PayPal Credit (Bill-Me-Later) Balance Transfer to Chase CC - feasible or no?

[Anonymous]

Greetings all!

I recently signed up for a new CC through Chase that I was approved for with a much lower APR than PayPal's Bill-Me-Later (which I'm trying to rid myself of) I have a large balance that I was hoping to transfer to take advantage of my new CC's offer of no interest for 15 months, and even if that turned out to not be the case, I'm finding PayPal Credit a waste as I'm not actually building and maintaining credit by using it. I'm noticing that on the PayPal Credit page, only bank accounts seem to be able to be added for paying off the balance. Has anyone had any experience with this? I've read that you can use the account number on your PayPal Credit statement to do a BT, but will PayPal actually allow this? Since, they seem to only take checking account and debit payments, as well as existing PayPal balance money. I'm kind of miffed that there's these kind of hoops to jump through whereas it should be pretty easy normally to transfer balances between credit accounts. Thoughts or help please, and thank you in advance!

[DantGwyrdd]

When you do a balance transfer you will initiate it from the side of the bank that you're transfering the balance to (and not the recepient) and what will happen is that the bank issuing your credit card will cut a payment to your other creditor either by sending them a check or ACH (bank) transfer so yes PayPal will take their money. And yes, you'll use your account number that's on your BillMeLater statement to send money to, you may need the address and other information that's on the statement as well (the same ones you'd be sending a check to if you were to send a check).

[Anonymous]

Oh this is great to hear for sure! The only thing I'm noticing is that since Bill-Me-Later / PayPal Credit is not a real credit card, there's no 3-digit security code. At least, not on the statement and never needed one since the account password seems to be a stand-in for it. Still, I would imagine it should have a code anyway, right? I only ask because while plugging in the info to do a BT, it asked for a 3-digit code, but now that I'm thinking about it, it could very well be the code for my new card (I'm just typing out-loud so-to-speak, I realize that this kind of question might be better suited for calling PayPal Customer Service themselves) but thank you for your help and info thus far! It's much appreciated!

[Loquat]

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@Anonymous wrote:

Greetings all!

I recently signed up for a new CC through Chase that I was approved for with a much lower APR than PayPal's Bill-Me-Later (which I'm trying to rid myself of) I have a large balance that I was hoping to transfer to take advantage of my new CC's offer of no interest for 15 months, and even if that turned out to not be the case, I'm finding PayPal Credit a waste as I'm not actually building and maintaining credit by using it. I'm noticing that on the PayPal Credit page, only bank accounts seem to be able to be added for paying off the balance. Has anyone had any experience with this? I've read that you can use the account number on your PayPal Credit statement to do a BT, but will PayPal actually allow this? Since, they seem to only take checking account and debit payments, as well as existing PayPal balance money. I'm kind of miffed that there's these kind of hoops to jump through whereas it should be pretty easy normally to transfer balances between credit accounts. Thoughts or help please, and thank you in advance!

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Hi and welcome to the forum.  Just like the other poster mentioned, just put in your info from your PayPal Credit statement along with the address and the amount you want to transfer and you'll be fine.  Keep in mind that Chase isn't exactly speedy (in my experience) with balance transfer so it may be at least 10 days before you see it credited to your PayPal Credit account.  Chase will bring give you similar language about processing time after you submit.  As I'm sure you're aware, continue to make the minimum payment on your PayPal Credit account until you see that the transfer payment has posted. 

[jsk0307]

OP, thank you for bringing this up. I hadn't considered a BT for PayPal credit but I may pursue as well. I was looking into cards from Chase and Citi, so this might be a good option for me if I can score a deal.

[DantGwyrdd]

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@Anonymous wrote:

Oh this is great to hear for sure! The only thing I'm noticing is that since Bill-Me-Later / PayPal Credit is not a real credit card, there's no 3-digit security code. At least, not on the statement and never needed one since the account password seems to be a stand-in for it. Still, I would imagine it should have a code anyway, right? I only ask because while plugging in the info to do a BT, it asked for a 3-digit code, but now that I'm thinking about it, it could very well be the code for my new card (I'm just typing out-loud so-to-speak, I realize that this kind of question might be better suited for calling PayPal Customer Service themselves) but thank you for your help and info thus far! It's much appreciated!

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It wouldn't be asking you for the paypal security code (you don't have to transfer a credit card balance necessarily for one thing). If you want to take a screenshot and post it it'll be easier to tell what they're looking for -- if you post a screenshot, be sure to delete any identifying information. Also, if you want to call someone you should be calling Chase customer support as it's their system you're working with to transfer the balance.

[SunriseEarth]

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@Anonymous wrote:

Greetings all!

I recently signed up for a new CC through Chase that I was approved for with a much lower APR than PayPal's Bill-Me-Later (which I'm trying to rid myself of) I have a large balance that I was hoping to transfer to take advantage of my new CC's offer of no interest for 15 months, and even if that turned out to not be the case, I'm finding PayPal Credit a waste as I'm not actually building and maintaining credit by using it. I'm noticing that on the PayPal Credit page, only bank accounts seem to be able to be added for paying off the balance. Has anyone had any experience with this? I've read that you can use the account number on your PayPal Credit statement to do a BT, but will PayPal actually allow this? Since, they seem to only take checking account and debit payments, as well as existing PayPal balance money. I'm kind of miffed that there's these kind of hoops to jump through whereas it should be pretty easy normally to transfer balances between credit accounts. Thoughts or help please, and thank you in advance!

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BML is a hidden TL, so using it can help you keep your UTIL optimized on your reports.   There's definitely a place for it, but ultimately, you have to do what makes most sense to you.

It appears others have already suggested using the account number for BML to initiate a BT.   If that has issues, you may be able to get the BT deposited into your own back account and then make a payment.