Pony Talk > Off Topic

Banking, Paypal etc.

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Bekuno:
Gonna just mildly throw my two cents in here. I'm 24 and don't have a credit card, I think they're so dumb and have yet to have a use for one, but I know I will eventually.

I personally would not get a credit card with Paypal. I know you're in the UK and you have a different bank situation there (I personally have an account with a local, mostly trusted, credit union and thankfully never had fraud issues). Though Paypal is still one of the most popular ways to shop online and they are good about chargebacks and fraud I'm always very cautious.

I'm an artist who takes paypal payments through invoices in order to keep myself and customers safe. The one thing artists teach each other right away is to make sure you mark all your invoices as delivered (you have to do this even if its digital goods) and to never use your paypal as a bank account. If Paypal suddenly feels your doing something suspicious, they will lock your funds completely. I transfer all money into my bank from paypal ASAP just in case it happens. All it takes is an inappropriate comment on a transaction. I feel like as long as you use invoices and make sure everything is marked as goods and services (unless you're genuinely not paying for an item) you'll be okay 90% of the time. At one point I guess I had transferred so much money around that paypal locked me out until I gave them my photo ID and SS# which freaked me out but now everything works fine. But if I were to have my account closed by Paypal, I would never be able to make another again. That kind of thing scares me. I hear Square is better for many but Paypal still dominates.

Pokeyonekenobie:
I'm actually listening to Dave Ramsey's Total Money Makeover right now.  He explains a lot about loans and debt in a way that makes sense.

lovesbabysquirmy:
you have to LEVERAGE your debt ... it can work for you but don't tip the scales too far or it will work against you.

BabyGirlBex:
I don't have a credit card due to low income/on benefits, but I have started selling again via Etsy as they pay straight into my bank account. I haven't had any transactions recently, and PAYPAL (wrongly) suspended me years ago so I can never use them again (not that I would anyway because of what they did.) I have the option to use Buy Me A Coffee, Ko-Fi, and a phone app that takes card payments via Stripe so I can accept both debit and credit cards.

Artemesia's Garden:
@Lady Amalthea: I tried that one  ;) they weren't having it!

@Pokeyonekenobie  loved reading your real explanation of the credit score. It's the same here too. We got our mortgage recently with a trusted building society but otherwise debt free and prefer to live within our means.

@Taffeta being organised is an effort for me, although i can do it I prefer as uncomplicated a life as possible

@Toyjunkie you're right I really should check my accounts more carefully

@Bekuno no plans to use PayPal for credit just to make teansactions rather than paying directly from my current account. Good to know that PayPal is still ok for many people's needs and really good to know those cautions thank you

@lovesbabysquirmy that's a great way to put it. I think we've done alright getting the mortgage but I think thats the only thing we would ever borrow money for. Can you expand a bit more maybe?

@BabyGirlBex I'm sorry PayPal were unfair to you, I guess this is what Bekuno is warning about. Good to know that it hasn't stopped you and that there are other options. My friend just set up an Etsy shop I'm glad to hear it works well for sellers.

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