PayPal Credit Card |Should You Get a PayPal Credit Card?

PayPal Credit Card |Should You Get a PayPal Credit Card?

PayPal is an online payment company that has been in business since December 1998. As the leading online payment company, PayPal currently offers a PayPal credit card. The company currently has nearly 98 million active registered accounts.

PayPal operates in 190 markets using 25 currencies. There are localized websites in 21 of the 190 markets. The services offered by PayPal allow customers to send and receive payments from other individuals without exchanging or exposing financial information. You can also check account balances and add or remove bank accounts as desired.
Is it worth investing in the PayPal credit card? Should I get a PayPal credit card?

In addition to offering a safe way to transfer money and make payments, PayPal offers a credit card. Instead of drafting payments from your checking account, you may use a PayPal credit card to handle payment arrangements.

PayPal established the PayPal credit card to provide you with the opportunity to purchase desired items even if the funds are not available in your checking account. You must weigh the pros and cons to decide if the PayPal credit card is right for you.
Pros and Cons of Getting a PayPal Credit Card
The pros to getting a PayPal credit card include:
It helps you establish creditworthiness. This credit card may create additional financial opportunities to you if you receive the PayPal credit card.
Any merchant who accepts PayPal accepts the card. You receive a physical credit card that can be used online and in person. Any merchant that accepts MasterCard accepts the PayPal credit card.
GE Money Bank finances the credit card. GE Money Bank is a leading consumer credit provider. You have a line of credit with a trusted name in credit financing.
The card offers zero liability for unauthorized transactions. Once you prove that a transaction is unauthorized, you are not responsible for any charges to the PayPal credit card.
The PayPal credit card has no annual fee. This option offers you extra available cash to spend on the credit card.
You receive additional promotions that are only available to PayPal credit card holders. Low interest rates and special discounts are available when you use the PayPal credit card to fund purchases.
The PayPal credit card offers available funding when cash is low. You have the option to make purchases even when the cash is not available in your checking or savings account.
The cons to getting a PayPal credit card include:
If you do not have good credit, you may not qualify for the PayPal credit card. It is recommended that you have at least a 675 credit score to receive the credit card. If your credit score is lower than 675, you may be declined for this line of credit.
The interest rates on this credit card are high. You can expect to pay between 19.99 and 23.99% APR for credit card purchases. The interest can add up quickly on credit cards with high balances that are not paid before the next billing cycle.
The card has a penalty of $35 for late payments. Late payments can add up to over $300 per year if you do not make payments on time each month.
You pay $1.66 per $100 spent each month. These additional fees add up over time.
You are charged $5.00 or 3% for each balance transfer and cash advance. You experience yet another charge for using the PayPal credit card. These fees are in addition to the APR charges.
You must repay the balance on the PayPal credit card. If you are not responsible, you may have trouble using this card in a responsible manner. The credit card does not provide you with the authority to spend freely without the responsibility to repay the debt. Abusing the card may damage your credit and creditworthiness with future credit issuers.
How to Get a PayPal Credit Card

If you want to receive a PayPal credit card, you must adhere to the following:
You must become familiar with all aspects of owning a credit card. It is important to know about the APR, fees, and other aspects of owning this credit card. You must understand the responsibilities that come with owning the PayPal credit card.
Create a PayPal account. You must have an active PayPal account to qualify for the credit card. Access the application by clicking on the “PayPal Credit” link at the bottom of the home page or log into an existing PayPal account and click on the “PayPal Plus Credit Card” link.
Read the “Terms and Conditions” section and print a copy for your personal records.
Click the “Apply Now” link to complete the application for the PayPal credit card. Much of the information about you is filed in from the information captured when you set up the PayPal account. Applicants must confirm that the information is correct before submitting the application. Applicants are prompted to enroll in the “Account Security” program.
Submit the application. It takes less than 1 minute to determine if you are approved.
You may begin using the credit immediately as a source of funding. The credit card will arrive in the mail shortly.

There are many considerations for applying for the PayPal credit card. The important thing to remember if you are approved for the credit card is to use it responsibly. PayPal credit card abuse can have a lasting impression on your creditworthiness.