If you're smart it'll take money right out of your checking/savings account. If you use a credit card a major fee will be charged for cash advances (or something like that).
This doesn't answer your question, but be wary with Paypal. A lot of big names hate it and, while a large number of people use it every day without much incident [except for exorbitant fees], if you do happen to get screwed over... you get screwed over HARD. They've shown time and time again that they don't care for the little fish, and will freeze your account and screw you over without any qualms, apologies, or offers of assistance. So yeah, use paypal with caution.
Paypal also offers credit. Its a credit card by them that allows you to pay minimum monthly payments on a balance like any other credit cards. The benefit is that you can use their credit card instead of your checking account to purchase items via paypal.
The interest rate is a little high, but if you don't abuse it that much that shouldn't be an issue.
<!--quoteo(post=1592282:date=Dec 26 2006, 10:43 AM:name=Black_Mage)--><div class='quotetop'>QUOTE(Black_Mage @ Dec 26 2006, 10:43 AM) [snapback]1592282[/snapback]</div><div class='quotemain'><!--quotec--> it'll randomly pick the place it wants to take the money from through some unknown money-taking-selection method that may or may not involve a monkey <!--QuoteEnd--></div><!--QuoteEEnd--> And not even a trained one at that...
The issue with credit cards and Paypal revolves around the transaction type, and how the credit card company perceives it. If it sees the PP transaction as a POS-type, then you'll be charged your normal interest rate, which in my case would be 19.95% (you can see why I only use my credit card in emergencies...) If they interpret it as an ATM-type, then you'd be charge your cash advance fee, again, taking my card as an example, would be either 2.5% with a minimum charge of £3. You'd also get a higher interest rate, which for me is 21.95%. AND they'd pay that amount off last, because the interest is higher, and the standard way they pay off interest accumulating amounts is the lowest rate first, leading to the higher rates last.
btw, POS-Type = normal, card in the machine, paying for stuff at a supermarket, kind of thing, and ATM-Type = card in ATM, cash out kind of thing.
Basically, use your current/checking account to be safe, no hidden charges or rate fiddling, and you'll never use more than you have in your account.
Maybe it's different here in Canada, but when I use paypal, they only charge it to my credit card (which I added to paypal, I couldn't add my bank in the past, maybe I can now...) without any extra fees. I don't use it very much, but so far I've had no problems.
I sorted this a while ago to be honest <img src="style_emoticons/<#EMO_DIR#>/wink-fix.gif" style="vertical-align:middle" emoid=";)" border="0" alt="wink-fix.gif" />
Same, PayPal never wasted me any money (I'm in Europe)
I don't put any money on PayPal itself though, I don't see the use. I just use it to pay something and it goes directly on my credit card account just like a direct payment, they only take a little fee if I buy in another currency than my bank account's currency.
<!--quoteo(post=1592382:date=Dec 26 2006, 05:25 PM:name=Tonee)--><div class='quotetop'>QUOTE(Tonee @ Dec 26 2006, 05:25 PM) [snapback]1592382[/snapback]</div><div class='quotemain'><!--quotec--> I sorted this a while ago to be honest <img src="style_emoticons/<#EMO_DIR#>/wink-fix.gif" style="vertical-align:middle" emoid=";)" border="0" alt="wink-fix.gif" /> <!--QuoteEnd--></div><!--QuoteEEnd--> That may be so, but it's still useful that people know about this, for their sakes
<b>Cereal_KillR</b>, that's why I said I don't use my card that often, despite the £1650 credit limit (which Halifax tried to give me a £3500 limit, to which I had to write to them, to restrict my limit to £1750 maximum with them). I really don't fancy like having 19.95% on my ###### every time I see something I like. Only thing I've used it for recently was for a friend's PC. He understands how much the interest is, and agrees that it's his debt, and not mine. The fact that I don't use it helps, because I can show him the statement to show how much is left. I've told him that when it gets down to about £200, then I'll take it fromthere, and zap the rest of it.
Poor habits when I was a wee lad. I've had this credit card since I turned 18, and I got in a bad way with it.
