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Apply for PayPal Buyer Credit



What is PayPal Buyer Credit?
  • A personal line of credit that is like a credit card, minus the card!
  • Once you are approved, it is automatically added to your PayPal account
Advantages of PayPal Buyer Credit:
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  • You can receive a credit decision in as soon as 30 seconds
  • You must have a PayPal account to apply for PayPal Buyer Credit
PayPal Buyer Credit is only available to U.S. Residents.

PayPal Buyer Credit is issued by GE Money Bank. Please read the privacy policy below which governs the use of PayPal Buyer Credit. This privacy policy may be different from those of PayPal or eBay.


Please see the important information below for rates fees and other cost information. By continuing with the application, you are indicating that you have read and agree to the Consent to Electronic Communications, the Credit Agreement and other important information below.

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FAQ | Terms and Conditions


THE KEY CREDIT TERMS OF PAYPAL BUYER CREDIT
ARE AS FOLLOWS:
Annual Percentage Rate
for Advances
21.25%
Delinquency Rate* 24.75%
Variable Rate Information Your Annual Percentage Rate for Advances may vary and will be equal to (i) the highest bank prime loan rate (“Prime Rate”) as published in The Wall Street Journal in its Money Rates section on the last business day of the calendar month preceding the first day of the billing period plus (ii) 15.5%, but in no event less than 20.8%. The Delinquency Rate may vary and will be equal to the Prime Rate plus 19.5%, but in no event less than 24.75%.
Grace Period for Repayment of
the Balance for Advances
26 days, if previous balance is zero or balance is paid in full, otherwise none.
Method of Computing the
Balance for Advances
Average Daily Balance (including New Advances)
Annual Fee None
Minimum Finance Charge $1.00 USD

Late Payment Fee: $20.00 USD for a balance of $50.00 USD–$99.99 USD; $25.00 USD for a balance of $100.00 USD–$299.99 USD; $29.00 USD for a balance of $300.00 USD–$999.99 USD; $35.00 USD for a balance of $1,000.00 USD or above. However, if your delinquent Minimum Payment was calculated on a New Balance of less than $50.00 USD, the Late Payment Fee we may impose will not exceed $15.00 USD.

Returned Check Fee: $29.00 USD.

*The Delinquency Rate will apply if the Minimum Payment is past due two times in 6 consecutive billing periods.

The information about the costs of the Credit Line described above is accurate as of 5/1/2005. This information may have changed after that date. To find out what may have changed, write us at PO Box 981064, El Paso, TX 79998-1064. The terms of the Agreement may be changed by us as provided in the Agreement.

Consent to Electronic Communications

1. Categories of Communications.

 

You understand and agree that GE Money Bank, the issuer of PayPal Buyer Credit, our assignees, or other holders of your PayPal Buyer Credit Line ("we" or "us") may provide to you by electronic means the following categories of information with respect to PayPal Buyer Credit ("Credit Line"), which may include disclosures required by applicable federal or state law (collectively, "Communications"):
  • The Credit Line ("Agreement"), and periodic billing statements (“Billing Statements”) for the Credit Line, including, without limitation, any Truth in Lending Act disclosures; and
  • GE Money Bank’s Privacy Policy (“Privacy Policy”) for the Credit Line.
  • Other federal and state law disclosures, notices and communications in connection with the application in connection with the application for, the opening of or maintenance of the Credit Line.

At our option, we may provide you with paper Communications, such as paper Billing Statements. In addition, if we provide you with paper Billing Statements, we may switch to providing you with electronic Billing Statements upon notice to you, unless you have withdrawn your consent to receive Electronic Communications as set forth below.

2. Manner of Consent.

 

You acknowledge that by agreeing to the Consent to Electronic Communications through this website, you demonstrate that you can access information that we would provide to you by posting electronic Communications on a website.

3. How to Withdraw Consent.

 

You may withdraw your consent to receive electronic Communications by not submitting your online application. However, you may not apply for a Credit Line unless you consent to receive electronic Communications. After you open a Credit Line you may withdraw your consent to receive electronic Communications and elect to receive paper Communications by writing to P.O. Box 981064, El Paso, TX 79998-1064. However, if you do so, we may close your Credit Line to future advances and you will be required to pay off any balances under the terms that apply to your Credit Line at the time you withdraw your consent.

4. Hardware and Software Requirements.

 

In order to access and retain Communications, you must have:

  • An internet browser which supports HTML 4.0 and SSL-encryption, such as Netscape 4.0 or later and Microsoft Internet Explorer 4.0 or later.
  • A means to print or store notices and information through your browser software.
  • A personal computer or equivalent device capable of connecting to the internet via dial-up, DSL, Cable Modem, Wireless Access Protocol, or equivalent, and that supports the foregoing requirements.

