Paypal Buyer Credit
corvette1340
Posts: 3,384 ✭✭✭
got a pre-approved message from paypal and signed up for the buyer credit. They gave me a $5000 limit and from what I gather it works just like a regular credit card. Anyone use this? Does the recourse from a bad transaction work like a credit card also? Anything else I should know besides what is in the account details?
0
Comments
<< <i>Got the message awhile ago and figured I'd apply. Used it for one transaction and paid it off before the billing cycle. Interest rate isn't very appealing as my primary CC's are all under 9.9% and PayPal BC is around twice that. >>
yeah, I saw that the interest rate was pretty ridiculous, but figured I'd go ahead and do it since it was there. I usually use a credit card for high end purchases because of the protection so if the protection is the same with the buyer credit then I might use it sometime.
"PP Buyer Credit" is a branded, funded/serviced credit-line
thru GE Money Bank.
Purchases are fully protected by PP "Buyer Protection."
The captive line - PPBC - is not as strong in protections as is the
PP Plus MasterCard, but, for our purposes, of buying expensive
stuff with adequate protection, it is just fine.
PP+MC is a branded card issued thru WFC - or whatever bank
PP has a deal with at the time of application.
The card is now harder to get than the PPBC. Again, for our
purposes, PPBC works fine and there are plenty of better deals
on MCs and VISAs than the PP+MC.
One, the interest rate was horrendous as others stated.
Two, they will keep upping your limit without asking you (and hope to get more interest on a higher outstanding balance).
Three, you will spend more on eBay because you have the account (but not necessarily the money) and it is too easy to use.
It all comes down to how you mange your spending. I had trouble because of this card and my spending is waaayyyy down wthout it. I thought their practises were a llittle unscrupulous (huge interest rate plus upping your limit without asking so that you'd have a nice large o/s balance)
<< <i>If you can manage your money it's ok. I had it for awhile but cancelled it for several reasons.
One, the interest rate was horrendous as others stated.
Two, they will keep upping your limit without asking you (and hope to get more interest on a higher outstanding balance).
Three, you will spend more on eBay because you have the account (but not necessarily the money) and it is too easy to use.
It all comes down to how you mange your spending. I had trouble because of this card and my spending is waaayyyy down wthout it. I thought their practises were a llittle unscrupulous (huge interest rate plus upping your limit without asking so that you'd have a nice large o/s balance) >>
Thanks. I don't carry balances on any of my cards and I have some pretty high limits. I was mainly asking if there was some other benefits to using this that I didn't see on the surface.
Steve