Thought this might be useful as we have more expenses near Christmas time.
Spend £150 or more and you get 4 months interest free. Pay that off before you have to pay any interest. You can then spend £150+ on another item and you get 4 months interest free as well.
Representative Example
Purchase rate p.a. (variable)
17.9%
Representative (variable)
17.9% APR
Assumed Credit Limit
£1,200
* Any remaining balance due after the 4-month promotional period or any transactions under £150 will be charged at 17.9% p.a (variable)
Top comments
CampGareth
13 Dec 168#1
It's useful, but I signed up under the equivalent of Jo Doe rather than John Doe about a decade ago. I'm now having a terrible time getting paypal to process the name change of the account because they at some point assumed Jo was my legal name. Signing up to paypal credit makes them do a credit check against Jo Doe who doesn't really exist and I get denied.
Not strictly relevant but something that might affect others.
Batmobile543
13 Dec 167#3
Successfully received £800 credit. Dunno what to do with this though
biddilybah
13 Dec 165#5
Oh and be careful when checking out as it will automatically choose paypal credit on every paypal order no matter the price. Just a heads up for those who don't want to end up putting something on credit they don't want to. :smiley:
djc0367
13 Dec 165#12
I've found Paypal Credit useful for spreading the cost of Monarch flights as they don't have a surcharge on Paypal payments (whereas Monarch do charge extra for paying by Credit Card).
All comments (57)
CampGareth
13 Dec 168#1
It's useful, but I signed up under the equivalent of Jo Doe rather than John Doe about a decade ago. I'm now having a terrible time getting paypal to process the name change of the account because they at some point assumed Jo was my legal name. Signing up to paypal credit makes them do a credit check against Jo Doe who doesn't really exist and I get denied.
Not strictly relevant but something that might affect others.
Gollywood to CampGareth
13 Dec 162#8
Cousin went through this. Absolute nightmare to change to his real name. I think he just gave up in the end & lost whatever balance he had in his account
-BA-
13 Dec 162#2
I would assume it's a credit check each time you add a fresh balance? So, yes again and again is feasible but it will hit your credit rating each time.
biddilybah to -BA-
13 Dec 165#4
They give you a balance depending on your credit rating. You don't keep applying. I have £4000 available to myself on mine. When you buy something, it deducts from that amount and then adds back on as you make payments. It works just like a credit card without the physical card. :smiley:
NIgelK to -BA-
13 Dec 161#19
It's revolving credit, you get a credit limit and any balance is taken from it. There's no credit search everytime you use it. Much like a credit card.
Batmobile543
13 Dec 167#3
Successfully received £800 credit. Dunno what to do with this though
karene28 to Batmobile543
13 Dec 16#6
Oh you will..
Trust me!!!
John.Mason to Batmobile543
7 Feb 17#57
You could buy me something nice with it.
biddilybah
13 Dec 165#5
Oh and be careful when checking out as it will automatically choose paypal credit on every paypal order no matter the price. Just a heads up for those who don't want to end up putting something on credit they don't want to. :smiley:
Matty8787 to biddilybah
13 Dec 162#30
I see this get mentioned but I took the S7 edge last year on PayPal credit and it has never once defaulted to the credit option when going to pay elsewhere. I must be lucky eh?
biddilybah
13 Dec 161#7
I wasn't cracking any jokes. Hope your day goes better buddy. You're clearly having a very bad one. :smiley:
eklynne
13 Dec 162#9
I signed up and got £2800 credit right away! Used it to pay for a holiday to Copenhagen at Christmas and I have until end of March to pay interest free. Fantastic.
JamesClark1991
13 Dec 162#10
This has been around for like a year now, how is this now a new deal?? :laughing:
I use it all the time though, great if you want to buy something that's on offer a few days before payday.
sradmad
13 Dec 161#11
Thank you op, heat added :smiley:
shabbird to sradmad
13 Dec 161#13
Thanks sradmad :sunglasses:
djc0367
13 Dec 165#12
I've found Paypal Credit useful for spreading the cost of Monarch flights as they don't have a surcharge on Paypal payments (whereas Monarch do charge extra for paying by Credit Card).
sam_of_london
13 Dec 162#14
Negative. 4 months run out very fast. There are so many credit cards like virgin, Sainsburys and tesco which allow interest free purchases for 24 months so why take a risk for 4 months when you can have flexibility of 24 months.
ollie87
13 Dec 161#15
Ahh that old chestnut. You do realise it's a two-sided relationship, right? People only post deals if they're good and then they need other users to add heat.
So even if they don't post deals they may will be contributing.
