Confusion over new T&C's email received and 0% promotional balance

walkerx
New Community Member

Hi,

 

I have a paypal credit account that has a promotional balance on it for 0% until next year, but an email I've just received implies that Paypal will now apply interest @ 21.9% after July 1st for any outstanding balance, or have I read this wrong.

 

This is the statement I received

The new interest rate will apply to all non-promotional balances and purchases made using your PayPal Credit account and will come into effect on 1st July 2021. Promotional balances refer to any 0% or instalment offers you may have. Any promotional purchases made before 1st July 2021 will remain subject to the applicable promotion’s interest rate and terms, but if these expire after 1st July and are not repaid in full the remaining balance will move to the new interest rate of 21.9% p.a.

 

So from reading that because the instalments end after 1st July, will this mean that I will now have to pay 21.9% apr interest on this unless I do the following and keep paying my monthly payment

 

You have the right to tell us that you want to opt out of this change and would like to close your account, by contacting us on 0800 368 7155 before 1st July 2021. If you do so, you will not be able to use PayPal Credit for future purchases and you’ll need to pay off your balance in full over a reasonable period at your current rate and in line with your existing terms.

 

Thanks

 

 

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