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Lets say I want to buy something that is 1000$.
I have 2 credit cards and their limits are $700 and $500 respectively.
Can I use both credit cards to pay for something with Paypal?
No... PayPal will not allow you to split the funding source between 2 credit cards unless you send two payments.
If your purchase is on eBay then you have a work around:
1) using Credit Card #1 purchase an eBay gift card for yourself
2) Purchase the item on eBay and apply the gift card, then pay the remainder with Credit Card #2