[CR]FYI--PayPal Users

(Example: Bike Shops:R.E.W. Reynolds)

From: <ShellBriar@cs.com>
Date: Mon, 11 Jun 2001 21:43:54 EDT
To: classicrendezvous@bikelist.org
Subject: [CR]FYI--PayPal Users

Thought you might be interested...

MBNA changes the rules I received an insert with my last credit card statement (MBNA Platinum MasterCard) that listed several "amendments to the original agreement" -- all increases in fees, of course. One that was well hidden: Person-to-person money transfers will now be subject to cash equivalent transaction fees. Huh? I called to find out what this means, and here is the explanation: Paying for things using online services like PayPal will now be treated like cash advances, not purchases. That means no grace period applies to these kinds of convenience transactions plus a 3- to 5-percent per transaction cash advance fee and the interest rate is higher on cash advances. Unfortunately, this change is being quietly slipped in without the average consumer even realizing what it means. Online shoppers will continue to shop as they have in the past and only notice the new terms after it's too late.

Interesting huh,
Mike