5. Paper Copies of Communications.

 

Upon your request, we will send you a paper copy of the Agreement, the Privacy Policy, Billing Statements and/or other material provided pursuant to the Consent to Electronic Communication. If you would like a paper copy of any of this material please write to us at P.O. Box 981064, El Paso, TX 79998. There will be no charge for a paper copy of this material.

6. Communications in Writing.

 

All Communications in either electronic or paper format from us to you will be considered "in writing." You should print or download a copy of this Consent to Electronic Communication, the Agreement, GE Money Bank's Privacy Policy for PayPal Buyer Credit, your application and any other Communication that is important to you for your records.

7. Electronic Signatures.

 

You acknowledge that by clicking the "I agree" or similar button at the PayPal Buyer Credit application, you are indicating your intent to sign the relevant document or record and that this shall constitute your signature.

8. Federal Law.

 

You acknowledge and agree that your consent to electronic Communications is being provided in connection with a transaction affecting interstate commerce that is subject to the federal Electronic Signatures in Global and National Commerce Act, and that you and we both intend that the Act apply to the fullest extent possible to validate our ability to conduct business with you by electronic means.

GE MONEY BANK CREDIT AGREEMENT

1. GENERAL.

 

This Agreement (“Agreement”) governs your PayPal Buyer Credit line (“Credit Line”). In this Agreement and your billing statement (“Statement”), “we”, “us”, and “our” means GE Money Bank, 5300 Kings Island Drive, Mason, OH 45040; and “you” and “your” means all persons who we approve to use the Credit Line. The effective date of this Agreement (“Effective Date”) will be the earlier of (i) the date you submit a Credit Line application that is approved by us, or (ii) the first date that you or someone authorized by you uses the Credit Line.

2. USE OF CREDIT LINE.

 

You may use your Credit Line to fund (“Advances”) your PayPal Account (“PayPal Account”) that you have established with PayPal, Inc. for payments for goods and services purchased by you with your PayPal Account. You may make Advances up to any credit limit we may establish (“Credit Limit”). We may decline to authorize any Advance or change your Credit Limit at any time. You may use your Credit Line, and may authorize others to use your Credit Line, only for personal, family or household purposes.

3. PROMISE TO PAY.

 

You promise to pay us for all credit that we extend on your Credit Line for Advances and all other amounts owed to us under the terms of this Agreement.

4. FINANCE CHARGES.

 

A. The Finance Charge for a billing period is calculated by applying the Periodic Rate to the Credit Line balance subject to Finance Charge for each day in the billing period and adding together all of those daily Finance Charge amounts for the billing period. There is a minimum FINANCE CHARGE of $1.00 USD for a billing period in which a Finance Charge is assessed.

B. The Periodic Rate for your Credit Line is the Standard Rate, unless the Delinquency Rate applies as described below. The Standard Rate for a billing period is the greater of (i) the Prime Rate plus 15.5%, times 1/365, or (ii) 0.05699% (ANNUAL PERCENTAGE RATE 20.8%). The “Prime Rate” for a billing period is the highest bank prime loan rate as published in The Wall Street Journal in its Money Rates section on the last business day of the calendar month preceding the first day of the billing period. As of 5/1/2005, the Standard Rate was 0.05822% (ANNUAL PERCENTAGE RATE 21.25%).

C. If you do not make your required Minimum Payment by the Payment Due Date two times in any six consecutive billing periods, the next Statement you receive will reflect the Delinquency Rate (rather than the Standard Rate) that will apply to all existing balances on your Credit Line and all new transactions beginning with the first day of the billing period reflected on that Statement. The Delinquency Rate is the greater of (i) the Prime Rate plus 19.5%, times 1/365, or (ii) 0.06781% (ANNUAL PERCENTAGE RATE 24.75%) and will apply to the entire Credit Line balance. As of 5/1/2005, the Delinquency Rate was 0.06781% (ANNUAL PERCENTAGE RATE 24.75%). Once the Delinquency Rate applies, if you make any required Minimum Payment by the Payment Due Date in six consecutive billing periods, the next Statement you receive will reflect the Standard Rate (rather than the Delinquency Rate) that will apply to all existing balances on your Credit Line and all new transactions beginning with the first day of the billing period reflected on that Statement.

