PayPal increase Intrest to 26.99%

C

cash03ins

Active member
I have enjoyed the use of PayPal for years but today I found a notice that they are going to 26.99% for new purchases. The penalty APR is 29.99%. So as of today I am done with this credit card also I have cut up my Sears and other cards that have made the jump to get out ahead of the new laws that are going into effect after the first of the year. They should have never given the credit card companies almost a year to change their rates like this. This is my rant what do you think?
Wayne
 
wackem up Wayner ,,,,put that fancy paper shredder you have to work buddy ,,,, heck my wife wigs if if over 10 %
 
I paid all mine off when I lost my job earlier in the year. Now the fiance keeps us on a 0 balance.

Credit cards are expensive!
 
crappy thing is once you have them, canceling them hurts your credit score... so don't do it close to any major purchase.
 
They can't hurt your score when you have no account with them, only if you still have the account open and empty. Lose the credit, Pay with cash. Grandpa always said
 
You can set up your paypal with something like a discover card...then pay it off like I do every month...and they give you cash back on top of it.....ask for a cash back check and buy some saltwater goodies or if you are in the dog house like I am every once in a while, take the warden to dinner.
 
I may be wrong but I believe I read that under the new regulations they can start accruing finance charges from day one as opposed to the 30-day grace currently offered.
 
Well it all depends on how PayPal will roll up under your statement if it gets charged at a cash advance there is no grace period! You start accruing finance charges from day one, even if you pay the balance off in full and start with a zero balance. If it gets rolled under a purchase you will still have the legal min which is 21 days(this differs from 21-30 depending on credit card issuer). Every credit card is different so the amount of interest accrued and charged will be different even the billing cycles will be different, ex. Discover has a double billing cycle.

FYI the date it goes into effect is
February 22, 2010, most card companies are gearing up to be ahead of that date so that they are in compliance.

There are a bunch of extra stuff that got added to the CARD Act of 2009!
 
hey you guys i took mine of my credit card year ago mine now is set up on my bank account it draws that way its better if you have a problem with a product or person its easier to get your money back it takes a couple days to clear only draw back
 
mine runs through my Savings account ,,,, no credit cards at all on pay pal
 
Last edited:
<a href=showthread.php?s=&postid=15625699#post15625699 target=_blank>Originally posted</a> by AD87
credit cards are a necessary evil.
Click to expand...

They`re evil, but not necessary. If you can`t afford to pay for it, then don`t buy it. Unfortunately, these companies have made it to easy for people to get themselves in trouble and the government has let them get away with it.
 
Try to finance a home or a car without credit? You need credit im sorry, as long as you have self control they can actually make you money, but its all about self control.
 
I did away with my credit cards 2 years ago, I just use my bank checking card for on line buys. It makes me stay on a budget.
 
I have mine linked to my bank account to avoid paying interest. Have never had a problem, then again I use paypal only maybe once a month or so.
 
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