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PayPal Credit

formerly Bill Me Later

PayPal Credit
Overall Satisfaction Rating 3.88/5
  • 5 stars
    159
  • 4 stars
    155
  • 3 stars
    83
  • 2 stars
    17
  • 1 stars
    46
Based on 460 ratings submitted in the last year

This company is not yet authorized. See reviews below to learn more or submit your own review.

PayPal Credit offers secure access to credit for online shoppers. It acts as a line of credit for any online purchases that accept PayPal. It offers credit access with no annual fees and no-interest financing for purchases above $99 in your first six months. PayPal Credit obscures your personal information when you purchase online and provides benefits like reimbursed shipping costs.

BOTTOM LINE

PayPal Credit is a secure and convenient way to shop online. While its website doesn’t offer information about qualification requirements, the no-interest financing and no annual fees make it a popular credit option.

PROS
  • No annual fee
  • No interest over $99 for six months
  • Widely accepted online
CONS
  • Limited rewards
  • Unclear requirements

Top PayPal Credit Reviews We Found

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Rated with 5 stars
profile pic of the author
Verified Reviewer

I personally have only nice things to say about PayPal Credit. They were the first to give me a chance. My credit score was bad. But they gave me a small credit line, $250. That was 2 years ago, my available credit with them is now $1,300. ...only good things to say about them.

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Rated with 5 stars
Verified Reviewer Verified Buyer

I must uphold PayPal for it was PayPal… who granted me a credit line and that credit line would help the way for me to build a credit file. It was PayPal… who trusted in me when the others failed me and… would reject me… Also, customer services representatives are available and they are helpful.

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What is PayPal Credit?

PayPal Credit is a digital, reusable credit line that can be used to shop online. Known for offering customers the ability to “buy now, pay later,” PayPal helps customers budget in a straightforward way. Because it obscures all personal information when you shop, PayPal is widely considered to be more safe than using a traditional credit card.

How does PayPal Credit work?

With PayPal Credit, customers simply connect their bank account to their PayPal account for secure shopping. While shops must accept PayPal in order to get payment, it’s becoming more ubiquitous across the nation, with millions of stores already accepting it online.

PayPal also offers a few additional benefits when shopping online, like reimbursements for return shipping on certain purchases and purchase protection programs.

PayPal Credit card fee

PayPal Credit does not charge an annual fee for service. All purchases over $99 receive six months of no-interest financing. After six months, interest rates apply. For new accounts, the variable-purchase APR is 23.99% at the time of publishing. No interest will be charged if you buy and pay off your account within a month.

PayPal Credit FAQ

What credit score do you need for PayPal Credit?
PayPal does not indicate what credit score is required on its website.
Does PayPal Credit affect your credit score?
Yes. Because PayPal is considered a line of credit, your credit score will be impacted. Your credit will also be checked for approval.
How do I access my PayPal Credit account?
For management, you can access it via app or on the website. If you’re trying to pay for something using PayPal Credit, you will simply check out using PayPal (if applicable) and select PayPal Credit as your payment method.
Who qualifies for PayPal Credit?
PayPal doesn’t offer information about minimum requirements for approval.

Is PayPal Credit good?

PayPal Credit is a good option for people who have good credit and who shop online a lot. Because it doesn’t give you a credit card number, it won’t replace your credit card, but it provides additional benefits, like security and financing, for shopping online. Most will find that PayPal Credit is a good addition to their current financial situation, but it does require a credit check and will report to credit bureaus.

PayPal Credit Reviews

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How do I know I can trust these reviews about PayPal Credit?
How do I know I can trust these reviews about PayPal Credit (formerly Bill Me Later)?
  • 3,054,201 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
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Verified Reviewer
Original review: April 5, 2021

I usually use Paypal for making donations. I guess they have a new policy where they charge an interest fee immediately on the transaction PLUS a 10.00 transaction fee PLUS another interest charge. The total charges amounted to a 14.70 fee on my donation. I am closing my account. That's robbery. There are other sites that don't charge these fees.

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Rated with 1 star
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Verified Reviewer
Original review: March 15, 2021

I have had a PayPal credit account for a few years. I have had a credit score above 750 for that time. I haven't had a late payment in over 4 years and can count on one hand the number of times I have made a late payment in my lifetime. Suddenly, my credit limit decreased today without warning, from $6,500 to $1,500. This is a considerable decrease for me and has lowered my FICO score. It is absolutely ridiculous that I should be punished for no reason, without warning, despite my fiscal responsibility.

2 people found this review helpful

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 25, 2021

    On November 11th I sold an inverter to a Kamoru ** from New York. He personally came to my house to pick up the item. He paid me through PayPal. On January 10th he put a claim into PayPal saying he never received his item. He came to pick it up. My account is over 500$ negative. I called PayPal, told them he picked it. He said he contacted me regarding the item and I never answered home of course he never contacted me because he has his item. He picked it up personally. Because I can’t produce proof that I shipped it they are going to give this guy back his money. He picked it up, so I wouldn’t have a shipping label. And because he put the claim in first PayPal don’t ask him for proof of contact. I have all text messages from him as proof he was here. PayPal don’t care. Going to file police report today.

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    Rated with 3 stars
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    Verified Reviewer
    Original review: Jan. 22, 2021

    It's great that you can make interest free purchases through PayPal, but they do not make it easy to pay it off. You have to call customer service and speak to someone in India in order to allocate your payments to that particular purchase. You should be able to do that online without making a phone call to India.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 14, 2021

    A couple of months ago I decided to open a PayPal Credit account, was told I would receive a bill and then forgot about it. Suddenly last week a couple days before the bill was due, I received an email. The only way to pay was with a checking account or debit account. I called and was told there was an extra charge to use my bank account so stupidly used my debit card. This was via a India-speaking call center. It was a long, drawn out conversation, where each set of numbers, a partial confirmation number was given. In between, various products were offered and even though I said I was not interested in buying anything, I was told to say OK and proceed. At the end the person hurriedly gave me the last nos of the confirmation and did it so fast that I did not get it and the call was disconnected.

