Well, PayPal is the payment processor worldwide and was the first to go to market. So, who can have a PayPal virtual credit card? Since this processor has millions of customers around the world and is present in almost all sites. With this account you can make payments to family and friends.
You can also purchase products and services online on the most popular e-commerce sites. Also receive payments from companies or individuals, among others. It is important to know in order to enjoy the benefits of this service.
Who can have a PayPal virtual credit card?
When using PayPal, we have noticed that there is a “PayPal Credit” option in the options menu. The PayPal credit is a cross between installment loans and a credit card. It allows to extend the payments in purchases made with certain time. It is currently available for purchases over 99 dollars with six months term.
What is a payment processor?
Continuing, when online store activity began, most payments were made through credit cards. This was not a problem when the client went to trusted sites. The problem arose when the commerce pages were false or simply created to swindle.
But thanks to the concept of payment processors this could be ended. Since it works as an intermediary between the client and the commerce page, avoiding fraud. For that reason, who can have a PayPal virtual credit card will benefit from the security it offers.
What is a virtual credit card?
It is simply a credit card with exactly the same data as a traditional one. With its same benefits, with its same payment commitments. With the only difference that does not have physical presence. It is limited to use through the web in electronic stores. But it is a real credit card too, and you can use it like the other ones.
What is PayPal’s credit?
It is a line of credit extended by PayPal that can be used in conjunction with your PayPal account. It is accepted by any provider that accepts PayPal.
It allows consumers to have a line of credit that they can use in the commerce network. Some experts are concerned about its similarity to traditional PayPal and may be detrimental to consumers who are not credit management experts.
What is the application fee, the annual fee and the APR?
Currently there is no application fee or annual fee. But the annual percentage rate is 19.99 percent for standard purchases and equally for cash purchases. For credit cards, the average current rate is around 16 percent, according to the CreditCards.com weekly rate report.
Does PayPal credit offer special offers?
Currently, for purchases of $ 99 or more, it offers for all users to receive six months without payments or interest, which represents a great benefit for who can have a PayPal virtual credit card.
What kind of customers can request a PayPal credit card?
In order to opt for a PayPal credit card and obtain positive results, it is necessary to have a good credit score, generally the applications that are approved have more than 675 points. It is important to know and be a customer with a good record in terms of credits is concerned to receive this product.
What does credit score mean?
The score in the credit bureau is a measurement that is represented as a kind of speedometer. This indicates to financial institutions how their behavior has been in the past. If your speedometer is green, it is a sign that you are a good candidate to receive credits.
This measurement serves to demonstrate to the financial institution that you are a low risk person and can therefore make the loan of money. This means that the higher my credit score, the easier and faster I will be able to receive them. Even with larger amounts to acquire goods or services of greater value.
What are the steps to apply for a PayPal credit card?
If you already know the credit score you have and meet the points specified above, you should follow the following steps:
– Step 1: Create a PayPal account and login to your existing account. On the “Account Summary” page, click on the “PayPal Credit Card” link. Then, you can click on the “Plus card” link that you can find at the bottom of any PayPal page.
– Step 2: Read the information completely.
The home page gives you the option to compare products as well as read the FAQ section (Frequently Asked Questions) and the card’s terms and conditions. The “Terms and Conditions” section includes important financial information about the charges and the institution that grants the card.
– Step 3:
Using the “Print a copy” link, print a copy of the “Terms and Conditions” section for your file.
– Step 4: Click on one of the many “Apply now” links to go to the application form. Your details such as name, email address and address will be in your account preferences.
– Step 5: Confirm if the contact information given by PayPal is correct and decide if you want to participate in the “Account Security” program.
– Step 6: Accept the terms and conditions of the card. Send your request and wait for the required 30 seconds to know if it was approved or not.
– Step 7: Start using the line of credit even before receiving your credit card by mail. PayPal will add it as a basis for your account.
Differences between a PayPal credit card and a PayPal buyer credit card
It is important to know the difference between a PayPal credit card and a PayPal buyer credit card. The PayPal Credit Card is a card that can be used like any other. The credit card of the buyer. It is a credit account that allows consumers to make monthly payments in their PayPal account. So who can have a PayPal virtual credit card, will always benefit?