How can I pay off in full my 0% 4 Months Paypal Credit amount?

[RSV_Ecosse]

Hi all,

I made a purchase for £449 a couple of months ago using the 0% interest for 4 months facility on Paypal Credit. The 4 months period expires in OCtober and I'm now in the position where I'd like to pay the £449 off in full and clear the outstanding balance thus not encurring any interest charges.

I've searched all over the internet to see if there is anything which clearly states how this works but cannot see any info which relates to it. So for example, if I make a £400 payment at the moment using £100 that I have as Paypal balance and £300 from the bank account tied to my account, will that wipe £400 from the outstanding balance of the 0% interest offer, leaving £49 outstanding? 

My fear is that I pay £400 to my Paypal account and all it does is reduces my outstanding overall Paypal Credit balance by £400 and the £449 sat currently as interest free doesn't get touched and remains there. Or will that not happen?

Would really appreciate some guidance on this. Many thanks.

[DPCreations]

Whatever you pay in advance will reduce the balance.  Your credit limit remains the same.  It's simple math.

When to pay is up to you, early or just on time.

What is is the question?

[RSV_Ecosse]

Thanks for the reply. Simple question really - Here's my current 0% interest balance. Now that you have confirmed it, I'm just about to go and pay £449 to my Paypal Credit account using the 'Make a payment' button near the top of the page I'm looking at under the usual 'Minimum payment due', 'Last statement balance' and 'Account balance' info, this button here:-

Once I've done that, I take it I can expect the amount below to either be wiped from my current Paypal Credit page info since it will have been paid in full before the 4 month interest free period is up?

So once I've paid £449, this will vanish?:-

[DPCreations]

No need to make any payment yet, but you may pay any amouunt you want early.  All that matters is that you pay it all before the due date.  On the payment page, just select what your want.

Make sure you specific the correct funding soure and that it has sufficient funds.

[RSV_Ecosse]

Thanks again for replying. Once you click 'Make a payment' there are only two boxes on the General 'Make a payment' page which pops up 'How much do you want to pay?' and 'How do you want to pay?' plus a box to select the date you wish the payment to be made. There doesn't appear to be any option to select to pay the 0% interest balance off or direct my payment towards that 0% interest balance to reduce or wipe it. Does that make sense? Apologies if I'm being vague!

[DPCreations]

You only have one purchase on your account, the promotion one. This means that any payment will go to that.

It's really quiite simple, unles you are omitting information about your account.

[RSV_Ecosse]

Hi, to be clear, the outstanding overall balance on my Paypal Credit account is approx £1200. I only have one 'Current Offer' purchase under a zero percent interest for 4 months offer on the account. Hence the reason I'm wondering how to apply a payment directly to the outstanding zero percent interest amount. I'd be concerned if I made a payment of £449 towards my account and all it did was lowered my overall balance from £1200 to £751 rather than the £449 payment I make go directly to the zero percent interest balance, reducing that to £0 before interest begins to be due in October.

[DPCreations]

That information changes everything.  Disregard all of my comments.

Back to square one.

What are the details of your current PayPal Credit statement, the printed or PDF file statement?

It will list current activity

Interest Details

Promotional purchase details.

They are all important and are necessary in determining how payments are applied.

[RSV_Ecosse]

I shall have a look at those details and post back. Again, thanks for the reply.

[DPCreations]

Still missing, the date of your statement.  I'll make an assumption that it is after 19 August.  That means your promotional purchase will expire within 2 months, 449.

Your also have 731 of regular pruchases, including interest

Here's the issue.  When you read the payment hierarchy, when you have promotional purchaes expiriing within 2 months your payment may go to those purchases rather than your regular purchases.

That means any payment will go first towards your promotional purchases while the regular pruchases continue to accrue interest.

As long as you are happy with paying interest on your regular purchases, it's not an issue.  Your promotional purchaes will not accrue interest until after their expiration date, and than they will accrue all back interest; that's a big deal.