Said credit card has a high interest rate, PayPal credit seems much lower.
Can I use it to pay of off the card?
Unless the card company accepts a direct payment from PayPal I would need to draw the money into my bank account (if you can do that?) and pay from there. Even if I could I'm guessing PayPal will hit me with a fee for effectively drawing cash?
Any info appreciated. 😀
Nope, in the UK you can only use PP Credit to purchase from vendors who have an agreement with PayPayl to accept PayPal credit as a form of payment.
Is there not a cc company offering 0% on balance transfers at the mo? That’s what you need, for as long as poss, obvs
PayPal credit have a habit of declining even those with the best credit scores. My advice would be to get a 0%card and transfer the balance. Plenty of good offers out there at the moment if you searc on that money website.
Pretty sure it's illegal to pay off credit with credit generally as well. Obvs transferring a whole balance is different from paying one with another.
Thanks guys, will look into the 0% cards instead, cheers!
I did the Sainsbury’s credit card a while back - think it was 28 months interest free - although I didn’t have a balance to transfer. Just planned to do some stuff round the house that would take a couple of years to pay off so seemed a good choice. Nectar points build up very slowly though so nothing to get excited about.
[i]Pretty sure it’s illegal to pay off credit with credit generally as well. [/i]
Is it balls.
Pretty sure it’s illegal to pay off credit with credit generally as well. Obvs transferring a whole balance is different from paying one with another.
Not even close, Martin Lewis has built an empire out of the idea you can pay for credit with credit and never pay it back.
He does actually offer some great advice, but whilst he goes to some length to explain that "debt isn't good" he was at the forefront of this 'shifting debt to save money' revolution, and whilst he might save a few % in interest, over-all followers of that mantra are by-and-large in a lot more debt than they would be otherwise IMHO.
Anyway - you're not 100% inaccurate - debt recovery firms don't accept payment via credit card, and you can't pay your credit card bill with the same card as both are seen as unethical and as such would mean if the debt ever ended up in court, they'd look very unkindly on it.
As for the OP - in short, no. You might be able to pull if off with a 'payment switch' in short, unless you're talking mega money, you might say - pay for a normal monthly expense with PP Credit and use the cash you would have spend on it to pay off the Credit Card, but PP Credit was / is designed more like a debt slush fund for nice things, you can't use it just because a retailer takes Paypal and it's usually reserved for luxuries like bike bits, clothes etc. The limits tend to be quite low - £250-£500 and the rate isn't that great.
Fair enough . I think I was thinking of https://en.m.wikipedia.org/wiki/Credit_card_kiting but, as you say, not illegal .
I wish it was - Credit Card Companies aren't stupid.
It seems to be slightly less prevalent than it was 10 years ago, but it's still a big problem IMHO. They've been allowed to create the idea that having a big pile of debt that switched from card to card to avoid interest is good financial practice and it all seems a good idea on paper. You see it on STW "get a 0% card, pay it over 2 years" or whatever - and yes, a few fees aside it's basically 'free credit' which should never be confused with 'free money'.
But people being people, a good proportion will end up in more debt, temptation is too great, it seems simple when you're happy and calm on a Wednesday morning, but when 'shit happens' or your in a 'sod it' type of mood a little something here or there whilst saying "ah, we'll pay it off when we get paid" but never do and you're suddenly a few grand in debt.
I can see the next miss-selling scandal being around credit card balances.
I have 2 very simple rule with 0% cards. Never put more on the card than you have available in easy access savings and never pay a balance transfer fee. That way you earn interest on your money whilst spending the banks for 28 months.
You can even set up a monthly savings account, paid by direct debit, to cover the final payment on the 0% card. If you don't have the discipline, don't borrow the money.
"and never pay a balance transfer fee."
Interesting, I've never seen a balance trsnsfer without a fee, normally about 2-3%
Definitely possible. My last transfer was fee free.
Look at at the link to the Sainsbury’s card above
"Definitely possible. My last transfer was fee free.
Indeed, seems you can get one with a new card application. I normally just move balances between cards I already have.
