Is PayPal Credit A Good Idea?

PayPal Credit can be a very good credit tool to use help manage you finances, not because you need the credit.

It’s a good way to park you money in an interest bearing account for six months while you use PPC for big purchases.

When the promotion expires just take money from investments and pay the debit.

Is it bad to use PayPal credit?

In short, PayPal Credit is fairly innocuous, but also pretty unnecessary. The best thing you get out of the line of credit is increased time to pay for larger purchases, but if you can’t pay for discretionary items in cash today, you probably shouldn’t be buying them.

Is PayPal credit good?

The PayPal Credit Card is best for users with a lot of gas and restaurant spending –- these are the categories where it produces rewards rates of 2.4%. For all other spending, including buying things through PayPal and eBay, other cash back credit cards may provide you with the better savings.

What credit score do you need for PayPal credit?

Fair credit needed i.e. a credit score over 620.

Do you have to use PayPal credit?

Any PayPal user can apply for PayPal Credit. If you don’t have a PayPal account already, you will be prompted to create one when applying for PayPal Credit. The application is quick and simple: you only have to supply your date of birth, your income after taxes, and the last 4 digits of your Social Security number.

What is the maximum PayPal credit line?

Once you have been approved and accept the terms of use, PayPal will give you a credit limit of at least $250. PayPal will periodically review your account and may increase or decrease your credit limit.

What is the minimum payment on PayPal credit?

You need to meet minimum repayments: 1% of the outstanding balance, or £5, whichever is higher, or risk £12 late payment fees, and you’ll want to pay off your entire balance before the four months end.