D. The Periodic Rate and corresponding Annual Percentage Rate may vary. If the Prime Rate increases, the Periodic Rate and corresponding Annual Percentage Rate may increase, and as a result the Finance Charge, Minimum Payment and number of payments also may increase. Any change in the Periodic Rate will apply to your entire Credit Line balance. We may select a new interest rate index if the Prime Rate is not available.

5. BALANCE SUBJECT TO FINANCE CHARGE.

 

A. The balance subject to Finance Charge is the Daily Balance of the Credit Line. However, there is no balance subject to Finance Charge for a billing period if there is no Previous Balance on your Credit Line for that billing period or the sum of your payments and credits on your Credit Line during the billing period is at least equal to the Previous Balance.

B. To determine the Credit Line balance subject to Finance Charge, we take the beginning balance of your Credit Line each day, which includes any unpaid Finance Charges, and add any new Advances and other debits for that day and subtract any payments and other credits applied that day. Each day we also add any Finance Charges, Late Payment Fees and Returned Check Fees. Any debt cancellation fees are not included. This gives us the “Daily Balance” of the Credit Line. Any Daily Balance of less than zero will be treated as zero.

6. WHEN FINANCE CHARGES BEGIN TO ACCRUE.

 

If there is no Previous Balance for the billing period or the sum of your payments and credits for the billing period is at least equal to the Previous Balance, new Advances and other charges in that billing period will begin to accrue a Finance Charge as of the first day of the next billing period if a Finance Charge is imposed in the next billing period. If there is a Previous Balance for the billing period, including any balance of Advances made under any Special Payment Plan, and the sum of your payments and credits for the billing period is not at least equal to that Previous Balance, new Advances and other charges in that billing period will begin to accrue a Finance Charge from the later of the date of the transaction or the first day of the billing period in which the transaction is posted to your Credit Line.

7. PAYMENTS.

 

A. You must pay at least the Minimum Payment on your Statement by the Payment Due Date shown on the Statement. You may pay more than the Minimum Payment at any time. Your Minimum Payment will be the greater of: $10.00 USD or 1/24th of the New Balance, rounded to the next highest dollar. However, the Minimum Payment is the New Balance if the New Balance is less than $10.00 USD. You must pay any past due amounts as part of your Minimum Payment.

B. All written communications concerning disputed amounts, including any check or other payment instrument that (i) indicates that the payment constitutes “payment in full” or is tendered as full satisfaction of a disputed amount, or (ii) is tendered with other conditions or limitations (“Disputed Payments”), must be mailed or delivered to us at the address for billing inquiries shown on the Statement, not the Payment Address.

C. All payments, except Disputed Payments, must be mailed or delivered to us at the address shown on your Statement or other location specified by us (the “Payment Address”). Any payments received after 5:00 PM PDT on any business day, or on any day other than a business day, will be credited on the next business day. Credit to your Credit Line may be delayed up to five days if payment is (a) not received at the Payment Address, (b) not made in U.S. dollars drawn on a U.S. financial institution located in the U.S., or (c) not accompanied by the top portion of your Statement. You understand that payments may not be made, and may not be deemed received by us, at any location other than the Payment Address. Although we post your payments in the manner described above, we may delay restoring your available Credit Limit in the amount of your payment. All credits for payments to your Credit Line are subject to final payment by the institution on which the item of payment was drawn.

D. Subject to any requirements of applicable law, we reserve the right to select the method by which payments and credits are allocated to your Credit Line in our sole discretion. The payment allocation method that we use may result in higher Finance Charges on your Credit Line, depending on the types of transactions you make (such as promotional or non-promotional Advances), and the timing and amount of your payments. If you have any questions about the allocation of your payment or would prefer to choose a different payment allocation option we offer, please call customer service at 1-866-571-3012.

E. We reserve the right to obtain payment electronically for any check or other instrument that you send to us by initiating an ACH (electronic) debit in the amount of your check or instrument to your account. Your check or item will not be returned to you by us or your bank. Your bank account may be debited as early as the same day we receive your payment.

8. FEES. You agree to pay the following fees.

 

A. A Late Payment Fee based on your New Balance at the time your delinquent minimum payment was calculated, as indicated below, if we have not received your required Minimum Payment by the Payment Due Date shown on your Statement:


New Balance Late Payment Fee
Under $50.00 USD $15.00 USD
$50.00 USD-$99.99 USD $20.00 USD
$100.00 USD-$299.99 USD $25.00 USD
$300.00 USD to $999.99 USD $29.00 USD
$1,000.00 USD or above $35.00 USD

B. A Returned Check Fee of $29.00 USD if any check or other instrument sent to us, or any electronic payment authorization you provide us in payment on your Credit Line, is not honored upon first presentment, even if the check, instrument or electronic authorization is later honored.

