PayPal Credit is a revolving credit account, i.e., it works like a credit card. However, it is a tool that works only with specific merchants that accept it. After using it for a few months, you may not need it, so you can cancel it and continue using PayPal’s conventional services.
Procedure for closing a PayPal credit account
PayPal is one of the most popular platforms in the United States and other parts of the world because it allows you to make transactions simply and quickly. Over time, new tools have been added, such as the possibility of applying for a credit card or a credit account.
Although credit account registration can be done online, canceling does not follow the same process. When you need to delete an account, it is necessary to contact customer service.
By calling 866 – 528 – 3733, it is possible to speak with the operator or one of the agents to cancel the account. The opening hours are from 7 am to 1 am from Monday to Friday and on weekends from 9 am to 11 pm.
Before making the call, make sure you have all the details of the account to be canceled at hand. A practical tip is to open the account on your computer or laptop to provide the operator with the necessary information while requesting.
Suppose there are customer service problems and you cannot communicate with them. In that case, the other alternative is to send a letter requesting the cancellation of the account to PayPal Credit PO Box 5018 Timonium, MD 21094.
The letter should incorporate the account number, which can be found by logging into PayPal, selecting the “Summary” tab, and selecting the “PayPal Credit” option. On the next page, locate “View Account Statements.” Here you will see the account number that should provide in the letter.
Does this affect my credit score?
Yes, the information has appeared in the credit history since 2018, when Synchrony Bank acquired the credit and began reporting users’ status to the credit bureaus. However, users who applied for this before that year did not have records until 2018.
How does PayPal Credit work?
PayPal Credit works similarly to a credit card, with the difference that you will not receive a card when you apply, indicating that all the procedures will be done online entirely.
Users approved for the credit enjoy a maximum limit of $250. To use the credit, you need to go to a place where standard PayPal accounts are allowed. Most digital stores accept them, excluding Amazon.
As it is credit, it has an APR, which will be the price of the annual loan in which commissions and interest are included. It varies according to the market, but the latest APR remained at 23.99% until 2021. For purchases of $99 or more, you will pay no interest for the next six months.
How to open a PayPal credit account?
To become a PayPal credit account customer, you need to meet some basic requirements such as being a US-based customer, being of legal age in the state where you reside, and passing the PayPal credit check.
Once all that is clear, log in to the PayPal website and apply by clicking “apply now,” the blue button right in the middle of the page. Then you have to log in with your personal PayPal account and follow the steps indicated by the page.
Once finished, all that remains is configuring the account and selecting PayPal Credit as the “preferred” payment option to start using the credit. Users can easily manage their credit accounts through the digital platform.
It is necessary to have no balance at the beginning of the billing cycle or to pay the balance in full before the due date stipulated in the monthly billing to use the interest-free credit.