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Debunking 3 Popular PayPal Credit Card Myths
If you're a PayPal user (and even if you're not) chances
are you've heard of the PayPal credit card. After all,
the combination of a $0 annual fee, competitive interest
rate and generous rewards program makes the card an
enticing offer. So why don't more people carry one?
Because of these three common myths. And that's why
I"m going to debunk them.
Myth 1. The Credit Card is Issued By PayPal
Some people fear that PayPal will have too much control
over their credit (and too much of their personal information)
if they apply for a PayPal credit card. This isn't true.
PayPal doesn't run your credit report and they aren't
the ones who report your credit card activity to the
credit bureaus. GE Money Bank does.
While it's true that this credit card carries the PayPal
logo and you can use it with your PayPal account, the
card is actually issued by GE Money Bank. Getting the
PayPal credit card gives PayPal no more control over
your credit than any other credit card available on
the market.
Myth 2. I Can Only Use the PayPal Credit Card for
PayPal Purchases
Wrong again. That statement applies to "PayPal
Credit" which is completely separate from the PayPal
credit card. PayPal Credit is a line of credit associated
with your PayPal account solely for PayPal purchases.
The PayPal credit card, on the other hand, is an actual
MasterCard issued by GE Money Bank. You can use it wherever
MasterCard is accepted.
Myth 3. I Really Don't Need Another Credit Card
Linked to My PayPal Account
Many people assume there's no reason for them to open
a PayPal credit card. If you have two or three credit
cards already linked to your PayPal account, you might
feel the same way. Unfortunately, you're overlooking
a few things.
The PayPal credit card is a great way to manage your
PayPal purchases and earn rewards at the same time.
If you do more than your fair share of eBay shopping,
those rewards points can really add up, giving you gift
certificates for future eBay purchases. It can also
be a great way to manage your PayPal payments, keeping
your PayPal credit card purchases separate from all
of your other credit card purchases.
No, not everyone is right for the PayPal credit card.
However, there are many people who could really benefit
from the tools and rewards this credit card offers.
If you use PayPal frequently or are an avid eBay shopper,
you may be one of them.
Author: Max Anderson
For more tips on credit cards, saving money and avoiding
getting taken, check out CreditCardTipsEtc.com, a website
that specializes in providing credit card tips, advice
and resources. http://www.creditcardtipsetc.com
Keywords : paypal credit card
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