Paypal interest rate (not exactly 911 technical content)

[inaminit]

So I received a nice friendly note from Synchrony bank who is the card issuer for my paypal account; they are making a change-raising the interest rate to 31% APR. Yikes! And if you fall behind- it goes up to almost 36%.
It would be hard to give up using pp on this site. But I am definitely going to pay more attention to my pp account and the due date.

[Jonny042]

That is bordering on predatory lending IMO.

Fund your PP account from a bank account and it will cost you nothing, sellers pay the fees...

[pampadori]

You are using their legacy "PayPal Credit" product to make your purchases. They signed me up years and years ago with 6 mo free interest for all purchases and as a result I've never paid interest and probably used it on more than 50 purchases.

However, nowadays they have a Pay Later suite of options that includes "Pay in 4". Its like Affirm or Klarna - Installment payments with no interest charged. They also have a product called Pay Monthly which is usually 6m, 12m, or 24m but this DOES usually have an interest rate applied to it and is based on your credit worthiness.

You can also use Affirm/Klarna/Zip/insert other BNPL (buy no pay later) company. They almost all have virtual visa cards that you shop with any merchant but still make 4 installment payments w/ no interest.

You have a Porsche 911 which implies that you have some amount of liquidity. Why aren't you paying for everything with your rewards card earning cash back or airline miles and then having auto-payment setup to pay it off each month? These rewards card cost Pelican Parts more than other cards do in interchange fees but I think they can afford it.