9. SPECIAL PAYMENT PLANS.

 

From time to time, you may be offered special promotional terms which modify the terms of this Agreement with respect to certain Advances on your Credit Line (“Special Payment Plans”). The provisions of this Agreement apply to any Special Payment Plan, unless otherwise provided in this Agreement or under the Special Payment Plan offering. We may, without prior notice, terminate your participation in any Special Payment Plan if you are in default under this Agreement. Default includes, but is not limited to, any payment delinquency whether or not such delinquency relates to a Special Payment Plan. In the event of termination of your participation in any Special Payment Plan: (i) each remaining balance will be not be treated as a Special Payment Plan Advance and will be subject to the standard provisions applicable to such Advances; and (ii) finance charges accrued on the Special Payment Plan balance from the date of transaction, if any, may be added to your balance.

10. TERMINATION/CHANGE IN TERMS.

 

You may terminate your Credit Line at any time by providing us written notice. We may, at any time and subject to applicable law, change, add or delete provisions of this Agreement (“Terms Change”) or terminate your Credit Line. Unless prohibited by applicable law, we may apply any Terms Change to any outstanding or future balances of your Credit Line. We will send to you notice of any Terms Change as required by applicable law. Upon any termination of your Credit Line, you remain obligated to repay the balance of your Credit Line and this Agreement will continue to apply until you do so.

11. DEFAULT.

 

Subject to the limitations of applicable law, we may declare you in default if you: (i) fail to make at least the Minimum Payment when due; (ii) violate any other term of this Agreement; (iii) become the subject of a bankruptcy or insolvency proceeding; or (iv) if you violate the user agreement for the PayPal Account into which Advances may be made, or PayPal cancels such PayPal Account. After your default or your death, and subject to the limitations of applicable law, we may: (i) reduce your Credit Limit; (ii) terminate your Credit Line; (iii) require immediate payment of your entire Credit Line balance; (iv) terminate any Special Payment Plan and convert any balance on such Plan to the standard terms and conditions of the Credit Line; (v) bring an action to collect all amounts owed; and/or (vi) take any action allowed by law. If, after your default, we refer your Credit Line for collection to an attorney who is not our salaried employee, you will pay, to the extent permitted by applicable law, our collection costs, including court costs and reasonable attorneys’ fees.

12. LIABILITY FOR UNAUTHORIZED USE.

 

You will not be liable for the unauthorized use of the Credit Line. You agree to promptly notify us if your Credit Line is stolen or of possible unauthorized use of your Credit Line by writing to P.O. Box 981064, El Paso, TX 79998-1064 or by calling us at 866-571-3012. If you orally give us notice concerning loss or theft, you agree to confirm it in writing. You agree that unauthorized use does not include use by a person to whom you have given authority to use the Credit Line and that you will be liable for all use by such a person. Notice to PayPal, Inc. of unauthorized use of your Credit Line will not result in notice to us.

13. CREDIT REPORTS AND CREDIT LINE INFORMATION.

 

You give us permission to request information and to make whatever inquiries we consider necessary and appropriate (including obtaining information from third parties and requesting consumer reports from consumer reporting agencies) for the purpose of considering your application for this Credit Line and subsequently, in connection with any updates, renewals or extensions of credit or reviewing or collecting your Credit Line. You also authorize us to report information concerning you or your Credit Line, including information about your performance under this Agreement, to consumer reporting agencies and others who may properly receive such information. If you believe that we have reported inaccurate information about you to a consumer reporting agency, please contact us at P.O. Box 981400, El Paso, TX 79998-1400. In doing so, please identify the inaccurate information and tell us why you believe it is incorrect. If you have a copy of the credit report that includes the inaccurate information, please include a copy of that report. You are hereby notified that a negative credit report reflecting on your credit record may be submitted to a consumer reporting agency if you fail to fulfill the terms of this Agreement.

14. USE OF INFORMATION ABOUT YOU AND YOUR CREDIT LINE.

 

You authorize and direct us to furnish information about you and your Credit Line to PayPal, Inc. (and its affiliates) for use in connection with PayPal Buyer Credit and as otherwise permitted by law, including to create and update their customer records, to assist them in better serving you, and to provide you with special promotions. In addition, you agree to the use of information about you and your Credit Line described in the Privacy Policy. The Privacy Policy is a part of this Agreement and is enclosed or attached hereto.

15. TELEPHONE MONITORING.

 

To ensure that you receive accurate and courteous customer service, on occasion, your call may be monitored by our employees or agents and you agree to any such monitoring. A license to use service observing equipment has been obtained from the Georgia Public Service Commission.

