PayPal Credit Promotional Payment Allocation
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
PayPal Credit is using fraudulent deceptive practices when allocating payments towards promotional purchases. In 2015 CFPB ordered them to pay 25 million to its consumers for their shady practices. It’s 2018 and not much has changed. I have 24 month promotions and I have 6 month promotions. I make my minimum payment towards my 24 month promotions. And I payoff my 6 month promotions way before the end date. Most within a month of the purchase date. BUT PayPal Credit has this deceptive payment hierarchy where they allocate your payments so they benefit from accrued interest. So even when you make the minimum monthly payment and make extra payments to pay off your 6 month promotions, PayPal is not applying your extra payments towards the 6 month promotions. You have to call and ask to have your payments allocated towards the promotions or you’ll get stuck paying what I call the “stupid tax” 19.99% interest from the date of purchase. They bank on consumers lack of knowledge. They never communicate this in writing. They only tell you this when you call and complain. Extremely fraudulent deceptive practices. Shame on PayPal.
- Labels:
-
PayPal Credit
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
You should be fine doing the two payments then. Check the PayPal Credit payment portal on 12/5 (after the autopayment applies), and you should see the payment correctly applied to your remaining 6 month promotional balance.
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
@jgatl , confirmed the payment. Everything worked just like you said. It made the minimum payment to my 24 easy payments and put the remaining money towards my 6 month plan. Thanks Again, for doing all the heavy lifting on this topic. Knowledge is power as they say.
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I feel the same. I have a specific balance I want to pay off, but there is no way to allocate the payment. It's very frustrating. However, I enjoy using the interest deferred option.
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Everything is designed to benefit large corporations at the expense of individuals. It's a horrible system, currency based on debt issuance, but it will fail soon. Make the best of it, disregard your credit score (it's a form of economic slavery), and, if need be, default. The banks are all funded by the central banks (ECB, Fed(US), BOE, etc., so they can just write everything off should they please, because the central bank will simply counterfeit (magically produce more currency) more debt as currency to cover their preferred users (banks).
Cash, bitcoin, silver, gold, barter, eggs, butter, live chickens, not necessarily in that order. All forms of credit are corrupt, so any way one can escape them is a reasonable alternative. They will not survive. Central banks are living on borrowed time and make believe currency. Everything is soon to go up in smoke. That's all I have for now. Read my blog at http://www.dtmagazine.com. I've only been covering economics for the past 14 years, so maybe you can get an idea from my work, I hope. Best wishes to all. Any bank or financial institution charging interest rates of more than 6% should be shuttered.
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
What that bank is doing with the allocation of payments is totally deceptive and wrong.
So, what is the advantage of the 24 easy payments financing option if any amount in excess is applied to promotional 6 months no-interest if paid in full?
If I chose 24 easy payments it was because I want to pay in 24 easy payments, nothing less, nothing more.
This is completely nuts!!!!!
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Yes, the APR is 29.99%!!! That is usury and is totally unacceptable in these current times. How they get away it is beyond my comprehension. Maybe they would comprehend a class-action suit.
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
This is nothing new for Synchrony Bank, or the entire US banking system. I believe it was in 2015 that Synchrony had to fork out tens of millions back to consumer accounts for deceptive credit practices. I was a recipient involving a credit dental plan issued by them. Same then as now. Yes, you can call Synchrony and ask that your payment be applied as you wish. Now here is a novel thought/remedy! Give the account holder the option on the website to allocate their payments? What a concept, but unlikely to ever happen because... we all know the answer. New year, new administration in D.C., new representatives. Let's stop sitting on our duffs and take this on!
Haven't Found your Answer?
It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.
- Ebay purchase canceled and refunded. Instalmen but Plan payment still being taken 2 months later in Products & Services Archives
- PayPal Credit how is interest accrued after Promotional offers If not paid in full. in Products & Services Archives
- How to allocate a payment towards an interest free purchase in Products & Services Archives
- Promotional offer not being cleared by payments in Products & Services Archives
- current balance, promotional offers in Products & Services Archives