Paypal Credit?

[christianled59]

Do any of you have experience with Paypal credit? Is it any good, are there any downsides, and what should I know before using it? 

 

I'm trying to buy an htc vive, but I don't have a credit card, my debit card has a limit (i can get it lifted but i'd rather not) and I also don't feel too happy about paying out $800 at once. 

[StevenSensei]

You are better off raising the limit of your own credit card than opening a new line of credit with paypal. Paypal has also been known to screw over their customers when it comes to purchase protection and the like. By using your existing line of credit you will have protection from your credit card company and will continue to build your credit score.

[airdeano]

20% interest is not the best basis to purchase for want thing than a have to have item.

pay the $800 outright, attach your bank to PayPal, or wait till you are comfortable with an outlay of $800.

 

Quote

The Annual Percentage Rate for standard purchases and cash advances on a PayPal Credit line is 19.99%, although some special offers have a lower, promotional APR. The Minimum Interest Charge is $2.00. Of course, you can choose to pay your entire balance by the payment due date to avoid interest charges

 

[papapoi]

paypal credit is ok, just pay before the 6 months free interest time, after that your screwed

[Orangeator]

7 minutes ago, papapoi said:

paypal credit is ok, just pay before the 6 months free interest time, after that your screwed

Yeah don't pass that 6 months period, honestly though just buy it out right, you will regret paying for a PC 3 months down the road...

[ThomasD]

42 minutes ago, Papakuma said:

You are better off raising the limit of your own credit card than opening a new line of credit with paypal. Paypal has also been known to screw over their customers when it comes to purchase protection and the like. By using your existing line of credit you will have protection from your credit card company and will continue to build your credit score.

This.  If he had a credit card.  But he doesn't.  So Paypal Credit might not be a bad option, especially since he has the dough to pay the account in full without incurring any finance charges.

 

Paypal Credit is not the best form of consumer credit, but it is a way to begin building the kind of credit score needed to get the better forms of consumer credit.

 

[christianled59]

1 hour ago, airdeano said:

20% interest is not the best basis to purchase for want thing than a have to have item.

pay the $800 outright, attach your bank to PayPal, or wait till you are comfortable with an outlay of $800.

 

 

Alright thanks. I guess I'll wait a bit for VR. 

[StevenSensei]

1 hour ago, ThomasD said:

This.  If he had a credit card.  But he doesn't.  So Paypal Credit might not be a bad option, especially since he has the dough to pay the account in full without incurring any finance charges.

 

Paypal Credit is not the best form of consumer credit, but it is a way to begin building the kind of credit score needed to get the better forms of consumer credit.

 

Yeah, I just noticed in the re-read that it was a debit card he mentioned. The thing is an $800 outlay on a credit card vs an $800 outlay in cash is basically the same thing. At the end of the day he will have to pay that $800 and if on credit if he doesn't pay it off all at once he will end up paying more due to finance changes / interest. 

 

If OP wants the vive and has the money, pay in cash. A simple call to the bank to let them know you want to make an $800 purchase online with your debit card will take care of that and then you can have the regular purchase limit set back to your lower level amount.