Paypal Credit Changes Terms? 0

[Westy Steve]

Hey guys,

Anyone else get a notice from Paypal credit that they were acquired by another bank?  And they are changing terms?  What I didn't like was this little gem:

 

  Late Payment Fee: We are increasing the dollar amount to $28.00 (or $39.00 if you failed to pay at least the Minimum Payment Due by the Payment Due Date in any one or more of the prior six Billing Cycles). See the “Fees” section for more information.

 

So, I wonder what that means if you had a couple of late payments in the last 6 months.  Can they hit you twice for it?  Can they keep hitting you for it until a late payment is 6 months in the past?

Can I reject these changes?  Seems like B.S. that they can just arbitrarily change a mutual contract in the middle like that.  Hell, why not make the late payment fee $1,000? 

 

Steve

[theCapraAegagrus]

14 minutes ago, Westy Steve said:

Hey guys,

Anyone else get a notice from Paypal credit that they were acquired by another bank?  And they are changing terms?  What I didn't like was this little gem:

 

  Late Payment Fee: We are increasing the dollar amount to $28.00 (or $39.00 if you failed to pay at least the Minimum Payment Due by the Payment Due Date in any one or more of the prior six Billing Cycles). See the “Fees” section for more information.

 

So, I wonder what that means if you had a couple of late payments in the last 6 months.  Can they hit you twice for it?  Can they keep hitting you for it until a late payment is 6 months in the past?

Can I reject these changes?  Seems like B.S. that they can just arbitrarily change a mutual contract in the middle like that.  Hell, why not make the late payment fee $1,000? 

 

Steve

Yes.

You can cancel the card.

[Bird]

I have a paypal credit account but always pay it off quickly and have never been late with a payment. I did not receive this notice that I am aware of. (Paying off an Avengers 4 at the moment! Bought it here on the oards too.)

[theCapraAegagrus]

There's always a term in most/all credit card applications along the lines of:

"Terms and conditions may change, without notice, at any point in time."

It's just part of the credit/loan world. Shark tactics.