Teezer
13 Dec 161#16
Just got offered £4000 of credit after a very basic application that took about 30 seconds. Where is the catch here?
sam_of_london to Teezer
13 Dec 16#18
The catch is the high interest rate when your 4 months run out. Why get 4 months when you can get 24 months free Interest with other lenders on the high street and low interest after 24 months.
sam_of_london to Teezer
13 Dec 16#22
The catch is only 4 months interest free and very high interest after that. You can easily get 24 months interest free purchases from other lenders on the high street and low interest rates after that. 4 months run out very fast after Christmas and they won't hesitate to use their high interest rates from day one.
MBeeching to Teezer
13 Dec 162#24
No catches... for four months :wink:
Then someone comes knocking and says "Time to pay, pal"
sam_of_london
13 Dec 161#17
Yes this is not a deal. Has been there for long time. Most big traders like Argos give 6 months credit for purchases. I love to buy things from abroad but not keen on getting credit from them. In America they offer PayPal credit card with very easy terms and long interest free payments but this side of the pond charge so high interest rate and only 4 months free Interest on purchases.
biddilybah
13 Dec 16#20
Some retailers do offer longer on purchases. Box.co.uk offers 12 months interest free for example. This is £150 interest free for 4 months on all purchases, but you can find better offers depending on the retailer. :smiley:
googley2
13 Dec 161#21
Why encourage others to get into debt for Christmas - really hate all these types of ads. When I want credit I will go to the internet and do a search for it. Its not a deal and not the cheapest credit card at all.
biddilybah to googley2
13 Dec 161#23
Surely people shouldn't be applying for credit if they can't be responsible with it?! :neutral_face:
sam_of_london to googley2
14 Dec 16#46
Well said. Short term credit is debt trap. Do not fall for it. Will definitely end up paying penalties as 4 months pass. To get long term credit approval is good as you can catch the bargains and time to pay back without making significant changes to your lifestyle.
sam_of_london
13 Dec 16#25
Many retailers do not accept PayPal. What can you do about that? But all accept Visa and Mastercard credit cards.
biddilybah
13 Dec 16#26
I'm not suggesting this as the only means of credit. Not sure why you think I am. :neutral_face:
googley2
13 Dec 162#27
Imagine your partner loses his job or is sick, money is so tight. The kids are looking forward to Christmas you want to make them happy - then you see this - most of this country is now run on credit including the government so how to blame Joe Blogs when its in your face all the time. Many people are now going bankrupt just to wipe out debts they will never afford to repay - not because they have not tired but because the interest on credit is so high, latest ad on TV had over 1,000% interest - I checked it 3 times, of course its in the small print and aimed at those really hard up at there was a very small limit (think £500).
Surely people shouldn't be applying for credit if they can't be responsible with it?! :neutral_face:[/quote]
biddilybah
13 Dec 16#28
I get what you're saying, but people shouldn't be racking up loads of debt they cannot afford to pay back for things like iPhones and TVs. They have a responsibility for their own actions too. Nobody points a gun to their head and tells them to do it. :smiley:
sam_of_london
13 Dec 16#29
So why not get a credit card with 24 months interest free purchases which can be accepted every where on high street not just those foreign or big merchants who offer PayPal.
jordni
13 Dec 161#31
Sounds quite good, better than most credit cards tbh, considering its 4 months for every purchase rather than in a set time limit, still havent checked out the paypal credit thing yet
Sqsq
13 Dec 161#32
Can't believe Paypal is getting heat. You should really have a look at paypalsucks.com.
And seriously people applying for credit then asking what they can buy now?! It's. Not. Free. Money!
biddilybah
13 Dec 161#33
Hmm... wonder if there is a setting to change it. Thanks for that heads up. :smile:
vocare88
13 Dec 16#34
Well I'm out straight away is carers don't make decent money so my credit ratings pants but good deal If you can afford it
NIgelK to vocare88
13 Dec 161#43
I'm a carer and got it.
ezzer72
13 Dec 164#35
It's worth pointing out that this can be used for second hand eBay bargains - not many shops selling such things on the 'high street'. I've been using mine for a year or so, brilliant if used sensibly.
TonySquared
13 Dec 163#36
This sounds like Very BNPL, which I think is great but others moan about like crazy! Either way, good idea if you intend to clear the balance!!
eklynne
13 Dec 162#37
Not everyone can get such good credit deals, you need to have a near perfect credit report. Many don't.
sam_of_london
13 Dec 16#38
What makes you think PayPal will give you credit without a good rating. That is why they do a credit check like everyone else. Their criteria is exactly the same. PayPal also charges £5 for printed statements while all credit card companies provide paper statements for free.
sam_of_london
13 Dec 16#39
Other credit cards can be used be same as well if linked to PayPal account. Ebay is very good for second hand items and PayPal very good for overseas purchases I agree but not for credit.