    The next day the bank where I have my debit card called reporting fraudulent purchases. They were small amounts but were recurring so the debit card was cancelled. Some people would probably never even notice the small amounts. Today I received an email about the PayPal Credit Account saying it was overdue. I checked my bank account and no money was ever withdrew to pay. I again spoke to an individual with a strong accent and "flipped out" until I was able to speak to someone at the bank itself (Synchrony Financial). The late fee was cancelled and I was told how I could pay the balance with a check through the mail. All I can say is shame on you Synchrony Financial! This is a scam, perhaps to obtain late fees, but know I no longer will use this and warn all Consumers about this! CONSUMERS BEWARE!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 30, 2020

    I made purchases from Etsy and Sharper Image with the payments charged to PayPal. PayPal sent email confirming payments made to the vendors. I called my bank only to find out PayPal says assessments were made, triggered by Sharper Image being "unsafe" so all transactions were denied for a total of $230.38. PayPal then billed these charges to my bank's debit card account. The balance in the bank was not enough to cover these charges so now I have bills that have bounced because of insufficient funds. I feel I should not be penalized for unpaid charges and all other fees. May I add that I have a PayPal credit of $2,200.00 that I can use? After this issue is resolved, I'm cancelling PayPal!

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    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 24, 2020

    This is the worst credit care experience I have ever had in over 50 years of credit. After one late payment and NO notice then reported our account to the credit bureau. After explaining the situation to them they refused to amend the Credit Bureau Report, driving our credit score down by almost 100 points. After reading the other complaints on here I don't see how they can stay in business. They treat prime and super prime customers like sub-prime.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 24, 2020

    I had a PayPal MasterCard for years and years! Since COVID-19 struck I have not been able to make any purchases and even before then I did not make a lot because I have been rebuilding my credit (from 10 yrs ago) and I am happy to say my credit status as of today is excellent standing, which it has been for some time but I just wanted to stress that for purposes of this review.

    Regardless of my excellent credit worthiness as shown on my consumer credit report, and regardless of my excellent standing I have always had for years with PayPal Mastercard, I was finally able to use and NEEDED to use and rely on my Paypal Mastercard, And when I went to use it it was declined for the amount of $1300. To my shock I called Paypal to inquire what was going on. When I called Paypal to inquire, I was told by a supervisor, after requesting one, that PayPal can close anybody’s account whenever they want to, in essence. I was told because I had not used my card in a year they lowered my limit from $10,000 to $1500. I was stranded because of this, but the supervisor only helped me complete a cancellation of my PayPal MasterCard, which was done very easily with her help and encouragement.

    When I asked the supervisor to direct me to the line in the contract that states if you don’t use your card in a year or more they will cancel it or drastically reduce your limit without you knowing, she told me it’s nowhere in the contract other than the clause that says they have the discretion to do what they want with your credit card at any time. Bye-bye PayPal. Good riddance!??? It is reasons like this that is your first indication a company is going belly up!

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Nov. 7, 2020

    Why I love PayPal?

    1. This company appears safe for buyers, as the site platform is both secure and encrypted. My opinion for the key data protection issue for buyers may be external to PayPal and they will need to have a secure digital connection to PayPal. So their data should be kept safe from prying eyes.

    2. PayPal Payment Review is a free fraud-detection feature and notifies merchants using PayPal Checkout of potentially high risk payments. The company offering increased protection against processing and shipping fraudulent orders. Once a scammer has hacked into somebody else's PayPal account (as in the case of the phishing email scam), they can make purchases and send payments with the money from the account they have taken over... PayPal may reimburse the seller if they are able to confirm that the account that made the payment was hacked.

    3. Using PayPal Payments is a very easy to receive and send money and all transactions are completed very fast.

    4. PayPal Credit is fairly innocuous, but also pretty unnecessary. The best thing you get out of the line of credit is increased time to pay for larger purchases.

    5. It is very important to know: PayPal Credit does report to the credit Bureaus and will affect your credit score. Late payments will be reported to Experian specifically.

    6. I have a very good experience with PayPal credit for a purchasing eBay.

    PayPal Credit is an unsecured line of credit that you apply for and can use online anywhere PayPal is accepted. Your credit line is linked to your PayPal account... Unlike PayPal's credit cards, PayPal Credit doesn't offer rewards. But it does offer some special payment deals, like longer interest-free terms.

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    Rated with 1 star
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    Verified Reviewer
    Original review: Nov. 4, 2020

    This organisation works closely with Dell Computer (featuring upon their web-site). After their failure to perform on a delivery, the order from Dell was cancelled - which Dell accepted. However, PayPal credit have clearly paid Dell, and continue to chase me for payment of monies re: product not supplied. PayPal Credit seem unable to understand that this is a triangular credit agreement - and they need to obtain a refund from Dell. Their credit control team uses an auto-dialler arrangement - which if you answer the call connects you with someone who hasn't read the file before speaking with you. When they do finally understand the situation - resolving matters is beyond the relevant operative's pay-grade so they simply are unable to do anything. REPEAT REPEAT REPEAT.

    9 people found this review helpful
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    PayPal Credit Company Information

    Company Name:
    PayPal Credit (formerly Bill Me Later)
    Website:
    www.billmelater.com