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.
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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
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