PayPal offers a “Pay Later” option (Pay in 4 and Pay Monthly), which I would normally tell you to avoid at all costs because it’s just consumer debt in yet another package like Klarna and Afterpay, but right now they are offering many people a 20% off promo, worth up to $250 off a $1,250 purchase. You can look for this offer either online at PayPal.com under “Rewards” after logging in, or in your PayPal app. Importantly, you must opt-in and “save” the offer first before making a purchase. This expires very soon, mine says 12/2 at December 2nd 11:59PM PST. Here is a screenshot from my account.
Many major retailers allow you to check out via PayPal, including Target, Best Buy, eBay, Macy’s, B&H.
Indeed, I don’t see why you couldn’t buy $1,250 in gift cards from Best Buy or gift cards from Target, and so on. Many of the gift cards are already discounted.
I was able to buy 3 x $200, 3 x $100, 3 x $75, and 3 x $50, and 3 x $25 in Amazon digital gift cards ($1,125 total) from Best Buy and checking out using PayPal “Pay in 4”. You could also round out the max by buying other assorted gift cards, like Apple. For example, a $200 Macy’s gift card was already discounted to $170 at Best Buy, which 20% off would take off another $40. I was also thinking about Airbnb gift cards at Target, where you also get a $25 bonus gift card with $250 Airbnb gift card purchase, which you could then stack with the PayPal 20% off.
It took about 30 minutes after purchase for the digital gift card codes to arrive. My PayPal rewards also showed up as “Pending” in that timeframe. There was no interest charge or additional fees on this purchase, assuming I make the four payments on time. For example, a $1,000 purchase would have been broken up into four payments of $250.
The terms state that there will only be a soft credit check, so no effect on your credit score. Of course, I expect to pay off this purchase Hat tip to Dansdeals.
20% cash back on one Pay Later purchase with PayPal
Limited time. Terms and exclusions apply.1. Save the offer below.
2. Buy now, pay later with PayPal at your favorite stores. Subject to availability
3. For a limited time, get 20% cash back on one eligible Pay Later purchase through December 2nd 11:59PM PSTGet 20% on up to max $1,250 spend on a single transaction. Up to 2B points available
When applying for PayPal Pay Later solutions, a soft credit check may be needed, but will not affect your credit score. You must be 18 years old or older when applying for Pay Later.
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Per #5, stored value cards are excluded.
“Eligible Purchases do not include: (1) purchases that are marked as “pending” as of the end of the Offer Period, (2) purchases with Pay in 4 where the first payment has not been successfully processed, (3) any purchase or portion of a purchase that involves a payment method other than Pay in 4 or Pay Monthly; (4) purchases made at a merchant who enrolled in Pay Later within 30 days prior to the start of the promotion; and (5) any purchase involving non-profit organizations, gambling, security brokers/dealers, foreign currency/money orders, and stored value cards. Satisfaction of Eligible Purchase criteria will be determined solely by PayPal.”
Thanks for the comment. My understanding is that “Stored value cards” are those prepaid Visa/AmEx/Mastercards where it is cash value stored on a debit card.
I appreciate the response and your thoughts about it.
My guess is that technically it doesn’t meet the requirements, but we all know sometimes things slip by.
And it’s not a huge risk either way.
(Up to $910 with the OKX referrals and 5% interest! Thanks!)
Please followup and let us know how it pans out!
I can’t find the offer, guess it was targeted
Not showing for me either ?
Is this available on App only as if try to get offer, it is asking me download the app
@Jonathan – You got $1,125 worth of Gift cards and not $125?
not showing on my app or website rewards section 🙁
I knew about this before Thanksgiving and saved the offer in my PayPal account. A few days later when I was ready to use it, the offer was gone. I asked around and people are telling me that the 2B points was already used up. All the references to the offer that I had was no longer live. I’m surprise to get Jonathan’s email today because I wasn’t aware that anyone was able to still use it.
Not showing on my website rewards section
Apologies, I hardly ever use my PayPal account so I figured this one was pretty widely targeted.
Mine shows up both online and in-app.
Yes, I bought $1,125 of Amazon gift cards, and the points are showing as pending. They make you wait 90 days so you don’t return the items and keep the rewards.
Do you make payments 2-4 yourself or does Paypal automatically charge the card used to pay for the 1st installment?
Already got an email my points were awarded, then converted them to cash, and withdrew to bank account. Cash arrived in bank today. Not bad at all!