PayPal’s New Way of Getting Into Your Wallet Is Ugly!

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PayPal’s New Way of Getting Into Your Wallet Is Ugly!
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I’ve got a warning for you if you use PayPal for your online transactions.

What PayPal is up to

There is a big blue PayPal button that if you’re not paying close attention, you think will take you to complete a regular PayPal transaction. But if you click on that big button and don’t realize what it is, you’ll find you’re actually doing a credit application through what used to be called Bill Me Later.

Doing this does a hard hit against your credit report, and you could potentially pay big interest down the road, according to The Washington Post.

This is a misleading and dishonest practice that has earned PayPal the scrutiny of the Consumer Financial Protection Bureau.

Here’s the other thing: Many times you’ll be offered a deal or discount for signing up for credit. But in a settlement with the feds, it turns out PayPal reneged on their offers of a $5 or $10 credit and didn’t give you the money!

Other than for these glaring problems, PayPal is a good payment platform and could be part of the solution to breaking up the credit card cartel strangledhold. MasterCard and Visa squeeze too much money out of everybody’s pocket — from the customers that pay with them to the businesses that accept the cards. PayPal just needs to play it straight, clean and honest to increase their viability as a payment alternative!

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Clark Howard About the author:
Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to put more money in your pocket, with advice you can trust. More about Clark
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