topic Re: PayPal Credit account in General Credit Topics

PayPal Credit account

GTS — Fri, 19 May 2023 18:57:03 GMT

I was on the paypal site and was looking into & reading about paypal credit. PayPal describes it as a "revolving credit card" account and not a revolving LOC. I'm a little confused. I already have the PayPal cashback world Mastercard but is PayPal credit revolving LOC or do they actually issue a card for that as well? I would like to take advantage of the financing options but was also wondering about others experience with using PayPal credit and also what the likelyhood is of getting approved after only having the cashback card for 3 months? Should I just let the sleeping bear rest for fear of account closure? Thanks in advance all replys are appreciated.

Re: PayPal Credit account

FireMedic1 — Fri, 19 May 2023 20:16:06 GMT

I have PP Credit. In fact I was warned to use it 4 months ago. So I did. Use it. Theres no card. All online in your portal.

Get No Interest if paid in full in 6 months on purchases of $99.00+.

Re: PayPal Credit account

GTS — Fri, 19 May 2023 20:22:08 GMT

@FireMedic1how does it report to the CRA? As a credit card or a loan?

Re: PayPal Credit account

FireMedic1 — Fri, 19 May 2023 20:45:16 GMT

Revolving account.

Re: PayPal Credit account

DONZI — Fri, 19 May 2023 23:46:03 GMT

It's an okay product, but probably more usable in conjunction with the paypal digital wallet.

The 0% ongoing deal is pretty nice but rewards cards are my primary spending vehicle so PP credit despite the specials, deals and store is 99% of the time dismissed as my payment source. If one day they coupled it with a virtual or physical card I'd surly use it more.

Re: PayPal Credit account

butterpecan — Mon, 05 Jun 2023 19:58:31 GMT

@DONZI Is it available to use in Google Pay wallet for "tap and pay" inside stores and gas pumps? Or is it a virtual line of credit (online purchases only)?

Re: PayPal Credit account

805orbust — Tue, 06 Jun 2023 04:06:29 GMT

I've seen a few retails that have offered PPC as an option... never tried it. Basically I use it as a safe way to pay online. Not giving the merchant any access to my sensitive account information. It reports like a credit card, or line of credit. Revolving, with utilization percentages displayed as normal. I've come to love it actually. I even used it for an Alibaba trade assurance order for around $5000 once for some Ebikes I bought from China about 18 months ago. REALLY cool product for the right type of purchases.

Re: PayPal Credit account

DONZI — Tue, 06 Jun 2023 15:01:53 GMT

@butterpecan wrote:
@DONZI Is it available to use in Google Pay wallet for "tap and pay" inside stores and gas pumps? Or is it a virtual line of credit (online purchases only)?

I am unsure, I don't use smartphone based digital wallets.

I suppose it's possible that it could be added to samsung, google, etc. pay, and assume that the paypal digital wallet for smartphones would offer paypal credit as a payment source.

I've seen indication of paypal acceptance at retail stores and assume that is related to the phone wallet. As @805orbust mentioned, paypal credit is/was designed as an online payment source and did get propagated somewhat to online stores as a payment option.. I've not noticed any brick and mortar locations accepting paypal credit, but mostly since I don't pay any attention to non-card payment options.

Re: PayPal Credit account

butterpecan — Tue, 06 Jun 2023 18:59:08 GMT

@DONZI wrote:
@butterpecan wrote:
@DONZI Is it available to use in Google Pay wallet for "tap and pay" inside stores and gas pumps? Or is it a virtual line of credit (online purchases only)?
I am unsure, I don't use smartphone based digital wallets.

I suppose it's possible that it could be added to samsung, google, etc. pay, and assume that the paypal digital wallet for smartphones would offer paypal credit as a payment source.

I've seen indication of paypal acceptance at retail stores and assume that is related to the phone wallet. As @805orbust mentioned, paypal credit is/was designed as an online payment source and did get propagated somewhat to online stores as a payment option.. I've not noticed any brick and mortar locations accepting paypal credit, but mostly since I don't pay any attention to non-card payment options.

