topic Re: New PayPal product in Credit Cards

New PayPal product

Anonymous — Thu, 08 Jun 2017 22:28:52 GMT

PayPal is going to let a new 2% credit card backed by Syncbrony fly starting next week. This is designed to directly compete with Blispay.

Just a heads up if anyone is interested

Re: New PayPal product

DaveInAZ — Thu, 08 Jun 2017 22:54:42 GMT

@Anonymous wrote:
PayPal is going to let a new 2% credit card backed by Syncbrony fly starting next week. This is designed to directly compete with Blispay.

Just a heads up if anyone is interested

Raises hand: I'm interested!

But in the past when I've tried for the PayPal MC by Synch it wouldn't let me, saying I already have PP Credit (from Comenity) and you can't have both. If they do come out with this 2% Synch card I'll have to look into closing the Comenity PP credit, I really don't use it much.

Re: New PayPal product

dragontears — Thu, 08 Jun 2017 22:48:04 GMT

I smell a FOTM coming

Re: New PayPal product

Anonymous — Thu, 08 Jun 2017 22:48:14 GMT

I already have 3 Sync Bank cards with Walmart orange with a CLI as latest addition....will give it about 6 more months for the PP one..

Re: New PayPal product

Anonymous — Thu, 08 Jun 2017 22:59:43 GMT

That is still the case... until July. In July, you'll be able to have multiple PayPal products linked in your Paypal wallet.

What is FOTM?

Re: New PayPal product

Anonymous — Thu, 08 Jun 2017 22:57:34 GMT

ah, flavor of the month. I gotcha now.

Re: New PayPal product

Benzman — Thu, 08 Jun 2017 23:24:04 GMT

@DaveInAZ wrote:

Raises hand: I'm interested!
But in the past when I've tried for the PayPal MC by Synch it wouldn't let me, saying I already have PP Credit (from Comenity) and you can't have both. If they do come out with this 2% Synch card I'll have to look into closing the Comenity PP credit, I really don't use it much.

You can have 2 pay pal accounts. One personal and one premier. Link PPC to one and PPE to the other. Been like that for years.

Re: New PayPal product

AverageJoesCredit — Fri, 09 Jun 2017 00:55:38 GMT

Yeah but most people want 2 for their personal account. This is gonna go crazy not only for the 2% cash back crowd but the rebuilders and everyone in between. I have enough cards as it is dont need another Sync card that looks like they would have big approvals and blue envelopes ready to go

Re: New PayPal product

Gmood1 — Fri, 09 Jun 2017 01:13:08 GMT

I may have to pull the old Paypal Extra Mastercard out of the SD, if they make it a 2% cash back card. It will certainly get more use than it does now.

Just checked the account. I haven't been on it in 3 or 4 months. I didn't realize they now offer FICO 8 TU scores like Walmart.

Re: New PayPal product

minski — Fri, 09 Jun 2017 07:32:00 GMT

Designed to compete with Blispay? So it would offer financing as well? Interesting. Even better if it is a hidden tradeline.

Re: New PayPal product

Erusidhion — Fri, 09 Jun 2017 07:36:15 GMT

Synchrony should've done this a long time ago anyways. The 2% market is really hot right now and Synchrony can give out easy, larger credit limits on their cards versus the competition over time. This is pretty exciting actually although I love my Blispay. I wonder if this card will follow their financing like Walmart does, 6 months $299 or less (something like that), 12 months if it's $300+. This would beat Blispay hands down and would be the best emergency card/bill paying card besides DoubleCash, Fidelity (3% I think or is that Schwab) and some others.

Thanks for the heads up! I'll be keeping an eye out for it.

Re: New PayPal product

Anonymous — Fri, 09 Jun 2017 11:16:05 GMT

Went to check this out myself. Looks very interesting - apparently it might actually be released as soon as next week according to Doctor of Credit. I might hold off on getting that prequalified Walmart store card after all and go for this one instead if it looks like a good rebuilder card; of course, the version with the 2% cash back for Paypal would be the one I want.

Re: New PayPal product

DaveInAZ — Fri, 09 Jun 2017 12:53:32 GMT

@minski wrote:
Designed to compete with Blispay? So it would offer financing as well? Interesting. Even better if it is a hidden tradeline.

I actually don't like that PayPal Credit (Comenity) is a hidden tradeline. What that really means is if you're responsbile - pay on time and have a nice credit limit - we'll never let anyone know. But if you're naughty - miss a payment, etc. - we'll report you faster than snot.

Re: New PayPal product

Anonymous — Fri, 09 Jun 2017 13:04:27 GMT

@AverageJoesCredit wrote:
Yeah but most people want 2 for their personal account. This is gonna go crazy not only for the 2% cash back crowd but the rebuilders and everyone in between. I have enough cards as it is dont need another Sync card that looks like they would have big approvals and blue envelopes ready to go

Re: New PayPal product

Anonymous — Fri, 09 Jun 2017 13:07:12 GMT

@DaveInAZ wrote:
@minski wrote:
Designed to compete with Blispay? So it would offer financing as well? Interesting. Even better if it is a hidden tradeline.
I actually don't like that PayPal Credit (Comenity) is a hidden tradeline. What that really means is if you're responsbile - pay on time and have a nice credit limit - we'll never let anyone know. But if you're naughty - miss a payment, etc. - we'll report you faster than snot.

I understand your reasoning but I believe that you are in the minority's as most people seem to prefer it being hidden. I know that I do. I typically carry a high (for PP credit) balance as I buy a lot of stuff and use the 0% financing. No desire for that to tank my scores because my utilization is high on the account. I have enough other tradelines that do report and help my credit that one additional one reporting wouldn't help one bit.

