Paypal Bill Me Later

So I'm here browsing parts for my projects( car and truck ) and I see the "Paypal Bill Me Later" at the top of the screen. Out of curiosity, has anyone here used that option?

 

Don't do it! I started the process then canceled after I did some research on google. They charge you with a lot of misc. fees!

 

If you can't pay for it now, don't buy it now!

 

I've used it to purchase about $2,000 worth of stuff and have only paid $4 in fees over those 6 months...

If you're smart about how much you spend and pay it off quickly, you'll be fine. I pay mine off every couple of months.

 

I use it and haven't paid a dime in interest. Like using someone else's money.

 

Can you make more than one payment a month? Or was there a set scheduled payment?

 

You can make as many payments as you want.

 

x2. No interest or hidden fees that I've seen.

 

It is someoone else money

 

Thanks for the info guys!

 

I should mention that my experience was text book/no problems. Everything worked as it should have.

After seeing soljah111's recommendation, I took a quick peek. Nearly all the complaints at Consumer Affairs (http://www.consumeraffairs.com/credit_cards/bill_me_later.html) are all related to non-text book situations - something didn't go as expected. BML may not in the end approve the credit line, and when that happens, PayPal will revert to your backup payment method. Some folks had their checking account as the backup - oopsy! Definitely check out the complaints so that you're not caught off guard.

I'm thankful that everything went smooth for me.

 

I've had BML for a while now. I don't buy anything I can't afford to pay off immediately (within a week or so) but sometimes it's good to have a credit line for emergencies. For instance, I had to replace my radiator and fan clutch unexpectedly. But even then, for most the purchases you get 6 or 12 month to pay full w/ no interest. Some credit is good to have if you don't abuse it. Otherwise, if you have a spending problem, stay far away as possible. I've had no problems with BML though, and it works very well. No interest if paid in full by your terms for the purchase and I have never been hit with any hidden fees.

 

Make sure you have the money before using it. You get 6 months with no interest but if you can't pay it off, you get pretty shitty interest rates.

 

Exactly! Know what you're getting into.

On any extended no-interest period, I prefer to calculate out the monthly payment so that I'm making the final payment a month early. That way, if my math was wrong or there some some other hiccup along the way, I have a little time to get it worked out before getting slammed with ALL the back interest (that's how they make their money; they count on people screwing up and not paying it off before the grace period ends).

 

It's my money when I pay it back