What is PayPal Credit and what can it do for you? If you love shopping online, PayPal Credit could be a great payment option to consider. Even if you buy your items from physical stores, a little extra boost to your wallet won’t hurt. Let’s talk about PayPal Credit, and its key features in this article.
What is PayPal Credit? A Boost to Your Purchasing Power
- What is PayPal Credit?
- How Does the PayPal Credit Line Work?
- Applying for Your PayPal Credit Login
- How Much is the Line of Credit?
- PayPal Credit Payments, Interests, and Fees
- Linking PayPal Credit With Your PayPal Account
- Where to Reach Out When You Need Support
What is PayPal Credit?
PayPal Credit is a line of credit from Comenity Capital Bank, a financial institution which tailors credit programs for companies. Thanks to this credit line, as PayPal customers gain a boost to their purchasing power, so they can buy items now and pay them later.
How Does the PayPal Credit Line Work?
You can use PayPal Credit to make purchases from brick-and-mortar stores which accept PayPal, and from thousands of online stores, like eBay.
At the checkout counter or page, just choose PayPal as your payment option and then, specify PayPal Credit. You will be asked for your Social Security Number and date of birth, and then wait for approval. Once your purchase is approved, you’ll get a statement in your email. It’s that easy.
Applying for Your PayPal Credit Login
— Australia Credit (@CreditAustrali_) November 24, 2017
To apply for your PayPal Credit account, just go to https://www.paypalcredit.com. You’ll see an “Apply Now” button in the middle of the page. Please be aware that your application is subject to credit approval.
How Much is the Line of Credit?
Your initial PayPal Credit line starts at $250. When you exceed this limit, the service will review your account and increase the limit if you’ve been managing your line well.
PayPal Credit Payments, Interests, and Fees
Currently, PayPal Credit is offering a No Payments and No Interest If Paid in Full in 6 Months promotion. In short, there are no interest charges for 6 months. Should you choose to forgo the promotion, you will owe an Annual Percentage Rate of 19.99%.
Additionally, the bank will charge you a late fee from $27 up to $38, depending on how many instances you were late on your payments.
You can stay on top of these charges by paying within six months after you’ve made your purchase, and even after logging onto PayPal.com. The charges will appear on top of your account balance.
Linking PayPal Credit With Your PayPal Account
PayPal Credit is a standalone service, and is separate from a PayPal account. Linking the two together will allow you to use PayPal Credit in participating stores where PayPal is accepted. You can also make use of special promos involving PayPal accounts. On top of these benefits, you’ll get to manage your PayPal Credit line on your PayPal account as well.
To link both accounts, just go to www.paypalcredit.com and push the Link button.
Where to Reach Out When You Need Support
— PayPal Support (@AskPayPal) November 29, 2017
You can call the PayPal Credit customer service support helpline at 1-866-528-3733. Additionally, you can use PayPal Support Page at https://www.paypal.com/us/smarthelp/contact-us.
Here’s a short tutorial from PayPal on how you can apply for and use PayPal Credit:
Again, what is PayPal Credit? Sure, it can mean a spare part for your car, a gift for a family member, or a new tool for your hobby. However, it’s best to think of it as an additional credit lifeline when you need it, with an added benefit of 6 months of no interest.
Want even more information on PayPal? Check out this audio lesson to get the most out of this tool.