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Comments
$25m is nothing for a company like ebay/paypal.
At no point have I ever felt that their credit offer was deceptive at all. I've been given the option to use it so many times, and it is extremely clear to me what "buy now, pay later" means. It's a line of credit, therefore it is reasonable to assume it's a credit card. Not sure about the providing $10 thing, since I don't sign up for this feature and deny it every time it's offered.
It may not be as obvious to people outside of the US, who may or may not be bombarded with credit card offers on a daily basis, but coming from the US government for protection of US consumers, this sounds pretty weak.
Reminds me of people who have gambled in online casinos and then sued their credit card company for letting them....and won. Rack up debt and blame someone else when the bill comes in.
Then again, I'm basing an opinion on an article so my opinion isn't really that credible here.
paypal/ebay is true scammers and they deserved this and much much much more!
I think it was announced they are separating eBay and PayPal apart from each other again.
I hate the company with a passion. They are crooked.
Paypal deserves to be screwed for so many other deceptions.
agreed with @jar but I've often seen paypal auto select "paypal credit/pay later" as the default option even when I have enough paypal funds to pay for the purchase in full. I've never used their credit, but I can see how it would be easy to accidentally do so with their default selection of it in various places.
I remember using Paypal credit instead of balance or credit card on accident a couple times when I was just starting to use Paypal. Then you have to go through the trouble of paying that when the bill comes and all.
It's pissing me off that PayPal still has no decent 2 factor authentication mechanism in Europe.
they do. everytime i logon to paypal i need to verify a sms they send
I can confirm that this has happened more than once in purchase I've made. You really have to slow down and make sure that the correct method is saved.
I love PayPal Credit for the 6 months no interest financing, which I take advantage of generously. But some other practices of PayPal leave a lot to be desired...
Just wondering why no one still can replace this payment system
Take a moment to think about how easy it is to get a reasonable number of people on the internet to agree with something. That is what someone must overcome to be the "standard" for something like a payment system, or social network, etc. Most people don't want to sign up for some shady payment system that only 5 vendors use over the universally accepted system with a name that everyone recognizes. Everyone here may hate PayPal, but we're still talking about a vocal minority. Most people aren't on VPS forums declaring their opinions.
Paypal -> easy instant payment with buyer protection that works world wide
CC -> same as paypal + accepted in stores and withdrawal world wide without withdrawal or conversion fees. Easy payment with NFC.
Bank transfer -> takes longer than 1 day
Bank card -> withdrawal only free from bank owned ATMs, payment only possible with PIN or signature
Giropay, Interac, etc. : Only local/country based and barely accepted by anything.
Online banking -> Annoying forced 2 factor auth and no buyer protection. Not instant. //EDIT: And has high fees to destinations outside Europe for me.
...
Irony, best served cold.
Which country and how did you enable it?
UK, and it's in account settings (maybe security settings?), i enabled it some time ago.
I had the same issue with my bank. When I buy from big stores like carrefour or Cora, they automatically sign me up for the 3 month payment (cut the payment in 3 each one month) with no interest, though, even if it is just a loaf of bread, for example.
Even though I pay no interest, this heavily clouts my monthly statement which becomes a few pages long.
I asked them repeatedly to turn the damned thing off, but, while promised, it never happened. All I could get was the cancelling of current "credit" operations.
While the whole thing is annoying, I never lost 1 cent, so, I cannot file a complaint with the regulator or consumer protection, so, nothing that can be done
It's time they do more for us...
There are lots of alternatives to Paypal, it's just the brand is well-known in the general public which is a big plus to a seller. Acting as a buffer between merchant and your card details is also a plus.
They deserve a slap on the wrist for a number of things, though agreed with TarZZ. It's chicken feed to a company that size.
The allegation isn't that the credit product was confusing, but that people were signed up for it without their knowledge or consent. That's just one of six of issues, though -- CFPB's official release has a full rundown:
http://www.consumerfinance.gov/newsroom/cfpb-takes-action-against-paypal-for-illegally-signing-up-consumers-for-unwanted-online-credit/
what?... are you serious?
I wish I wasn't... http://news.cnet.com/Online-gamblers-sue-their-creditors/2100-1023_3-5062411.html
They had a mild point but we all know they wouldn't have sued if they won. They just didn't want to pay.
That's it, the last drop of any hope I had for the future of the human race is gone, we are officially entering the Idiocracy.
Just read that, I agree the card companies etc should be penalized for allowing the transactions to go through however the debt should have remained for the individuals.
You just forgot about alot of fraud and CC card chargebacks wnen buyer pay for item receive than request chargeback for sure. Freedom for scammers.