16. CONSENT TO ELECTRONIC DISCLOSURES.

 

When you applied for this Agreement, you agreed to receive Electronic Communications from us regarding your Credit Line, which may include disclosures required by applicable federal or state law (collectively, "Communications"). These Communications include the Agreement, Statements and Privacy Policy, including, without limitation, any Truth in Lending Act disclosures and other federal and state law disclosures, notices and communications in connection with the application for, the opening of or maintenance of a Credit Line.

At our option, we may provide you with paper Communications, such as paper Statements. In addition, if we provide you with paper Statements, we may switch to providing you with electronic Statements instead upon notice to you, unless you have withdrawn your consent to receive Electronic Communications as set forth below.

You may withdraw your consent to receive electronic Communications and elect to receive paper Communications by writing to P.O. Box 981064, El Paso, TX 79998-1064. However, if you do so, we may close your Credit Line to future Advances and you will be required to pay off any balances under the terms that apply to your Credit Line at the time you withdraw your consent.

All Communications in either electronic or paper format from us to you will be considered "in writing." You acknowledge that if you click an "I Agree" or similar button on any electronic Communication provided by us, you are indicating your intent to sign the relevant document or record and that this shall constitute your signature.

17. WAIVER.

 

We may, in our sole discretion, choose to not exercise any right under this Agreement, including the right to impose the full amount of any charge, without waiving that right. Any waiver of a right by us must be in writing and signed by us. Except as we may agree in a signed writing, we will not waive any rights if we (a) accept a late or partial payment, (b) accept a check or other payment marked “payment in full” or tendered with other conditions or limitations, (c) extend the due date of any payment due under this Agreement, and/or (d) release any collateral or person responsible for your obligations under this Agreement.

18. CHANGE OF ADDRESS.

 

You will notify us promptly if you change your mailing and/or e-mail address. Any change of address that you provide PayPal, Inc. may not be provided to us and you agree to provide any such changes directly to us. We may send Statements and other notices to your address in our records until we have a reasonable opportunity to update our records with any new address for you. You agree that when we are notified that you have a new address, the terms of this Agreement specifically applicable to the residents of your new state of residence will apply to the entire balance of your Credit Line.

19. ARBITRATION PROVISION.

 

Please read this arbitration provision (“Provision”) carefully. It provides that, upon the election of either party, any legal dispute between the parties will be resolved by binding arbitration. This provision replaces any existing arbitration provision between you and Us relating to your Credit Line.

Definitions: As used in this Provision: “We,” “Us,” “Our” and similar terms mean (1) GE Money Bank, and all of its respective parents, wholly or majority owned subsidiaries, affiliates, predecessors, successors, assigns, employees, officers and directors (collectively, the “Bank”), and (2) PayPal, Inc. and all of its respective parents, wholly or majority owned subsidiaries, affiliates, predecessors, successors, assigns, employees, officers and directors (collectively, “PayPal”), if PayPal is named as a co-party with the Bank in a Claim asserted by you.

“Claim” means any dispute between you and Us that arises from or relates to your Credit Line, the relationships that result from your Credit Line, this Agreement or any prior agreement or credit account, including the enforceability or scope of this Provision. It includes disputes based on constitutional provisions, statutes, regulations, contracts, torts, and acts of every type (whether intentional, fraudulent, reckless, or negligent). It includes disputes that seek relief of any type, including injunctive, declaratory or damages. It includes disputes that arose before the Provision’s effective date.

“Administrator” means the National Arbitration Forum, P.O. Box 50191, Minneapolis, MN 55405, http://www.arb-forum.com, (800) 474-2371; American Arbitration Association, 335 Madison Avenue, New York NY 10017, http://www.adr.org, (800) 778-7879; or JAMS, 45 Broadway, 28th Floor, New York, NY 10006, http://www.jamsadr.com, (800) 352-5267.

IMPORTANT NOTICE AND LIMITATIONS: If you or We elect to arbitrate a Claim, neither you nor We will have the right: (1) to have a court or a jury decide the Claim; (2) to engage in discovery (i.e., the right to obtain information from the other party) to the same extent that you or We could in court; (3) to participate in a class action in court or in arbitration, either as a class representative or a class member; (4) to act as a private attorney general in court or in arbitration; or (5) to join or consolidate your Claim(s) with Claims of any other person. The right to appeal is more limited in arbitration than in court. Other rights that you would have if you went to court may also not be available in arbitration. Only a court may determine the validity and effect of the language in this paragraph. If a court should hold this language to be invalid, then the entire Provision shall be null and void.

