I am mad about Paypal changing the terms on Paypal credit

CherylMeadows
Contributor
Contributor

I won't be purchasing things that I used to buy on Paypal Credit.  I believe Ebay will suffer from this change the most.

I have 2 Amazon credit cards and a Walmart card that has the same terms, why would I use Paypal Credit now.  I won't use them.  I will go out of my way not to use Paypal also.  I have changed every monthly automatic payment that uses Paypal to my credit card.

 

I normally buy big items thru Paypal Credit because I had the flexibility to pay it at a later date, which I loved.

I will stop using Paypal altogether unless forced to by a seller, such as my daughter's university makes her pay her debit card with paypal, although it comes right out of my checking account.

They are hoping that people will be late paying their monthly bill, is what I am assuming, so that they can collect the late fees. 

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2 REPLIES 2

kernowlass
Esteemed Advisor
Esteemed Advisor

ok


Advice is voluntary.
Kudos / Solution appreciated.
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nmbrcruncher
Contributor
Contributor

I agree with most of op's issues.  Paypal Credit is now crediting excess payments to oldest charges, not ones with the nearest due date.  For example, I have two charges using 24 month easy payments.  They were made last year and are not finished until next year.  Now, if I make a 6 month interest free charge, things get funky.  Any excess payments I make above the minimum due will get credited to the oldest charge, not the one with the closest due date.  I would have to pay off the entire 24 month balances before payments can go to the 6 month charges.  This does change in the two months closest to the six month due date.  That means in the month before and the month the 6 month charge is due.  This seems to be an attempt to get some extra interest from consumers and/or get old charges off the books, lowering Paypal Credit's exposure to creditor default.

 

So, I will no longer be making 6 month no interest charges with Paypal Credit.  Amazon offers 6 month interest free for charges over $150.  I will be taking my business there.  If you agree with me, complain to Paypal Credit customer service.  Also, do not make 6 month charges.  It will hurt Paypal on the bottom line.  They may not care about customers, but they do care about profits and their stock price.

 

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