PayPal Cashback promo interest offers?

[Anonymous]

I was reading my account disclosures and came across this

No Interest if Paid in Full Within 6 Months No Interest if Paid in Full Within 12 Months No Interest if Paid in Full Within 18 Months

For each promotion, if the promotional balance is not paid in full within the promotional period, interest will be imposed from the date of purchase at the variable Purchase APR that applies to your account when the promotional purchase is made. At the time your account is opened, the variable Purchase APR is 21.99%. Your Purchase APR will vary with the market based on the prime rate.

This is the first time I have heard about any promotional financing offers on this card. Has anyone received these offers yet? If they offer these promos somewhat often, it makes the card much more attractive than it already was for the 2%. I also didn’t see anything that said taking advantage of such an offer would void the cashback unlike the Amazon Store Card where you choose cashback OR deferred financing. 

[Cherekas]

I wasn’t aware of the option prior to enrolling for the card but on my first purchase of $185, I received a message before I purchased that read if I chose this card my purchase would be eligible for 6 mo deferred interest. So I was like wow, that’s a really good perk. I wasn’t aware of the 12 or 18 mos. So it may offer the different options depending on the amount spent. Thanks for the heads up!

[Anonymous]

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@Cherekas wrote:
I wasn’t aware of the option prior to enrolling for the card but on my first purchase of $185, I received a message before I purchased that read if I chose this card my purchase would be eligible for 6 mo deferred interest. So I was like wow, that’s a really good perk. I wasn’t aware of the 12 or 18 mos. So it may offer the different options depending on the amount spent. Thanks for the heads up!

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So does this only pop up if you’re using PayPal as the payment method instead of the card number? That would be a good DP to note. I was curious how they would offer this since Amazon is offered at checkout. 

If its anything like the Amazon offers, $499 or so is probably 12 and $999+ is 18 if I had to hazard a guess although Amazon goes to 24 months instead of 18. 

You have to be careful with these offers by the way — this card doesn’t have a setting for choosing how payments are applied - according to the terms, Sync automatically applies all payments to the lowest interest rate which means that if you put regular charges on with a promo balance on the account you’ll get no grace period so you’ll rack up interest until you pay off the promo balance but for a large purchase, the savings can be worth having to go to a lower return card for awhile. 

With the Amazon Store Card, there’s a setting you can change to determine how payments are applied. 

[Cherekas]

PayPal is offered on most check out pages. I was checking out on kate spade and I was going to use my Amex but I happened to click PayPal just to see if my card would load because this was the electronic version, I hadn’t received the physical card yet, and sure enough it was an option. Once I chose the PayPal option then the 6 mo offer populated.

[Anonymous]

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@Cherekas wrote:
PayPal is offered on most check out pages. I was checking out on kate spade and I was going to use my Amex but I happened to click PayPal just to see if my card would load because this was the electronic version, I hadn’t received the physical card yet, and sure enough it was an option. Once I chose the PayPal option then the 6 mo offer populated.

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Sweet, thanks for the info! I will definitely keep that in mind!

[imaximous]

I haven't seen this before, but are you sure this is for the credit card and not for PayPal Credit only?

[Anonymous]

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@imaximous wrote:
I haven't seen this before, but are you sure this is for the credit card and not for PayPal Credit only?

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It’s the terms in my PayPal Cashback terms that Sync emailed me. 

Heres the generic one, it has outdated APR but it shows the offers on there, I’m not sure if mine has some unique identifier so I’m not going to post it. 

https://www.synchronybankterms.com/gecrbterms/pdf/PAYPAL_CASHBACK_MASTERCARD.pdf

[Cherekas]

It could certainly be a new option perhaps? But I only have the PayPal 2% Cashback MC. NOT the PayPal credit card.

[DaveInAZ]

Hmmm, interesting. But I'd be careful of doing a promo deferred interest option if you use the card regularly for other purchases. The CARD Act requires they apply payments to the lowest interest balance first, but if you PIF monthly your new purchases also have 0% interest. I did a deferred interest purchase on my Walmart store card last year but continued to purchase on the card and Sync applied a portion of my payment against the deferred interest balance. If you do a deferred interest purchase you probably shouldn't use the card except maybe for another deferred interest purchase. I run around $1k per month on my Cashback MC, primarily monthly bills using the PP Debit/MC combo, so I won't risk doing a deferred interest promo, but then I have PayPal Credit for that. And Blispay . . . oh, wait . . .

[Anonymous]

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@DaveInAZ wrote:

Hmmm, interesting. But I'd be careful of doing a promo deferred interest option if you use the card regularly for other purchases. The CARD Act requires they apply payments to the lowest interest balance first, but if you PIF monthly your new purchases also have 0% interest. I did a deferred interest purchase on my Walmart store card last year but continued to purchase on the card and Sync applied a portion of my payment against the deferred interest balance. If you do a deferred interest purchase you probably shouldn't use the card except maybe for another deferred interest purchase. I run around $1k per month on my Cashback MC, primarily monthly bills using the PP Debit/MC combo, so I won't risk doing a deferred interest promo, but then I have PayPal Credit for that. And Blispay . . . oh, wait . . .

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Yeah. The Amazon Store Card lets you choose how payments are applied so you can use the card while having a deferred interest promo. They have the option to “allocate payment to non-promotional balances first” so you can still pay off your Amazon purchases and still have your deferred payment count as well. As far as I can tell, PayPal doesn’t have this.