(Topic ID: 72755)

paypal and bill me later


By dementedwarlok

6 years ago



Topic Stats

  • 25 posts
  • 16 Pinsiders participating
  • Latest reply 6 years ago by gweempose
  • No one calls this topic a favorite

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    #1 6 years ago

    So I am thinking of using bill me later on my next pin and making payments. The problem is they on the spot approve or disapprove. I would test it on ebay but if they decline I dont want negitave feedback. Is there any pinsiders willing to try this option with me? I dont want to go over 1000. I am thinking by nextyear trying this out. Has to be local though.

    11
    #2 6 years ago

    I'd avoid BML like the plague. Save up the 1k and buy a pin.

    I don't do debt anymore. Have never had a positive experience from being in debt. I'm not gonna go all Ninja Dave Ramsey on you, you make your own decisions, you make your own mistakes, you learn from them. At least, that's how it's supposed to go, right?

    If you absolutely *must* borrow and make payments, go to your local bank or credit union and borrow a grand from them. You'll get lower interest rates that way.

    And, you'll have a lot more buying power with that grand - most sellers, myself included, want cash, not a charge card or PayPal.

    #3 6 years ago

    With a name like dementedwarlok, might have trouble finding someone to work with you! lol

    #4 6 years ago

    I'm with johnwart on this one.

    #5 6 years ago
    Quoted from johnwartjr:

    If you absolutely *must* borrow and make payments, go to your local bank or credit union and borrow a grand from them. You'll get lower interest rates that way.

    I doubt the bank will give you a 0% interest loan. BML Rules. No interest for a minimum of 6 months, I use it quite often. I never get past 3 months or so without paying it off. Not a problem at all if you are not getting buried in debt.

    #6 6 years ago

    I have been using bml also. Got my led displays with it. Also bought a 200 buck gaming pc. It is great even at a 250 buck limit. I did however have them finally ask money from me but it was only a 9.99 payment I sent them 50 and they left me alone. I paid off my remaining 160 bucks this week and feel great being debt free now. Maybe I will hit the back for a loan and get sterns mustang pin. Lastime I wanted to buy a mustang the dealship said there is no way you are getting one. Really the only reason for me to use bml is to build my credit.

    #7 6 years ago
    Quoted from Toasterdog:

    I doubt the bank will give you a 0% interest loan. BML Rules. No interest for a minimum of 6 months, I use it quite often. I never get past 3 months or so without paying it off. Not a problem at all if you are not getting buried in debt.

    I didn't realize BML gave 0% interest to everyone. When I had a BML account, it had a several thousand dollar limit, and any purchase was approved with them, as long as my balance didn't go over the limit amount.

    At 0% interest, they aren't making anything on loaning you money, and that business plan isn't sustainable long term. Of course, few people are truly responsible with their credit, so they'll make it back somewhere else

    My theory was, if the OP didn't know if he'd get approved for 1k, he most likely had no credit, or had a bad credit score, which is why I suggested the credit union.

    My goal is an eventual zero credit score. Not everyone has the same theory or motivation.

    #8 6 years ago
    Quoted from johnwartjr:

    At 0% interest, they aren't making anything on loaning you money, and that business plan isn't sustainable long term. Of course, few people are truly responsible with their credit, so they'll make it back somewhere else

    It's just like any other 0% interest deal. They are banking on the fact that people won't pay off the entire balance by the due date, and then I believe they charge you something crazy like 20% interest.

    #9 6 years ago

    That and don't forget Paypal makes something on every deal. The people that don't pay it off, or are late. Cover the expenses for everyone.

    #10 6 years ago

    I buy all my distance transactions with BML. I have purchased about 15k in pins with it over the last 12 months, and it is nice for convenience. Like anything, you have to trust the seller to some degree, and make sure they are actually listing pins as merchandise, not as a gift. I pay everything off in full every month, but the 6 month 0% thing would be a pretty sweet "layaway" type of incentive.

    #11 6 years ago

    Yup with my low limit I did have no credit. Used it on alot. I think the 0% 6month deal is over though.

    #12 6 years ago
    Quoted from dementedwarlok:

    Yup with my low limit I did have no credit. Used it on alot. I think the 0% 6month deal is over though.

    No it isn't, it is for all purchases of items over $99.00.

    #13 6 years ago

    Dang then I am gonna buy some flipper fidelity for my dr dude then.

    #14 6 years ago

    I would strongly recommend not going into debt for toys.

    #15 6 years ago

    BML is great if you can afford what you're buying. If not, it's probably comparable or worse than other credit cards.

    #16 6 years ago

    I got it covered I get psid weekly.

    #17 6 years ago
    Quoted from dementedwarlok:

    I got it covered I get psid weekly.

    Famous last words.

    #18 6 years ago

    Lol. Christmas coming to soon to be buying toys for myself.

    #19 6 years ago
    Quoted from dhalem:

    I would strongly recommend not going into debt for toys.

    Sage advice.....

    Norm

    #20 6 years ago

    some vendors don't allow BML, the vendor has to approve use of BML cause you'll not see BML come up as an option during checkout. I asked one time for a BML purchase and was told we don't accept it. Maybe that changed?

    #21 6 years ago
    Quoted from JimB:

    some vendors don't allow BML, the vendor has to approve use of BML cause you'll not see BML come up as an option during checkout. I asked one time for a BML purchase and was told we don't accept it. Maybe that changed?

    As long as they accept Paypal (not BML) you are fine. BML then becomes a funding option for Paypal (only if it is for a purchase of an actual item, not a gift to someone else).

    #22 6 years ago
    Quoted from Toasterdog:

    I doubt the bank will give you a 0% interest loan. BML Rules. No interest for a minimum of 6 months, I use it quite often. I never get past 3 months or so without paying it off. Not a problem at all if you are not getting buried in debt.

    I agree, I use it all the time...

    #23 6 years ago

    I would not use Paypal to build credit. I am not even sure they report to credit agencies.

    In about 2005 my credit was not great. I had made a few mistakes in the past but had no credit cards, very little debt and had been using my bank account debit cards for years.

    So I decided to get a couple credit cards to improve my credit. I had a paypal account since they started in the 1990s so I applied for their Visa card. Paypal accepted my application and gave me a card with a credit limit of $1000 which was too low to be useful. At the same time I applied with Capital One and they gave me a card earning 2% miles with a credit limit of $12,000 but with an annual fee after the first year.

    I used both for over a year. Always paid them off every month before any interest was due. So I asked for a credit line increase from both companies. Paypal declined, Capital One raised me to $20,000. I canceled the Paypal card and have been using the Capital One card ever since. Never paid interest on it but now pay an annual fee of $100. The upside is that I improved my credit score, I build travel credits and get back a few thousand dollars a year in paid travel expenses (they rebate travel expenses). They also have cash back cards but the travel works better for me.

    And now my credit score is high enough to get those 0% or really low interest loans on new cars.

    #24 6 years ago

    If you can't pay for a "toy" with cash, you shouldn't be buying the "toy." At least that's how I do things.

    #25 6 years ago
    Quoted from Bryan_Kelly:

    If you can't pay for a "toy" with cash, you shouldn't be buying the "toy." At least that's how I do things.

    I agree with you 100%, Bryan, but that doesn't necessarily mean you shouldn't use credit to buy stuff. If someone is offering to loan you money interest free, and you have the both the discipline and the ability to pay it off before the promotional period ends, I think it's a no-brainer.

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