Here is the change that crossed my eyes. I pay for my vacations with Paypal when I rent a condo from Redweek. I like the buyer protection and the six months to pay without interest offered by Paypal. The first change to come was no more no payment required monthly—just pay the balance within six months to avoid interest. Now, since Synchrony, you must make a minimum payment monthly.
When the seller sent me the invoice, it was different from what I was used to seeing. Instead of it saying invoice, it read—Request For Funds. The whole exchange felt uneasy, so I called Paypal Credit. Here's the eye-crosser. If I had paid that request for funds, it would have been considered a cash advance—25% interest.
To receive the six months to pay, you must purchase your item from a website. A seller cannot send you an invoice if you want to take advantage of the six months to pay without interest.
Before you use Paypal which is now run by Synchrony Bank, read up on all the changes so your money does not end up in their pockets.
If you intend to call Paypal Credit, block off at least fifteen minutes to get through the voice prompts. Be prepared to verify your information three times. When I finally reached a real person and told him it took me fifteen minutes to get through all the voice prompts and verifications, he asked me to verify my information again and then told me there is no way around the lengthy tree.
Every day things change. Seeing Paypal become Synchrony Bank and losing all the reasons I used Paypal disappear makes me shake my head. Paypal was so popular because they were customer-friendly. So, before you pay the request for funds or use any other Paypal feature, READ the new TERMS of SERVICE to avoid a horrible experience such as paying cash advance interest rates. And remember, the company is no longer Paypal, It's Synchrony; at least until 2028.
Want to know why Paypal made this deal with Synchrony? Read all about it here.