PayPal will join forces with GE Money – part of the US conglomerate Genreal Electric – to offer the cards. GE is already a significant player in the UK store card sector.
The move into more mainstream financial services products mirrors that undertaken by PayPal in the US, where it has enjoyed significant success. The UK cards will enable holders to pay by credit card when using the popular eBay online auction service, as well as using them in the more conventional high street setting.
The cards will come with a 12.9% APR, no annual fee and no interest charged on balance transfers for the first six months.
