PayPal Credit?

Any of you guys use PayPal Credit? It says 6 months, 0% interest if paid in full. Is this true? If you use it, how do you like it? Thinking of putting a decently large purchase on it and paying it off over 6 months.

 

Dave Ramsey says don't do it.

 

Any particular reason?

 

Because most likely, something will happen in those 6 months causing you to put money towards something else (an emergency or something of the sort) Which in return will make you miss your deadline, and then you have to deal with the crazy interest.

 

Yeah the interest if you don't make it is nuts. Not much different from a normal credit card though.

 

It's up to you . I'm no financial adviser. Just wondering, what's the big purchase? Truck upgrades?

 

Looking at refrigerator in the future. I'm moving in a few months. Damn they are expensive.

I try my best not to order truck parts on credit. My motto is Cash for toys, credit for necessities. Not worth going into debt for a bumper!

 

Paypal is hypocritical

 

Why?

 

i have used it before, same as credit card, just make sure you pay it off so you do not pay interest

 

I've had nothing but good experiences with it.

Just be careful on the 6 months no payment deal. Interest accrues over those 6 months and on day one after 6 months they charge you all the interest. I could see that catching someone who isn't paying attention. But I've made several large purchases and paid them off before 6 months and not paid any interest.

Also, might be a good thing or a bad thing depending on how you look at it, but it doesn't report to my credit report that I can tell.

 

I was curious about credit as well.

 

I have used many cards in this way BUT I used a buffer in payments.

Planned a 9 month payoff plan on a 12 month zero interest for my Sonos.

Did a 12 month payoff on 18 month zero interest for my shed.

It's a great deal if you don't let things get down to the wire!

 

I've used it as well... no complaints, paid it off, no interest.

Recently though, I've developed a cash first emergency credit policy... I'd advise against the "Cash for Toys, Credit for Necessities" policy... Just my opinion. Fridge dies suddenly and needs replaced, that's one thing... planning a move in a few months though, that gives you time to save up for it. In the end, if you pay it off before the interest starts accruing, then it really doesn't matter if you bought toys or necessities.

 

That's kind of what I meant. I try to use cash whenever. Even on necessities, just if I can't afford it and need one, I'll use a CC.

 

I'll have to be careful how to word it. They are pulling plans to build in NC because of the bathroom law which is really not that big a deal. But....they do plenty of business in countries that kill and jail people for not being heterosexual. Two faced paypals...