Right to Reject Arbitration: You may reject this Arbitration Provision, in which event neither you nor We will have the right to require arbitration of any Claim. Rejection of the Provision will not affect any other aspect of this Agreement. To reject the Provision, you must send us a notice (“Rejection Notice”) that we receive within sixty (60) days after you have applied for your Credit Line. Any Rejection Notice will apply only to this Arbitration Provision and not to any other arbitration provision or arbitration agreement, which may apply to a prior agreement with us. The Rejection Notice must include your name, address, and Credit Line number. You must mail your Rejection Notice to Arbitration Opt Out, P.O. Box 103020, Roswell, GA 30076-9020. In the event of any dispute concerning whether you have provided a timely Rejection Notice, you must provide a signed receipt. This is the only method you can use to reject the Arbitration Provision. If the Rejection Notice is sent on your behalf by a third party, such third party must include evidence of his or her authority to submit the Rejection Notice on your behalf.

Scope: This Provision covers all Claims, except that We will not elect to arbitrate an individual Claim brought in small claims court or its equivalent, unless that Claim is transferred, removed, or appealed to a different court.

Starting an Arbitration: To start an arbitration, you or We must give written notice of an election to arbitrate. You must send this notice to GE Consumer Finance, Legal Operations, 1600 Summer Street, Fifth Floor, Stamford, CT 06905. Notice can be given after a lawsuit has been filed, in which case it can be made in papers in the lawsuit. If a notice electing arbitration is given, the Claims shall be resolved by arbitration under this Provision and the rules of the Administrator. You can choose the Administrator in your notice, or by informing Us of your election in writing within twenty (20) days after Our election to arbitrate. The arbitrator will be selected under the Administrator’s rules, except that the arbitrator must be a lawyer with at least ten years of experience.

Location and Costs: Any arbitration hearing that you attend will take place in a location that is reasonably convenient for you. At your written request, we will pay all filing, administrative, hearing and/or other fees charged by the Administrator or arbitrator for Claim(s) asserted by you in the arbitration up to $2,500.00 USD. If you are required to pay any fees in excess of $2,500.00 USD and are unable to obtain a hardship waiver from the Administrator, we will consider in good faith a reasonable written request by you to pay all or part of such additional fees. Each party must pay for its own attorneys, experts, and witnesses, regardless of who wins the arbitration, except where applicable law and/or the Administrator’s rules provide otherwise. However, we will not seek or accept reimbursement from you of amounts paid by us for attorneys, experts, and witnesses. We will under all circumstances pay any fees or expenses we are required to pay by law.

Governing Law and Discovery (Getting Information): This Agreement involves interstate commerce and this Provision shall be governed by the Federal Arbitration Act, 9 U.S.C. §§1 et seq. (“FAA”), and not by any state law concerning arbitration. The arbitrator shall follow applicable substantive law to the extent consistent with the FAA, this Arbitration Agreement, the Administrator’s rules, statutes of limitation and claims of privilege, and shall be authorized to award all remedies permitted by the substantive law that would apply if the action were pending in court. Upon the timely request of either party, the arbitrator shall write an explanation of the award’s basis. The arbitrator will set rules of procedure and evidence consistent with the FAA, this Provision, and the Administrator’s rules. In addition to the parties’ rights to obtain information under the Administrator’s rules, either party may ask the arbitrator to allow it to obtain more information from the other party.

Effect of Arbitration Award: Any appropriate court may enter judgment upon the arbitrator’s award. The arbitrator’s decision will be final and binding except for: (1) any appeal right under the FAA; and (2) any party may appeal awards of more than $100,000.00 USD to a three-arbitrator panel appointed by the Administrator, which will reconsider de novo any aspect of the appealed award. The panel’s decision will be final and binding, except for any appeal right under the FAA. Unless applicable law provides otherwise, the appealing party will pay the appeal’s cost, regardless of its outcome. However, We will consider any reasonable written request for Us to bear the cost.

Continued Effect of Arbitration Provision: This Provision will survive the termination of our account and remain in force no matter what happens to you or your account. A party who has asserted a Claim in a lawsuit may still elect to arbitrate any other Claim asserted in the same lawsuit by another party. Except as otherwise provided above, if any portion of this Provision cannot be enforced, the rest of the Provision will continue to apply. In the event of any conflict or inconsistency between this Provision, and the Administrator’s rules or other provisions of this Agreement, this Provision will govern.

