is PayPal Credit a Scam | 6 Month Interest Free

Is PayPal credit a Scam or not, after reading countless bad reviews online I finally decided to clear things up in this video. Btw I found a lot of bad reviews more than I expected more than I’ve ever seen. And I have a tip for using PayPal credit payment for whatever you want including places where they dot take PayPal so stick around for that.

What is PayPal credit:
It’s Paypal Credit Card, and it’s not a physical card. But the exciting thing about the card is that you’re able to buy anything above 100 bucks and pay it interest-free for 6month.

Cons:
1. Loans: I remember I was going to take out a loan, and they had prepayment penalties. Example, if I borrowed 1k and paid in 1 month instead of 6 months, they charge me all the interest for the entire six months. ( lame and outdated)
2. Apr: 26.24% it’s high compared to 8% on credit union. But I understand why they need it that high because of the promotion.
3. They don’t report the good or bad to your credit score.
4. No bonuses like cash back, or miles, just plan card with a defer feature
5. If you need six months to buy an item, you shouldn’t be buying it. I do it to allocate my capital else where and make profit

Customer service call
1. How do the promotions work
– 6 month interest-free but interest keeping accruding on the original purchase price, even your paying it down. If you pay it within does six months then good no interest, but if you don’t then BOOM all the interest at once.
2. Do you guys do a soft check on credit score or a hard check?
– Hard Inquiry but nothing after, unless you ask for an increase credit line.
3. Any chance you guys might rule out a physical card for the credit card soon
– Not very soon, no sure date to when that might happen. They do this to avoid paying fees.
4. How does the interest accrued on the promotional balance? Is it from the original purchase price or the adjust price with payments?
– The original purchase price does not matter if you’re paying it down.
5. What is the apr on the card for new members? Since im an older member could I get a apr reduction
– Nope, it’s fixed.
6. I noticed you guys have a minimum credit charge of 2$, how does that work.
– Just like that, a minimum of 2$ interest will be charged.
7. Late fees in the account ? or any fees associated
– Yes, and its 38 dollars and will go up by 1 dollar very soon.
8. Do you guys report to the credit bureau, good and bad?
– We don’t do that, just the one time when you sign up but never again. Might change come July.

Reviews:
#1 One guy used the promotion but also the card for regular use. It turns out they didn’t tell him all payments would go towards the promotion and not the purchases below a 100. Thus he’ll pay interest on does. ( got a 20$ refund)
2# lady sent the payment on time through a letter, but PayPal didn’t process it on time. So they charged her all the accrued interest on the account. ( she didn’t win) – Next time pay online
3# Bad customer service and 1 hour wait time (I waited 10 seconds)
4# limited purchases to were you can purchase from. (Just buy gift cards on eBay and use them. That’s why I did when I wanted something of akia)

Bias Reviews:
#1 Paypal does not do a good job with disputes ( truth is if you follow all the rules, then they will work with you). Example. Guy came me ones for airpods I was selling on eBay, I called PayPal. And since I sent tracking information and everything they worked me asap.
#2 does not work. (One of the best user-friendly interface on the market right now. The only way it won’t work is if you don’t qualify. )
#3 they call a lot and lied about everything. (might be that she didn’t make payments and didn’t get what she wanted and now PayPal is trying to collect)

Final thoughts
I could see how this could be a problem. A lot of of people would buy something they can’t afford and pay it over time… If the interest catches up to them, they will be in trouble.
Also if you don’t have a budget people, you’ll spend on average 30% more with credit cards. So, in conclusion, sign up but only if you won’t exploiting it and end up causing damage to yourself.

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