Baz417
13 Dec 16#40
Nice deal shabbird. Heat added.
SR28
13 Dec 161#41
Not exactly a deal
NIgelK
13 Dec 161#42
Did I say to use it? I was pointing out the incorrect statement I was replying to.
Everyone can use what they like as far as I'm concerned, adults make choices, some right, some wrong.
Don't put a spin on my comment.
kesi10032003
13 Dec 16#44
Im not going to use it but I think its great and thanks for posting.
some people asume very often that if they know about a ^deal^ everyone do.
I do appreciate all post on HUKD
steague86
13 Dec 16#45
Mine has never defaulted to PayPal credit either. Always defaults to my bank account. Think people need to log into their PayPal accounts and set their defaults correctly.
sam_of_london
14 Dec 16#47
Not trying to put a spin but some of these promoted deals are masked advertising. Hope no one gets into debt trap or payday lenders by failing to pay for credit in time.
sam_of_london
14 Dec 16#48
Many people are not tech savy and gullible to fall for these debt traps.
sam_of_london
14 Dec 16#49
That is where the problem lies. This one only gives only 4 months to pay back with no penalty and cannot transfer balance to another card after 4 months like normal credit card. So you are struck with the high interest rate unless you pay it back.
eklynne
14 Dec 162#50
Because I have a poor credit rating and I got it?
NIgelK
14 Dec 163#51
It's been 4 months interest free from the start for PP credit. It's clearly laid out that after this period you will pay interest. You can set up a direct debit to pay or pay online monthly. Frankly if you can't or don't think you can pay it off in four months then don't do it. It's simple, if people can't manage credit whatever the interest free period, then nothing you or I will say will stop them.
Don't blame the company, as I said adults make choices, some good, some bad. If PP were misleading people then that's a different matter, but they're not.
biddilybah
14 Dec 16#52
I've logged into mine. No such option to select my card for payment. Only have Paypal Credit, choose funding source or use wallet funds as default sources. I don't have my bank account linked to paypal, mainly because you give them the rights to take money when they want, should an eBay scammer decide to do a chargeback on you.
biddilybah
14 Dec 163#53
I am very tech savvy, thank you, and it's not an option to choose my bank card. I am not gullible in the slightest either. I used Paypal Credit to buy something this year and paid it back within 3 months (yes, 3 months is correct and my choice). It helped me buy something at the time that I didn't want to pay outright for, as I like to have money held back for a rainy day.
This or 25 month credit cards (which you seem to be praising) will lead any irresponsible person into debt. The time period for repayment is irrelevant. The company is irrelevant. People are responsible for their own decisions and actions.
Oh and it's 14.9% interest... same as a lot of credit cards. At least that is my interest rate given to me...
- How will I setup payments which will end after 4 months?
- If there is no money in my Paypal account will the payment be pulled from my bank account just like it currently does for regular purchases?
Opening post
Spend £150 or more and you get 4 months interest free. Pay that off before you have to pay any interest. You can then spend £150+ on another item and you get 4 months interest free as well.
Representative Example
Purchase rate p.a. (variable)
17.9%
Representative (variable)
17.9% APR
Assumed Credit Limit
£1,200
* Any remaining balance due after the 4-month promotional period or any transactions under £150 will be charged at 17.9% p.a (variable)
Top comments
Not strictly relevant but something that might affect others.
All comments (57)
Not strictly relevant but something that might affect others.
Trust me!!!
I use it all the time though, great if you want to buy something that's on offer a few days before payday.
So even if they don't post deals they may will be contributing.
Then someone comes knocking and says "Time to pay, pal"
Surely people shouldn't be applying for credit if they can't be responsible with it?! :neutral_face:[/quote]
And seriously people applying for credit then asking what they can buy now?! It's. Not. Free. Money!
Everyone can use what they like as far as I'm concerned, adults make choices, some right, some wrong.
Don't put a spin on my comment.
some people asume very often that if they know about a ^deal^ everyone do.
I do appreciate all post on HUKD
Don't blame the company, as I said adults make choices, some good, some bad. If PP were misleading people then that's a different matter, but they're not.
This or 25 month credit cards (which you seem to be praising) will lead any irresponsible person into debt. The time period for repayment is irrelevant. The company is irrelevant. People are responsible for their own decisions and actions.
Oh and it's 14.9% interest... same as a lot of credit cards. At least that is my interest rate given to me...
Warning! Don’t use PayPal to pay on a credit card
- How will I setup payments which will end after 4 months?
- If there is no money in my Paypal account will the payment be pulled from my bank account just like it currently does for regular purchases?