Wasn'ta great rate in the first place, 18.7% iirc. But obviously the stupidity of OMG £500 OUT OF NOTHING!!! is quite present in most 18 year old, especially those with a hunger for shiny GFX cards <img src="style_emoticons/<#EMO_DIR#>/sad-fix.gif" style="vertical-align:middle" emoid=":(" border="0" alt="sad-fix.gif" />
Anyhoo, confessional over. Back to the sinnin' <img src="style_emoticons/<#EMO_DIR#>/asrifle.gif" style="vertical-align:middle" emoid="::asrifle::" border="0" alt="asrifle.gif" /> <img src="style_emoticons/<#EMO_DIR#>/asrifle.gif" style="vertical-align:middle" emoid="::asrifle::" border="0" alt="asrifle.gif" /> <img src="style_emoticons/<#EMO_DIR#>/asrifle.gif" style="vertical-align:middle" emoid="::asrifle::" border="0" alt="asrifle.gif" />
Comments
The interest rate is a little high, but if you don't abuse it that much that shouldn't be an issue.
<a href="https://www.paypal.com/buyercredit" target="_blank">https://www.paypal.com/buyercredit</a>
Its worth a shot.
it'll randomly pick the place it wants to take the money from through some unknown money-taking-selection method that may or may not involve a monkey
<!--QuoteEnd--></div><!--QuoteEEnd-->
And not even a trained one at that...
The issue with credit cards and Paypal revolves around the transaction type, and how the credit card company perceives it. If it sees the PP transaction as a POS-type, then you'll be charged your normal interest rate, which in my case would be 19.95% (you can see why I only use my credit card in emergencies...)
If they interpret it as an ATM-type, then you'd be charge your cash advance fee, again, taking my card as an example, would be either 2.5% with a minimum charge of £3. You'd also get a higher interest rate, which for me is 21.95%. AND they'd pay that amount off last, because the interest is higher, and the standard way they pay off interest accumulating amounts is the lowest rate first, leading to the higher rates last.
btw, POS-Type = normal, card in the machine, paying for stuff at a supermarket, kind of thing, and ATM-Type = card in ATM, cash out kind of thing.
Basically, use your current/checking account to be safe, no hidden charges or rate fiddling, and you'll never use more than you have in your account.
I don't put any money on PayPal itself though, I don't see the use. I just use it to pay something and it goes directly on my credit card account just like a direct payment, they only take a little fee if I buy in another currency than my bank account's currency.
Also, 20% fees? WTH?
I sorted this a while ago to be honest <img src="style_emoticons/<#EMO_DIR#>/wink-fix.gif" style="vertical-align:middle" emoid=";)" border="0" alt="wink-fix.gif" />
<!--QuoteEnd--></div><!--QuoteEEnd-->
That may be so, but it's still useful that people know about this, for their sakes
<b>Cereal_KillR</b>, that's why I said I don't use my card that often, despite the £1650 credit limit (which Halifax tried to give me a £3500 limit, to which I had to write to them, to restrict my limit to £1750 maximum with them). I really don't fancy like having 19.95% on my ###### every time I see something I like. Only thing I've used it for recently was for a friend's PC. He understands how much the interest is, and agrees that it's his debt, and not mine. The fact that I don't use it helps, because I can show him the statement to show how much is left. I've told him that when it gets down to about £200, then I'll take it fromthere, and zap the rest of it.
I've had this credit card since I turned 18, and I got in a bad way with it.
Wasn'ta great rate in the first place, 18.7% iirc. But obviously the stupidity of OMG £500 OUT OF NOTHING!!! is quite present in most 18 year old, especially those with a hunger for shiny GFX cards <img src="style_emoticons/<#EMO_DIR#>/sad-fix.gif" style="vertical-align:middle" emoid=":(" border="0" alt="sad-fix.gif" />
Anyhoo, confessional over. Back to the sinnin' <img src="style_emoticons/<#EMO_DIR#>/asrifle.gif" style="vertical-align:middle" emoid="::asrifle::" border="0" alt="asrifle.gif" /> <img src="style_emoticons/<#EMO_DIR#>/asrifle.gif" style="vertical-align:middle" emoid="::asrifle::" border="0" alt="asrifle.gif" /> <img src="style_emoticons/<#EMO_DIR#>/asrifle.gif" style="vertical-align:middle" emoid="::asrifle::" border="0" alt="asrifle.gif" />