@DONZI I appreciate the DP and I find it useful learning about these credit cards or lines of credit here. In fact i have learned things about my daily driver bank that I never knew and ive been with them for 10 years. I really like PayPal as well so I imagine the LOC tied to them is also very convenient.

Re: PayPal Credit account

GZG — Tue, 06 Jun 2023 19:03:49 GMT

@butterpecan wrote:
@DONZI Is it available to use in Google Pay wallet for "tap and pay" inside stores and gas pumps? Or is it a virtual line of credit (online purchases only)?

I know you can add your paypal account (seperate from the PPMC) to google wallet, I wonder if you have PPC set as the primary funding source, if it will just pull from that when you use it

no idea if it works like that, but worth a shot

Re: PayPal Credit account

butterpecan — Tue, 06 Jun 2023 19:13:04 GMT

@GZG wrote:
@butterpecan wrote:
@DONZI Is it available to use in Google Pay wallet for "tap and pay" inside stores and gas pumps? Or is it a virtual line of credit (online purchases only)?
I know you can add your paypal account (seperate from the PPMC) to google wallet, I wonder if you have PPC set as the primary funding source, if it will just pull from that when you use it

no idea if it works like that, but worth a shot

@GZG This is exactly what I was wondering because my husband's is set that way and it's in his google wallet but he's never tried. I have been approved for PPC with a small line of $1500 so I don't want to try it on mine in case it flags anything. Here is a screenshot of my digital card that loads in Google wallet linked to my PayPal line of credit (not the MC, I don't not have that trust me my scores are not high enough yet for that at 600.)

Re: PayPal Credit account

GZG — Tue, 06 Jun 2023 19:19:50 GMT

@butterpecan wrote:
@GZG wrote:
@butterpecan wrote:
@DONZI Is it available to use in Google Pay wallet for "tap and pay" inside stores and gas pumps? Or is it a virtual line of credit (online purchases only)?
I know you can add your paypal account (seperate from the PPMC) to google wallet, I wonder if you have PPC set as the primary funding source, if it will just pull from that when you use it

no idea if it works like that, but worth a shot
@GZG This is exactly what I was wondering because my husband's is set that way and it's in his google wallet but he's never tried. I have been approved for PPC with a small line of $1500 so I don't want to try it on mine in case it flags anything. Here is a screenshot of my digital card that loads in Google wallet linked to my PayPal line of credit (not the MC, I don't not have that trust me my scores are not high enough yet for that at 600.)

navigating funding sources and setting default funding sources is a literal nightmare within paypal, it takes me 10 minutes everytime to find the recurring subscriptions page and to go in and switch default payments for various subscriptions manually

curious if it works, I wouldn't have any idea how to do it

Re: PayPal Credit account

butterpecan — Tue, 06 Jun 2023 19:45:14 GMT

@GZG I'm curious too, hopefully someone has experienced trying it. For now I just use it to pay for things online as it feels safer to me and they have a decent purchase protection.

Re: PayPal Credit account

DONZI — Wed, 07 Jun 2023 21:10:38 GMT

I would think that if there is a Paypal specific payment option (EG: Pay with Paypal) that would use the default payment method (unless wanting to specify a non default account) which can be set on the website to whatever you have in your paypal wallet, credit cards, bank accounts and paypal credit.

Over the years there has been at least 2 iterations of virtual credit or debit cards. The last one, paypal key, was quite useful where any accounts from your paypal account would be available somewhat on the fly as the funding source. It would be great if Paypal could come up with a virtual card they can be comfortable with. I like the concept of isolating accounts from merchants via paypal, but it seems paypal can't iron out something profitable when trying to add card flexibility into the mix.

Re: PayPal Credit account

805orbust — Fri, 09 Jun 2023 10:14:20 GMT

Wow... I wonder if this will work with my Samsung wallet. It's worth a shot. And I don't use that thing nearly as much as I should.

Re: PayPal Credit account

butterpecan — Fri, 09 Jun 2023 13:52:16 GMT

@805orbust wrote:
Wow... I wonder if this will work with my Samsung wallet. It's worth a shot. And I don't use that thing nearly as much as I should.

