Important Change to your PayPal Credit account

Hello

We need to let you know about an important change to the terms of your PayPal Credit account which will come into effect on 1st July 2021.

This change to your terms is that your standard variable rate of interest will increase from 23.90% to 25.90% p.a. (variable)

What you need to know

The interest rate is increasing

The standard variable rate of interest is increasing from 23.90% p.a. to 25.90% p.a. As a result, the APR will also increase to 25.90% APR (variable).

This change is in response to:

1. an increase in the underlying costs of providing PayPal Credit to our customers generally. The increased costs relate to us making operational changes, including those associated with the UK leaving the European Union and the way in which we are regulated; and
2. the increased risk to your ability to repay, based on factors which may include your credit rating, the way you use your PayPal Credit account or other accounts you have with us, and your general financial situation

The new interest rate will apply to all non-promotional balances and purchases made using your PayPal Credit account and will come into effect on 1st July 2021. Promotional balances refer to any 0.00% or instalment offers you may have. Any promotional purchases made before 1st July 2021 will remain subject to the applicable promotion’s interest rate and terms, but if these expire after 1st July and are not repaid in full the remaining balance will move to the new interest rate of 25.90% p.a.

It is important that you understand that this could:

• increase the amount you pay each month; and
• mean that it takes you longer to repay any outstanding balance on your account.

As a responsible lender we always seek to act in the best interests of our customers. In support of this, we will not apply this interest rate change to customers we consider to be at risk of financial difficulties or who are already in discussion with us about their financial circumstances. For these customers, we will only apply the new interest rate once their account status returns to normal. Please feel free to contact us if you are experiencing financial difficulties on 0800 368 7155

You have the right to tell us that you want to opt out of this change and would like to close your account, by contacting us on 0800 368 7155 before 1st July 2021. If you do so, you will not be able to use PayPal Credit for future purchases and you’ll need to pay off your balance in full over a reasonable period at your current rate and in line with your existing terms.

Thanks for being a PayPal Credit customer.