What is PayPal credit? and How does PayPal credit work? that we will know with us in detail in this article. don’t do anything just read.
It is a Synchrony Bank credit line. This virtual credit line works likewise a credit card.
This allows you to pay for online shopping in instalments, not in-full in front.
When checking out using PayPal, It approved users can use that as an option for payment.
Related: PayPal problems
How does PayPal credit work?
1- Applying for PayPal credit
Firstly, If you do not already have a PayPal account, when you apply for PayPal Credit,
Create one, The steps such as:
You only have to provide your birth date,
Your tax income and also the last four digits of Social Security number.
PayPal will review your account regularly and your credit limit may increase or decrease.
2- The uses
Once you’ve set up your PayPal account,
In conjunction with your PayPal account, you can use PayPal Credit wherever PayPal is accepted.
Simply set up PayPal Credit as your default PayPal payment option or when checking out, select PayPal Credit as your payment option.
You may be prompted by some merchants to use PayPal Credit for paying instead of your preferred payment option for your regular PayPal.
You can use a web browser or the PayPal app to manage your PayPal credit settings.
PayPal Credit can be used to send money online to someone using the Send Money tab as part of the feature “Cash Advance”.
Likewise any other PayPal Wallet option you can do.
3- Terms and conditions
Finally, On your balance, It requires payments monthly.
At the end of the month, you can make the minimum payment, or also pay your balance in full, like a credit card, at any time.
Currently, PayPal Credit promotes a six-month special funding offer and If you do not pay the balance in full within 6 months, you will be charged interest, that offers where you will not have to pay interest on $ 99 or higher purchases for 6 months.
To send PayPal Credit money, PayPal will charge a flat transaction fee of 2.9% + $.30 US dollars.
This is the same fee you are paying when you send money via PayPal using a debit or credit card.
ِAlso Read: Discover PayPal business accounts benefits