eBay launches PayPal credit card
Published April 11th, 2006
eBay’s money transfer arm is branching out into credit cards in the UK for the first time.
PayPal, which has more than 10 million UK accounts, is linking up with GE Money in its first move away from online payments.
It follows the successful launch of financial service products in the United States and means customers can use the credit card to make payments through PayPal’s online service.
Britons will also be able to pay for items on the high street using the card which has 12.9% APR, comes with 0% interest on balance transfers for the first six months and no annual fee.
Geoff Iddison, chief executive of PayPal Europe, said: “PayPal has an established customer base in the UK and has built a reputation as a trusted financial services brand amongst its users.
“Moving into other financial products is a natural development for the brand. The credit card is just the first of a range of new services that we have planned.”
In addition to individuals, PayPal offers online payment services to Ladbrokes - the UK’s largest bookmaker - and betting exchange Betfair.
It recently launched a charging system for media firms that want customers to download music clips, videos and other digital content.
PayPal said applications for the credit card would be available to everyone from the middle of next month and decisions would be made instantly online.
However, 100,000 of its UK account holders will be given the opportunity to sign up for the card as soon as this month.
Related Articles