Thursday, November 20, 2008

Paypal offers deferred no-interest payment

As the money supply tightens, eBay's PayPal subsidiary plans to offer consumers credit lines for online holiday purchases.

Starting Friday, PayPal will test a service offering online credit to several thousand members. The service builds on eBay's recent purchase of deferred-payment service Bill Me Later, which allows Web shoppers to delay payment instead of paying immediately.

The PayPal members will be preapproved for varying credit limits, based on an assessment of their finances. The credit can be used at online retailers such as and Apple, which use Bill Me Later. Shoppers won't get charged interest or have to make payments until April 1, 2009, when they can opt to pay through a payment plan with interest. (info from The Wall Street Journal)

No comments: