I logged into my Paypal acct today and received this message regarding the 6 months no interest purchases.
Hi, N! We've changed how PayPal Credit works.
You still get No Interest if paid in full in 6 months on purchases of $99 or more. What changed? A minimum monthly payment now applies to all purchases. This is included in your minimum payment due.
Has anyone else received this message? Does this mean the minimum monthly payment will increase to include a minimum payment on each deferred purchase? I'm not sure if this is changing because Synchrony is taking over the accounts today. Thanks in advance for your input.
Yes. You should have either received an email about it (as you did) or a letter in the mail.
Forgot to add: This only applies to NEW purchases from here on out. Any purchases done before today apply under the old plan.
Yes, I logged into PayPal this morning to see if I could see any changes to PP Credit now that's under Synchrony. That minimum payment required for any new deferred interest purchases is all I could see, but we'll probably will need to wait for the first statement under Sync to see if they raised the interest, I was at 19.99%, I figure Sync will raise it, they love their high interest.
I have no problem with the minimum payments, with 19.99% deferred interest I always made payments of at least 1/6 of the deferred balance to make sure I didn't get caught short. And I won't mind higher interest, I have Sync Walmart, Lowes, PayPal Cashback MC and they're all well over 20% APR, and they've never gotten a penny in interest from me.
PPC account terms are kinda hard to find on the website (you gotta click "legal" at the bottom right of the page). I dunno if these are the default rates, but it says 25.49 (thats a huge increase from the 19.99 i had with comenity)
Thats even higher than the mastercard. In fact thats my highest active interest rate now.
Well, the one year and two year rates went up to 12.99% from 9.99% overnight. Won't be considering that option anymore. 30% increase!