Re: New PayPal product

Anonymous — Fri, 09 Jun 2017 14:08:32 GMT

@DaveInAZ wrote:
@minski wrote:
Designed to compete with Blispay? So it would offer financing as well? Interesting. Even better if it is a hidden tradeline.
I actually don't like that PayPal Credit (Comenity) is a hidden tradeline. What that really means is if you're responsbile - pay on time and have a nice credit limit - we'll never let anyone know. But if you're naughty - miss a payment, etc. - we'll report you faster than snot.

That's been my issue about Comenity's Paypal Credit, too, stipulating that I've been considering (and still am) getting it. If this new Synchrony card is reasonably easy for rebuilders to get, I can see it becoming more popular than the Comenity card.

Re: New PayPal product

DaveInAZ — Fri, 09 Jun 2017 14:37:08 GMT

@Anonymous wrote:
@DaveInAZ wrote:
@minski wrote:
Designed to compete with Blispay? So it would offer financing as well? Interesting. Even better if it is a hidden tradeline.
I actually don't like that PayPal Credit (Comenity) is a hidden tradeline. What that really means is if you're responsbile - pay on time and have a nice credit limit - we'll never let anyone know. But if you're naughty - miss a payment, etc. - we'll report you faster than snot.
I understand your reasoning but I believe that you are in the minority's as most people seem to prefer it being hidden. I know that I do. I typically carry a high (for PP credit) balance as I buy a lot of stuff and use the 0% financing. No desire for that to tank my scores because my utilization is high on the account. I have enough other tradelines that do report and help my credit that one additional one reporting wouldn't help one bit.

I'm sure I am in the minority, both on not liking it being a hidden TL, and on it reporting would help. It's actually my oldest TL, got it around 2007-2008 when it was Bill Me Later. It actually survived my 2010 BK7, I hadn't used it in some time so no balance, and I had no other Comenity accounts so they never found out. My CL is $4k and I've never charged more than a couple hundred on it, even for the 0% financing. If the 2% Synch card looks good I'm leaning toward closing PP Credit to app for it. I've had my PP account since 2005 and don't want to risk it trying the 2nd Premier/Biz account game.

Re: New PayPal product

Anonymous — Fri, 09 Jun 2017 15:21:57 GMT

@DaveInAZ wrote:
@Anonymous wrote:
@DaveInAZ wrote:
@minski wrote:
Designed to compete with Blispay? So it would offer financing as well? Interesting. Even better if it is a hidden tradeline.
I actually don't like that PayPal Credit (Comenity) is a hidden tradeline. What that really means is if you're responsbile - pay on time and have a nice credit limit - we'll never let anyone know. But if you're naughty - miss a payment, etc. - we'll report you faster than snot.
I understand your reasoning but I believe that you are in the minority's as most people seem to prefer it being hidden. I know that I do. I typically carry a high (for PP credit) balance as I buy a lot of stuff and use the 0% financing. No desire for that to tank my scores because my utilization is high on the account. I have enough other tradelines that do report and help my credit that one additional one reporting wouldn't help one bit.
I'm sure I am in the minority, both on not liking it being a hidden TL, and on it reporting would help. It's actually my oldest TL, got it around 2007-2008 when it was Bill Me Later. It actually survived my 2010 BK7, I hadn't used it in some time so no balance, and I had no other Comenity accounts so they never found out. My CL is $4k and I've never charged more than a couple hundred on it, even for the 0% financing. If the 2% Synch card looks good I'm leaning toward closing PP Credit to app for it. I've had my PP account since 2005 and don't want to risk it trying the 2nd Premier/Biz account game.

I definitely understand your sound reasons for wanting it to report. Everyone's situation is different and that's why it is never a good idea to assume what's good for you (not you specifically but in general) is also good for someone else. The new card seems appealing from what I have read so far. Good luck if you do apply. I too have a very old PayPal account and would hate to lose it as well.

Re: New PayPal product

DaveInAZ — Fri, 09 Jun 2017 17:24:17 GMT

Doctor of Credit has an informative post on the new Synchrony 2% card:

- Paypal is sending some people an email offering them to apply for a new version of the Paypal Mastercard which will offer 2% cash back on all purchases. This version is not publicly available for signup at the moment. Looks like this card will be publicly available to everybody starting sometime next week.

And the bad news:

- There are two versions of the new Paypal Mastercard, both issued by Synchrony Bank:

Paypal Extras Mastercard which earns 2% rewards on all purchases; no annual fee
Paypal Platinum Mastercard which does not earn rewards; no annual fee

When you apply for the card, you have no way of knowing for sure that you’ll be approved for the 2% version. Just hope for the best.

Sounds like the typical Synchrony game where they offer a store card & Mastercard, like Walmart & Sams Club - you app, and if approved you might get the better card, or you might not. I played that game last Nov. when I app'd for Sam Club hoping for the MC with decent rewards, I lost - got the crappy store card with a crappy SL..

Credit Doc also has a direct link to the PDF with terms, it looks like both cards have deferred 0% interest for large purchases.

Re: New PayPal product

pipeguy — Fri, 09 Jun 2017 17:54:04 GMT

My hope is that if in fact the Synchrony PP 2% card is designed to compete with BlisPay and considering how Synchrony tends to give out higher credit limits like halloween candy, that BlisPay will wake up to giving CLI's to their "loyal" customers. I personally perfer BlisPay, but the $7500 SL is one of only 2 accounts I have under 5 figures, which somw would consider a "first world issue", but it's more a limited usage issue for me.