment it started to deduct from the $1000 first... $200 next... $500 after that and finally the $475

Now you have to pay off the $675 before the $1000 begins to be paid off. If that $675 grows to $800... that's the new number before the $1000 begins to be paid down.

At least that's how I've seen it

Yep. That's how it's worked for me as well. My random expenditures are a minimum though.

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[jayjay0122]

Never used it, but it seems like if you use it responsibly you have nothing to worry about. Just don't charge multiple items at large amounts and put yourself in a bad situation. I also read that it doesn't even help build your credit, not sure if that is true or not.

[coachnip13]

You guys are correct. Cloakroom and his buddies on Reddit aren’t financially savvy enough to limit their PayPal purchases to just the six month financing promos. Therefore, they end up having to pay off the gas charges and the light bill payment before getting to pay down their long term hobby purchases.