PayPal Bill Me Later - Anyone use it? Like or dislike?

MansGame · Nov 4, 2013

Pretty simple... I have never used it and really haven't looked into it but just got an interesting email from them about getting a small $10 bonus on first time use and on larger purchases ($99 or more) you can pay it off over 6-months with no interest.

Anyone use it? Like it? Dislike it?

I'm assuming they make you set-up an account with a credit union or something? This sounds very similar to the Best Buy program where you buy anything over like $250 and you can pay it off over 6-months interest free but once you get in the weeds with it, you're making payments to Citi Bank NA.

bongo870 · Nov 4, 2013

scares me so i stay away...

69MetsFan · Nov 4, 2013

The thought of having to use "credit" to purchase an item on ebay makes me stay away.
If I can't afford to pay for the item right away, I shouldn't be buying it.

MansGame · Nov 4, 2013

69MetsFan said:
The thought of having to use "credit" to purchase an item on ebay makes me stay away.
If I can't afford to pay for the item right away, I shouldn't be buying it.

This is exactly how I feel.

michaelstepper · Nov 4, 2013

I have the bill me later feature and when I do use it it's paid off with my next paycheck. Basically there in case something extremely rare comes up and I need the help. Interest rate is ridiculous (what credit card isn't) so used very sparingly. If you don't need it or the possibility of late payments I wouldn't suggest it.

Sent from my iPhone

RAZOR-Z · Nov 5, 2013

Sure, it's great!

Say you have $500/month in fun money and $2500 worth of cards hit within a couple of month period, (which is very rare but happens)
you just throw it on the 6 months and adjust your fun money to allow you to get those rare high priced buy 'em or lose 'em type cards.

Too easy.

maxe0213 · Nov 5, 2013

Couple things. If buying on ebay usually you get an extra 1 percent if you use bill me later so if your doing alot of business there then it can be great!

Also, I'm away from home at college for most of the year so when I'm home for winter break and summer I try to make a few bucks in this hobby. I buy and resell a lot of lots and cards and invest in prospects etc. in order to flip. I almost always use bill me later with this stuff and pay it off as soon as I flip it. Its great and the more I use it the more they increase my credit line. (DISCLAIMER I always have enough in the bank to cover my balance but I just don't like taking money out of my checking account so often)

Crewfan82 · Nov 5, 2013

I don't use it, but it is just like a credit card. If used responsibly it works to your benefit. If used irresponsibly it can bury you.

P_Manning 18 · Nov 5, 2013

RAZOR-Z said:
Sure, it's great!

Say you have $500/month in fun money and $2500 worth of cards hit within a couple of month period, (which is very rare but happens)
you just throw it on the 6 months and adjust your fun money to allow you to get those rare high priced buy 'em or lose 'em type cards.

Too easy.

Exactly.

I signed up for Bill Me Later a few years ago via ChampsSports to buy a pair of shoes. This was before PayPal took it over. Paid off the shoes and I might have bought another pair of shoes and forgot about it. When PayPal took over and it became part of the eBay payment option I liked the 6 months no payments/ no interest if paid off by the 6 month date. I used it a few times for a few $100+ items and it worked out really well for me. I always paid it off after a few weeks. And I only use it for 1 purchase at a time... 95% of the time.

Like RAZOR-Z said... if you can budget the amount needed over the time to pay it off... BML would be a great option. It is like any other credit card.... so if you don't pay it off by the end of the 6 month period... you get hit with the full interest for the 6 months. If used smartly.... BML is GREAT.

sheetskout · Nov 5, 2013

The fact that they are enticing you to use it should, at the very least, tell you that they have an opportunity to make additional money from you at some point. Like most credit cards, I stay away.

Zambrano38 · Nov 5, 2013

sheetskout said:
The fact that they are enticing you to use it should, at the very least, tell you that they have an opportunity to make additional money from you at some point. Like most credit cards, I stay away.

Exactly my thoughts.

maxe0213 · Nov 5, 2013

sheetskout said:
The fact that they are enticing you to use it should, at the very least, tell you that they have an opportunity to make additional money from you at some point. Like most credit cards, I stay away.

This is exactly the same as every credit card/credit card company to ever exist. They want you to use their product and then not be able to pay after 6 months so they can hit you with interest.

If your a responsible individual and keep good records of your money and are able to budget there is nothing wrong with using BML. Its basically an online credit card.

Dilferules · Nov 5, 2013

I use it like a charge card...buy all my ebay stuff with it then pay it off once I get the statement every month. It gives me an extra 1% in ebay bucks and since I'm paying it off right away I am never charged any interest. Free money. I use the same principle with a credit card I have that gives me 1% rewards...charge everything to it I'd normally buy with cash or my debit card, pay the bill each month, earn a couple hundred extra bucks for vacation with no cost to me. You just have to avoid the temptation to use it to spread payments for a costly item out over time, or not pay the full balance because you had a lean month...or it's Christmas.

If you feel like you might be tempted to buy items and not pay them off in the interest-free period, don't get it. If you look at it like I do, "Oh I'm paying one big bill instead of a bunch of tiny bills" then it's win-win.

maxe0213 · Nov 6, 2013

Dilferules said:
I use it like a charge card...buy all my ebay stuff with it then pay it off once I get the statement every month. It gives me an extra 1% in ebay bucks and since I'm paying it off right away I am never charged any interest. Free money. I use the same principle with a credit card I have that gives me 1% rewards...charge everything to it I'd normally buy with cash or my debit card, pay the bill each month, earn a couple hundred extra bucks for vacation with no cost to me. You just have to avoid the temptation to use it to spread payments for a costly item out over time, or not pay the full balance because you had a lean month...or it's Christmas.

If you feel like you might be tempted to buy items and not pay them off in the interest-free period, don't get it. If you look at it like I do, "Oh I'm paying one big bill instead of a bunch of tiny bills" then it's win-win.

Exactly.

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PayPal Bill Me Later - Anyone use it? Like or dislike?

MansGame

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