PayPal Credit promises fast access to a flexible credit line of anywhere from $250 to $20,000. But before you think about applying for PayPal Credit, there are a few things you MUST know.

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PayPal Credit has been gaining popularity recently as people look to apply for a credit line that they can use to make purchases online. With PayPal Credit, you also have the option to send money, buy gift cards, and even potentially transfer to a bank account.

However, PayPal Credit works very differently when compared to a credit card and there are a number of things that you'll want to watch out for when using this credit line.

One significant difference is the zero-interest period that PayPal Credit offers. If you make a $99+ purchase on PayPal Credit and pay it off in full within 6 months, you'll pay no interest on the transaction. This is not an introductory offer and will apply to all purchases over $99 that you make with PayPal Credit.

But, there's a catch. If you don't pay off the item in full within 6 months, you're going to be hit with all of the retroactive interest that would have accrued over the last 6 months. Depending on the size of your purchase, this could end up being a surprise interest charge of hundreds of dollars you weren't counting on.

Plus, the interest charge with PayPal credit is based on your initial purchase amount, not your outstanding balance. What this means is if you spend $1,000 on PayPal credit and pay off $700, you'll continue to be charged interest on the $1,000 amount, NOT your $300 outstanding balance.

This has the potential to make a big difference over time.

On top of these things, there is also plenty more you'll need to watch out for with PayPal Credit including the ability for it to hurt your credit score!

Enjoy!

TIMESTAMPS
(if you use these, you gotta like the video...I don't make the rules)
00:00 - Intro
00:40 - What is PayPal Credit?
06:12 - Applying for PayPal Credit
08:53 - Hidden Costs
09:54 - Outro

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