Unexpected Interest Fees

[MagicSiebz]

In the last two months i have gotten Interest Charges on my Paypal Credit account. I've had this account for over 3 years and have never gotten interest charges. Did something change this year with how interest is determined?

[PayPal_Olivia · Accepted solution]

Hi @MagicSiebz,

I'm sorry to hear that there are interest charges where they were not expected. It's possible that the previous balances were from purchases that were eligible for a deferred interest promotion for a certain time frame, and the subsequent purchases were not, or that the promotional period for a purchase some time ago has expired. You can learn about how payments are applied to promotional balances here. If you have more questions, please reach out to PayPal Credit customer service. The number can be found by clicking Contact at the bottom of the PayPal website, then clicking contact us, then call us.

I hope this helps!

Olivia

[MagicSiebz]

Thanks for sending that over. I think what happened was that I had non-promotional purchases that my excess payments didn't pay off so I got interest charged on them. In the past i was making payments more often so I think any non-promotional purchases were paid off before any interest was charged. I'll try changing up my own personal payment cycle to see if that solves the interest being charged.

Additionally, though, I'm curious about something - Is there anyway to view where the interest came from in my Account Summary? I see the overall interest charged but it would be nice to see what purchases got charged interest.

[PayPal_Olivia]

Hi @MagicSiebz,

Thanks for letting me know my reply helped!

To view whether a purchase that was made is a promotional purchase or a standard purchase, you would have to find the specific statement that reflects when the purchase is first made. That particular statement will show whether the purchase goes into the standard balance or the deferred balance. On subsequent statements, the full balances would be shown and you would not be able to see the individual purchase amounts any longer.

I hope this helps!

Olivia

[John228ff]

I carry a promotional balance and always pay the required amount by payment date. I  use my bank's bill pay service to do so. I have not had problems until this month. According to my bank's bill pay department, Paypal changed from direct electronic pay to requiring a check for the March 1 payment. I was not informed  about the change. However, my bank mailed the required payment on 25 Feb but Paypal did not process the payment until 6 March. I  incurred a  $27 late fee and $60  interest. I went over this with two customer service persons including a supervisor named Cory. I wanted an explanation of what had happened, why the change, and how can I keep it from happening again. The late  fee was waived but was told that there would be no adjustment of interest by Paypal. 

I canceled my Paypal credit account and canceled my Paypal. Life's too short to deal with this type of behavior.