PayPal credit - wikipedia PayPal credit This article contains content that is written like an advertisement. Please help improve it by removing promotional content and inappropriate external links, and by adding encyclopedic content written from a neutral point of view. ( November 2017 ) PayPal Credit Type of business Subsidiary Founded Timonium, MD US ( 2000 ) Headquarters Timonium, Maryland US Owner PayPal Parent PayPal Website www.paypal.com/credit Alexa rank 5,766 ( April 2014 ) Advertising none Current status active PayPal Credit, formerly named Bill Me Later, is a proprietary payment method offered on the websites of many well - known merchants, including those of Wal - Mart, Home Depot, USPS, B&H Photo Video, Best Buy, Overstock.com, JetBlue Airways, Liquidation Channel, Jewelry Television and Hotels.com. The site, which offers consumers a line of revolving credit through Comenity Capital Bank, allows purchases to be made online without using a credit card. The company was one of the first recipients of the Red Herring Global 100 Award by the publication Red Herring. On November 7, 2008, PayPal completed its acquisition of Bill Me Later. It was formerly owned by I4 Commerce. Contents 1 How it works 2 Terms 3 Developers / new merchant integration 4 Other products 5 Bill Me Later in PayPal wallet 6 Lawsuits 7 External links 8 References How it works After customers open their accounts ( including credit check ), Bill Me Later asks customers at every purchase to fill out the last 4 digits of their SSN and their date of birth. The approved customer can then pay the bill by mail ( check ), phone or online ( via bank account ) at www.billmelater.com. Bill Me Later accounts can be linked with PayPal accounts by visiting https://billmelater.com/linkpaypal. Once the Bill Me Later account is linked to PayPal, it becomes a funding option within the PayPal account and gives the option to pay off the Bill Me Later balance. Customers also get an email whenever they are declined. In cases when they are declined and they do n't receive declined email / letter, they can contact Bill Me Later Customer Service to check if it was not a system issue. Bill Me Later is not a credit card but a revolving line of credit offered by Comenity Capital Bank. Much like a traditional credit card, the company will charge late payments if necessary. Terms For purchases of $99 and over that are made through PayPal wallet, customers have 6 months to pay their bill in full. If they do n't, then they are charged interest at a 19.99 % APR starting from the original purchase date. Purchases not made through the PayPal wallet will only receive promotional financing if the merchant is offering it. Developers / new merchant integration Unlike its parent company PayPal which is available to most e-commerce entities, Bill Me Later is n't available to most businesses. New merchants can request integration through a website operated by the company. Other products Besides its flagship consumer service, Bill Me Later also offers Bill Me Later Business ( As of May 13, 2012 Bill Me Later Business has been discontinued ) ( seen at USPS ) and Preferred Account ( seen at Newegg ). In Bill Me Later Business, the users are business owners who want to use the equivalent of a corporate card for buying products and services over the web. The business owner would apply for Bill Me Later Business - using data like EIN etc. The Preferred Account is similar to the concept of a charge card - that can be used at a particular merchant only. Bill Me Later in PayPal wallet After the PayPal acquisition of Bill Me Later, Bill Me Later is offered as a payment method through PayPal at sites that both accept PayPal and Bill Me Later. PayPal balances are accepted as payment on Bill Me Later statements. Lawsuits On May 19, 2015 CFPB filed a complaint and proposed consent order in federal court against PayPal, Inc. for illegally signing up consumers for its online credit product, however, a judge has to approve if there was any law infringement before moving the case to court. External links billmelater.com homepage PayPal Credit homepage References Jump up ^ `` Billmelater.com Site Info ''. Alexa Internet. Retrieved 2014 - 04 - 01. Jump up ^ Internet Law : A Field Guide - Jonathan D. Hart - Google Boeken. Books.google.com. Retrieved 2013 - 09 - 06. Jump up ^ `` Information and results for ' Bill Me Later, Inc. Named a Red Herring Global 100 Winner. ' AccessMyLibrary - Promoting library advocacy ''. AccessMyLibrary. Retrieved 2013 - 09 - 06. Jump up ^ `` Information and results for ' I4 Commerce Changes Name to Bill Me Later, Inc. ' AccessMyLibrary - Promoting library advocacy ''. AccessMyLibrary. Retrieved 2013 - 09 - 06. Jump up ^ `` Mobile Technology and Usage Trends 2012 -- PayPal ''. Billmelatersolutions.com. Retrieved 2013 - 09 - 06. Jump up ^ `` Mobile Technology and Usage Trends 2012 -- PayPal ''. Billmelatersolutions.com. Retrieved 2013 - 09 - 06. Jump up ^ `` Bill Me Later FAQ ''. Retrieved 28 January 2013. Jump up ^ `` PayPal stuck with $25 million in fines for signing users up to its credit program ''. TheVerge.com. Retrieved 2015 - 05 - 19. http://www.consumeraffairs.com/credit_cards/bill_me_later.html?page=2 Retrieved from `` https://en.wikipedia.org/w/index.php?title=PayPal_Credit&oldid=847478015 '' Categories : PayPal 2008 mergers and acquisitions Hidden categories : Articles with a promotional tone from November 2017 All articles with a promotional tone Articles containing potentially dated statements from April 2014 All articles containing potentially dated statements Talk Contents About Wikipedia Add links This page was last edited on 25 June 2018, at 16 : 59 ( UTC ). 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Question: when did bill me later became paypal credit
Answer: November 7, 2008,