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I applied for the Paypal Mastercard a few days ago, but was approved for the PayPal Smart Connect line of credit instead. As some of you know my credit is not that great, but I’ve been able to gradually bring my scores up. I’ve been approved for an Ally Auto Loan and now this line of credit since I started rebuilding with two secured cards (CapOne and BOA), about a year and a half ago.
Why I chose Paypal? I’ve been active as an occasional eBay buyer and seller for the past ten years and I use PayPal every month to pay for different services (from domain name renewals and online memberships to sometimes accepting payments associated with my occupation). I thought either the Paypal Mastercard or PayPal Smart Connect would be a great option for me to keep rebuilding. It would also help my credit mix as I currently do not have any retail cards. I didn’t want to get just any retail card for the sake of having one.
For those of you who haven’t heard about this before, PayPal Smart Connect is a line of credit offered by GE Capital Retail Bank (GECRB). It’s not an actual credit card, but a line of credit that’s linked to your PayPal account. The positive thing is that if you have a PayPal debit card, your new credit line can be used as a backup fund and you can use your PayPal debit card as a credit card. Aditionally, your PayPal debit card will earn you a 1% cash back from every purchase.
PayPal Smart Connect has a pretty high APR, but as I said before, I will use it to keep rebuilding and will pay in full every month, so I don’t really care about the APR. Also, I’ve read online that you can request credit line increases every four months and that they tend to be pretty generous. In addition, this is an automated request done through the phone with no hard pull, so I’m looking forward to that. I like when banks let you grow and reward you for being responsible.
Now for the details:
PayPal Smart Connect: https://creditcenter.paypal.com/smartconnect/smart-connect.html
Account Type: Retail Card/Credit Card
Line of Credit Approved: $500
Credit Report Pulled: TransUnion
APR: 26.99%
My Score when Approved: 656 (Experian)
PROS: will update as soon as I have more information
CONS: will update as soon as I have more information
Overall review: I’ve had this line of credit for about a week, so there’s still not much more I can say. I will update this review in a few months or if I have something new to add, but please feel free to ask questions.
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