20. GOVERNING LAW.

 

This Agreement and your Credit Line and any claim, dispute or controversy arising from or relating to this Agreement or your Credit Line, whether based on contract, tort, fraud and other intentional torts, statute, common law and/or equity, are governed by and construed in accordance with federal law, and to the extent that state law applies, the laws of the State of Ohio (without regard to internal principles of conflicts of law). The legality, enforceability and interpretation of this Agreement and the amounts contracted for, charged and received under this Agreement will be governed by such laws. This Agreement is entered into between you and us in Ohio. We make decisions about granting credit to you from, extend credit to you under this agreement from, and accept your payments in Ohio.

21. ASSIGNMENT.

 

We may sell, assign or transfer any of our rights or obligations under this Agreement or your Credit Line, including our rights to payments, without prior notice to you. You may not sell, assign or transfer any of your rights or obligations under this Agreement or your Credit Line.

22. SEVERABILITY.

 

If any provision of this Agreement is determined to be void or unenforceable under applicable law, all other provisions of this Agreement shall still be valid and enforceable.

23. PAYPAL ACCOUNT.

 

You are not required to apply and/or have a Credit Line in order to have a PayPal Account, but you must have a PayPal Account in good standing in order to apply and/or have a Credit Line. If your PayPal Account is suspended, limited or closed for any reason, including but not limited to, a breach of any of the terms of the PayPal Account user agreement, then you understand that you will not be able to use this Credit Line. In addition, if you are in default under this Agreement, then your PayPal Account may be suspended or canceled at PayPal Inc.’s sole discretion.

24. ASSIGNMENT OF RIGHTS IN CERTAIN FUNDS HELD BY PAYPAL.

 

If you obtain a credit from us for any Advance, you agree that effective as of the time when such credit is issued, you will be deemed to have transferred to us any of your rights or interests in any funds held by PayPal for your benefit or otherwise, that resulted, directly or indirectly, from such Advance.

25. ENTIRE AGREEMENT.

 

This Agreement, together with any application you signed or otherwise submitted in connection with the Credit Line (which is hereby incorporated by reference in this Agreement), constitutes the entire agreement between you and us relating to your Credit Line and supersedes any other prior or contemporaneous agreement between you and us relating to your Credit Line. This Agreement may not be amended except in accordance with the provisions of this Agreement.



NOTICES

NEW JERSEY RESIDENTS: Because certain provisions of this Agreement are subject to applicable laws, they may be void, unenforceable or inapplicable in some jurisdictions. None of these provisions, however, is void, unenforceable or inapplicable in New Jersey.

PUERTO RICO RESIDENTS: You may request a copy of this Agreement in Spanish.

Your signature on the application represents your signature on this Agreement and is incorporated by reference.

Daniel M. Borchers

Vice President, GE Money Bank

5300 Kings Island Drive, Mason, OH 45040


Notice: The following is important information regarding your right to dispute billing errors.

YOUR BILLING RIGHTS - KEEP THIS NOTICE FOR FUTURE USE

 

This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.

Notify Us in Case of Errors or Questions About Your Bill.

If you think your bill is wrong, or if you need more information about a transaction on your bill, write us on a separate sheet at the address shown on your Statement under billing inquiries. Write to us as soon as possible. We must hear from you no later than 60 days after we sent you the first bill on which the error or problem appeared. You can telephone us, but doing so will not preserve your rights.

In your letter, give us the following information:

* Your name and Credit Line number

* The dollar amount of the suspected error.

* Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item you are not sure about.

Your Rights and Our Responsibilities After We Receive Your Written Notice

We must acknowledge your letter within 30 days, unless we have corrected the error by then. Within 90 days, we must either correct the error or explain why we believe the bill was correct.

After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. We can continue to bill you for the amount you question, including finance charges, and we can apply any unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay the parts of your bill that are not in question.

If we find that we made a mistake on your bill, you will not have to pay any finance charges related to any questioned amount. If we didn’t make a mistake, you may have to pay finance charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that it is due.

If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and you write to us within ten days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your bill. And, we must tell you the name of anyone we reported you to. We must tell anyone we report you to that the matter has been settled between us when it finally is.

If we don’t follow these rules, we can’t collect the first $50.00 USD of the questioned amount, even if your bill was correct.

Special Rule for Credit Line Advances: If you have a problem with the quality of goods or services that you purchased with your PayPal Account and you have tried in good faith to correct the problem with the merchant, you may not have to pay the remaining amount due on your Credit Line for the Advance(s) related to such goods or services.

Contacting PayPal, Inc. or filing a claim through the PayPal, Inc. Buyer Protection Program or any other PayPal, Inc. dispute resolution process will not result in an inquiry being placed with us regarding your Credit Line.



