If you’re an avid online shopper, you’ve probably used PayPal to make your purchase at some point. PayPal is a leading online payment platform with two hundred million account holders and an average of 193 transactions per second. However, what you may not know is that PayPal also offers a credit service called PayPal Credit.
PayPal Credit is essentially a line of credit through Community Capital Bank that’s built into your PayPal account. It allows you to decide whether you want to pay for a purchase upfront or in smaller installments over time. The best part is that there’s no annual fee, and you can manage everything in one place with your existing PayPal account.
Applying for PayPal Credit is easy. All you need to do is go to PayPal.com and click on “Personal” at the top of the page. From the drop-down menu, select PayPal Credit, and click on “Apply Now.” You will need to confirm your billing address, enter your date of birth, social security number, phone number, and review the terms. You will get a decision in seconds, and if you’re approved, the credit line will be added to your account.
PayPal Credit can be used anywhere that accepts PayPal as a form of payment, including thousands of online retailers and even in stores like Home Depot and Dollar General. To use PayPal Credit in stores, you’ll need to make it your preferred method of payment first. Log into your account, go to “Settings,” click on “Payments,” and then scroll to the bottom of the page to your preferred way to pay. Next to “In-Store Purchases,” click on “Change” and select your credit account, then click “Save.”
When you checkout using PayPal in stores, there are two different methods, both of which require you to use the PayPal mobile app. Some retailers will ask for the phone number associated with your account and your PIN number. After entering your phone number and PIN, a QR code will appear on your mobile device that the cashier can scan. If you don’t have a PIN number, you can set one up under your security settings.
Some stores will ask for a code instead of a PIN number. In this case, you’ll need to use the PayPal mobile app to generate a one-time passcode for the transaction. Once you’ve chosen the store where you want to shop, a four-digit code will appear. This code will serve as your PIN number for the transaction and will only work one time at that particular store.
For most purchases of $99 or more, you have the option of no payments and zero interest for six months. However, it’s always a good idea to pay it off early to avoid interest later. You can make payments on your PayPal Credit through your computer or mobile device or send them a check to pay.
In conclusion, PayPal Credit is a convenient and easy way to make payments for your purchases on credit. It’s safe, secure, and can be managed all in one place with your existing PayPal account. If you’re interested in using PayPal Credit, check it out at PayPal.com/credit to see if it’s right for you.