Paypal Credit FAQs
To find out more about PayPal Credit, take a look at our frequently asked questions below:
- Q: What is PayPal Credit?
- Q: How much interest will I pay?
- Q: How do I apply?
- Q: Do I need to reapply if I already have PayPal Credit?
- Q: Do I need to have a PayPal account?
- Q: What do I do if my application is unsuccessful?
- Q: What happens if I want to return the item I bought using my PayPal Credit?
- Q: What is the cost of PayPal Credit after the 4 months 0% interest free period?
A: Similar to a credit card, but without the plastic, PayPal Credit gives you a credit limit on your PayPal account which can be used for online purchases.
Q: How much interest will I pay?
A: Every time you spend £99 or more with PayPal Credit, you will automatically get 0% interest for 4 months on that purchase.*
Plus, if you want to spread the cost of your purchases over longer than 4 months, you will be charged at the standard variable rate of interest (currently 21.9% p.a.) after the interest free period has ended.
* The minimum payment due still applies to 0% offer balances. Any remaining balance due after the 4-month promotional period will be charged interest at 21.9% p.a. (variable). In order to maintain the 0% offer, you need to keep up monthly repayments and stay within your credit limit.
A: Applying for PayPal Credit is easy. Choose ‘Pay with PayPal Credit’ in the Shopping Bag, then proceed to checkout and select your delivery option. PayPal Credit will already be selected when you get to the payment page, after which you’ll be directed to PayPal to login to your account.
The application form takes minutes to complete. PayPal will then run a credit check and, if approved, you’ll have a credit limit linked to your PayPal account as soon as you accept your Credit Agreement.
You can use your agreed credit limit to pay for today's purchase, as well as any future purchases up to your credit limit.
Q: Do I need to reapply if I already have PayPal Credit?
A: No. Just select ‘Pay with PayPal Credit’ in the Shopping Bag.
Q: Do I need to have a PayPal account?
A: Yes, but if you don’t have a PayPal account you can easily create one as part of the PayPal Credit application.
Signing up for a PayPal account is free and easy; all you need to do is provide your email address, create a password and accept PayPal’s User Agreement.
Q: What do I do if my application is unsuccessful?
A: If you have been declined for PayPal Credit, PayPal will send you more information about why your application was unsuccessful. You can still use PayPal to complete your purchase.
Q: What happens if I want to return the item I bought using my PayPal Credit?
A: You can return the item as normal, our standard Returns Policy applies. Simply send the item back to us and we’ll refund the money to your PayPal Credit account. Please note, orders paid using PayPal or PayPal Credit cannot be returned in-store.
Q: What is the cost of PayPal Credit after the 4 months 0% interest free period?
A: The Representative Example below shows the typical costs of using a PayPal Credit limit after the 4 months 0% interest free period has ended.
Representative Example
Purchase rate 21.9% p.a. (variable)
Representative 21.9% APR (variable)
Assumed Credit Limit £1,200