@805orbust I'd love to know too. It also shows "pay at the pump" capabilities when you open the app and you click on "payments" and scroll all the way to the bottom. (Android platform, I don't use Apple so I don't know about their layout)

It directs you to nearby gas stations that take paypal at the pump via QR code scanning according to what it says. I'm waiting for someone to try it. 🙂

Re: PayPal Credit account

butterpecan — Fri, 09 Jun 2023 14:08:10 GMT

@DONZI wrote:
I would think that if there is a Paypal specific payment option (EG: Pay with Paypal) that would use the default payment method (unless wanting to specify a non default account) which can be set on the website to whatever you have in your paypal wallet, credit cards, bank accounts and paypal credit.

Over the years there has been at least 2 iterations of virtual credit or debit cards. The last one, paypal key, was quite useful where any accounts from your paypal account would be available somewhat on the fly as the funding source. It would be great if Paypal could come up with a virtual card they can be comfortable with. I like the concept of isolating accounts from merchants via paypal, but it seems paypal can't iron out something profitable when trying to add card flexibility into the mix.

It would be great if they actually allowed this to be used in stores as a virtual card like you can do with egift cards etc etc. I like the concept too. I don't recall paypal key but then again my account sat dormant for years until covid when I utilized online shopping more than ever just like the rest of us. Thanks for your input. I remain curious about this product working in store.

Re: PayPal Credit account

DONZI — Sat, 10 Jun 2023 06:35:53 GMT

@GZG wrote:
@butterpecan wrote:
@GZG wrote:
@butterpecan wrote:
@DONZI Is it available to use in Google Pay wallet for "tap and pay" inside stores and gas pumps? Or is it a virtual line of credit (online purchases only)?
I know you can add your paypal account (seperate from the PPMC) to google wallet, I wonder if you have PPC set as the primary funding source, if it will just pull from that when you use it

no idea if it works like that, but worth a shot
@GZG This is exactly what I was wondering because my husband's is set that way and it's in his google wallet but he's never tried. I have been approved for PPC with a small line of $1500 so I don't want to try it on mine in case it flags anything. Here is a screenshot of my digital card that loads in Google wallet linked to my PayPal line of credit (not the MC, I don't not have that trust me my scores are not high enough yet for that at 600.)
navigating funding sources and setting default funding sources is a literal nightmare within paypal, it takes me 10 minutes everytime to find the recurring subscriptions page and to go in and switch default payments for various subscriptions manually

curious if it works, I wouldn't have any idea how to do it

Paypal 'default' payment method I referred to is actually the "Preferred" payment option as set at https://www.paypal.com/myaccount/money/ -- I know what you talking about though, the recurring payments that can be offered by merchants for subscription style payments -- referred to as 'Automatic Payments' on paypal ( https://www.paypal.com/myaccount/preferences/payments ) has eluded me in the past. These type of payments (the paypal fund source) seems to be limited to one source for all active automatic payments.

The automatic payments/subscription method is a bit different than my usual use of paypal, which is 1-time payments where I can select paypal to pay the merchant, then via paypal select which account (bank, paypal credit, credit card, etc) I want to pay with.

If google or samsung pay wallets allow paypal as a payment method, I guess it boils down to if those smartphone wallets allow on the fly/per transaction adjustment to the paypal funding account similar to how it works just paying with paypal via a web browser.

Re: PayPal Credit account

805orbust — Sat, 10 Jun 2023 09:56:47 GMT

@DONZI we'll know shortly... ima try it out this am. Although it wouldn't make much sense at the pump for me as I get that 5% with Redstone FCU 😉

Re: PayPal Credit account

butterpecan — Sat, 10 Jun 2023 14:48:16 GMT

@805orbust wrote:
@DONZI we'll know shortly... ima try it out this am. Although it wouldn't make much sense at the pump for me as I get that 5% with Redstone FCU 😉

Cool! Please let us know how it goes! And yeah 5% with your Redstone is not too bad. 👌 Lucky!