PayPal Credit minimum payment; clarification?

EaudeParfum
Contributor
Contributor

Hey guys, something that's not clear to me, regarding the minimum payment.

 

If I checkout with PayPal Credit and it's a monthly minimum payment amount, is that based on how much credit I've used?

 

Or is there a general amount minimum payment that's due (like with a credit card, $25-35 range or so minimum)??

 

I'm interested in using it, but I'm also hesitant because I don't want the minimum monthly payment amount to be too high (like $150 a month or something, I'd rather it be lower $25 or so).

 

Example scenario: Purchase from a website for $1500 (NON-promotional). What might the monthly payment amount be just for this? Like $25 a month minimum?

 

Thanks

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4 REPLIES 4

DPCreations
Frequent Advisor
Frequent Advisor

The minimum payment is based on several factors.  Thre is no minimum payment display for a promotional balance that has not expired.  The minimum payment is only required for current non-promotional purchases and for promotional balances which have expired without being fully paid.

You'll need to look at the statment carefully as there is no minium payment required for a promotional balance that will expired before the next due date.  If you miss paying the full balance on a promotional balance before it expires ALL of the accrued interest will be added and you will have significant minimum payment the next month.

Example:

Your statment is dated 4 November

You have no regular balance and no minimum payment

You have $500 promotional balance expiring on 19 November

Your next statement will be 4 December AFTER the promotional balance expires

You MUST make your full promotional balance by 19 November to avoid deferred interest.

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EaudeParfum
Contributor
Contributor

Thank you. What about non-promotional?

 

Buying from a online store 'regularly', like using PayPal Credit as a CC basically.

 

Is there a calculator that's specifically for PayPal Credit that I can use?

 

I'm basically looking for a rough estimate on how much the monthly minimum would/will be.

 

$500 balance, $1000 balance, $1500 balance as examples.

 

Thanks!

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DPCreations
Frequent Advisor
Frequent Advisor

It may be on your montjhy statement but you'll need to download the full detailed statement for that information.  There should an explanation of how the minimum payment is calculated on the back of one of the pages.

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JDunst69
Contributor
Contributor

so it could vary on what the credit line is?

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