Congrats on your PPSC approval. I also have this and it behaves like a traditional credit card account. You receive statements and minimum payment amounts. Yes, you can set it to be a backup source for your debit card. Do this under preference settings in your PPSC management. I don't know of any drawbacks to doing this - I haven't tried it. I probably won't use this account much (small ebay purchase here and there).
I have noticed that after a payment is made, it can take a week or so for it to clear - your available balance takes a while to reflect the payment. Very slow. GEMB seems to be slow with clearing payments across the board. Mine was a very high APR so I would never carry a balance.
It could be a good way to improve credit and get in with the regular Paypal Credit Card down the road.
With FICO, time heals all wounds.
Once you setup your backup funding source as Paypal Smart Connect, you would use your Paypal Debit Mastercard and backup funding would be provided by the Paypal Smart Connect. However, I haven't tried using my Paypal debit card in this way so I couldn't guarantee that it works. You could certainly test it out with a small purchase and see if the debit goes through using PPSC as the backup funding to your Paypal Debit card.
To setup your backup funding source for the Debit card, go to Paypal Debit Mastercard management tools under Profile.
Backup payment method: Line of Credit for your PayPal Smart Connect x-
Backup limit:
The spending power for your PayPal Smart Connect is the maximum you have available for backup payments. Please note that standard debit card limits also apply.
I hope this helps. Checkout the Paypal Smart Connect FAQs for other info.
You can use the Paypal Smart Connect line of credit anywhere Paypal is accepted and quite a huge number of major online stores now take Paypal.
@Anonymous wrote:
@alexdaman wrote:Hi all I am new here and have a few questions if anyone knows about paypal smart connect.
Well first I was approved for $500 credit
I heard I can get a paypal debit card and link the smart connect to the paypal debit card and use the credit as funding is that true? And is it recommended?
Yes and Yes. It delays it hitting the online account alittle. You will notice. It will debit the card then it will take a few more days to take money from smart connect.
Also is it similar to bill me later?
And if I use the smart connect to buy lets say a $100 item do I have to pay it off right away with bank account or something and any fees for using the smart connect?
As long as you pay in full once that 100 hits on your statement, then you will not have to pay any interest fees. Smart Connect reports as a store card. I am kind of glad since its my only store card.
Thanks in advance
My Smart Connect went from 300 and is now 1100. Every 4 months I am getting increases.
Are these increases done with a soft pull? I was thinking of asking for an increase but I don't want another inquiry right now.
That's pretty interesting. So using the debit this way, you essentially turn PPSC into a 1% cashback mastercard with no annual fee (albeit horrific APR).
I've used my smart connect account as a backup funding for my paypal debit card. It does work and you do get the 1% cashback on it. You have to run the debit card it as a credit card to get the 1% cashback.
Paypal smart connection is backed by GE Money Bank (GEMB) and all their credit increases are soft pull. Pull that trigger man! 