PayPal Credit isn’t a physical card, and you can’t use it at physical stores, but this makes it quick and easy to sign up and get approved – you just need to have a PayPal account and fill out an online application for approval. PayPal is strongly associated with e-commerce and online banking, as it is one of the best ways to make secure payments on the internet. While Visa,MasterCard, and American Express are the brands to think of when it comes to the credit cards in your wallet, as it turns out, PayPal is in the credit business as well.
PayPal Credit is an open end credit card account that provides a reusable credit line built into your account with PayPal giving you the flexibility to pay for your purchases right away or pay over time. It’s easy to apply, easy to use and there whenever you need it. PayPal Credit is subject to credit approval and is offered by Synchrony Bank.
PayPal Credit is connected to your PayPal account and can only be used for online shopping. This means PayPal Credit is 100% online-based. It is different from other credit cards with PayPal in the name – including the PayPal Cashback Mastercard as it is only meant to be used online. But there are many perks that come with PayPal Credit, especially if you are a frequent online shopper and already use PayPal.
Applying for PayPal Credit is easy. Simply complete short application form at Paypal site and, if approved and once you accept the Credit Agreement, you’ll have a credit limit linked to your PayPal account almost straight away. Also you should be a resident of your country and aged 18 years or older, have a good credit history and have not recently been declared bankrupt. It’s easy to apply and get approved for PayPal Credit.
PayPal Credit has a particularly fast process, since you don’t even need to wait for a physical card to arrive in the mail. You’ll just need to fill out an online application and be subject to an instant approval based on your credit history.
You will need a PayPal account to get the card, which will also automatically link to your PayPal Credit, appearing as a payment option each time you check out with PayPal.
You can only use PayPal Credit if PayPal is available as a payment option.
PayPal Credit is available to use at many stores online. The flip side of the coin to the convenience of automatically linked PayPal and PayPal Credit is that PayPal has to be an option in order to use PayPal Credit. You can use PayPal Credit at the many online sites where PayPal is accepted. PayPal Credit can cover the difference for large purchases when you don’t have adequate funds in your PayPal Wallet.
PayPal Credit is a reusable credit line built into your PayPal account. So if you want to make a larger purchase right away but your PayPal account’s balance is too low, your PayPal Credit line can spot you the difference – and you can even choose to pay it over time.
You can carry a balance on those large ticket items without being hit with interest fees – but you’ll definitely want to avoid paying interest
As long as you pay off purchases of $99 or more within six months, you can get an item scotch-free of interest charges – as long as you make minimum payments.
One thing that’s unfortunately similar between PayPal Credit and its credit card competitors is its sky-high interest rate, at 25.99%.
So long as you’re responsible with paying the balance or large purchases within six months, there’s no financial disincentive to getting PayPal Credit, as there is also no annual fee.
Business person can use PayPal Credit as customers can pay using PayPal Credit. So businesses that accept PayPal at checkout can offer customers the option to pay with PayPal Credit, either online or in-store. If you accept PayPal as a payment form, PayPal Credit is already available to customers who check out with PayPal at no additional cost to your business.
When a customer makes a purchase using PayPal Credit, PayPal deposits the full amount of the purchase into your account just as with any other PayPal transaction, so there is no added risk to you as a PayPal merchant; accepting a PayPal Credit payment is the same as accepting any other PayPal payment. However, if you make PayPal sales online, you can promote PayPal Credit financing options on your website, which might be of added benefit to businesses that sell large-ticket items online.
There are multiple ways you can allow customers to pay with PayPal Credit:
Of course, only customers who have been approved by PayPal Credit may pay with PayPal Credit, and then only up to the amount of their credit limit. Customers who have set up PayPal Credit as their preferred PayPal payment option will automatically pay for all their PayPal purchases using Credit; customers can also choose PayPal Credit in their PayPal Wallet for individual transactions when presented with this option at checkout.
If you wanna know how to get cash from Paypal credit and how to use it Amazon store then read our next question.