PRIVACY POLICY

The following Privacy Policy describes our use of information about you and your Account. If you provide information to us to apply for an Account and your application is not approved, we will use and collect information about you as described in the Policy, but we will treat your information as if you had exercised the opt-out choice described in the Policy.

This Privacy Policy describes the information collection and sharing practices of GE Money Bank (“GEMB,” “We” or “Us”). Please read it carefully. This Policy applies only to our consumer PayPal Buyer Credit line (“Credit Line”) and does not apply to any other credit accounts you may have with us or to your PayPal Account.

Information We Collect – We collect personally identifiable information about you (such as your address, phone number, social security number, mother’s maiden name and transaction information about items purchased, payments and payment method), for identification, Credit Line management, servicing and marketing purposes. We obtain information about you directly from you (such as on application forms), through your use of our products and services, and in some cases, from third parties (such as credit bureaus and demographic firms). Occasionally, we may also collect information about you online using “cookies” (small pieces of data stored by your internet browser on your computer) or other technology that may be used to remember passwords for you, to track your website usage with us, and to provide you with customized content, among other things.

Information We Share with Others: We may use and share all of the information we collect, subject to applicable law, with the following (these examples are not intended to be all-inclusive):

· PayPal, Inc. and its Affiliates, for use in connection with the Credit Line and as otherwise permitted by law. They may use this information to update their records, to provide you with notices of special promotions and other tailored offerings, to answer questions about your Credit Line and perform other Credit Line functions or for other purposes permitted by law. They may use their affiliates, licensees, or third-party service providers (such as modeling and database companies) to assist them in any of these activities.

· Service Providers, (including our affiliates) to assist us in servicing Credit Lines, like preparing billing statements and promotional materials, and responding to customer inquiries. We also may use marketing firms, such as modeling companies, to assist us in our own marketing efforts.

· Financial Institutions with Whom We Jointly Offer Financial Products, such as loan products or credit insurance. If your billing address is in Vermont, this information will be limited to your name and contact information, and transaction and experience information on your Credit Line.

· Our Affiliates, Who are Other Companies in the General Electric Company Corporate Family (“GE Family”), for servicing or marketing purposes, subject to your right to opt out of sharing of credit eligibility information, such as certain information from credit bureaus and your application, as provided in the It’s Your Choice section below.

· Third Parties, Who are Interested in Offering Special Products or Services to You, subject to your right to opt out as provided in the It’s Your Choice section below. For example, we may disclose information to financial services providers offering products such as insurance, mortgages or loans, and nonfinancial companies offering consumer products and services. We may disclose name, address and telephone numbers, as well as Credit Line purchase and performance history.

· Others: We report Credit Line information, such as credit limit, balances and payment information, to credit bureaus. In addition, we may buy and sell assets, lines of business and/or Credit Lines. When this occurs, customer information generally is disclosed to bidders and is one of the transferred business assets. We also disclose information about you to third parties in certain other circumstances, as permitted by law.

It’s Your Choice – You have the right to opt out of our sharing of information with certain third parties, as described below. To opt out please call us toll-free at 1-866-571-3013, or write to us at PO Box 981400, El Paso, TX 79998-1400. If you have previously informed us of your preference, you do not need to do so again.

If you choose to opt out by writing us, please send us the following statement with your signature: Please do not share information about me with companies outside the GE Family, other than with PayPal, Inc. and its affiliates for use in connection with the PayPal Buyer Credit and as otherwise permitted by law. And please do not share with companies within the GE Family information you use to determine my eligibility for credit.


Important Notes About Your Choice

 

· Please understand that, even if you opt out as described above, we will continue to share information with PayPal, Inc. and its affiliates, joint marketing partners and service providers as described in this policy, and as otherwise permitted by law. And we will continue to share information that identifies you, and about your transactions and experiences with us, with companies within the GE Family.

· We will process your request promptly. However, it may take us several weeks to ensure that all records are updated with your preference. In the interim, you may continue to be included in programs as described above. Also, after your request is processed, you may still be contacted by our affiliates and/or other companies based on their own information.

· Even if you opt out, we will continue to provide you with billing inserts and mail notices of special offers and new benefits.

· Vermont Residents: If your billing address is in Vermont, we will code your Credit Line as if you had exercised the opt-out choice described above and you do not need to contact us in order to opt out.

Our Security Procedures –We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard nonpublic personal information about you. We limit access to personal and Credit Line information to those employees and agents who assist us in providing products and services to you. We also require third parties to whom we disclose nonpublic personal information to adhere to this Privacy Policy and to establish information security procedures.

Your Access to Information - We provide you access to info

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