Should I use PayPal's BillMeLater?

[T R U 7 H X]

For those of you who know what that is, what do you know about it?
All I know is that it will deduct $10 off an online payment, but is there a catch?

 

[bickle]

You probably should stay away from it. I don't know the details off the $10 off you mentioned, but the program is basically like a credit card. From the faq: "The Annual Percentage Rate is 19.99%. The Minimum Finance Charge is $2.00. " Paypal loves fees, so rest assured - you would be paying for the convenience.

 

[Kerig]

I saw this offer as well the other day when I was checking out during an eBay purchase. BillMeLater is completely legit, and if you don't mind a minor hit on your credit report it's a good deal.

A few years ago Buy.com had $10 off any purchase with BML, it was used many times by many CAGs to get thing almost free and no one had any problems with the actual BML service. Amazon adopted it for a while and now it looks like Paypal is trying it out.

It's nothing like a credit card. They mention in their fine print how it works, essentially taking out a mini-loan for the amount of your purchase. If you pay it off when you get the bill, you won't pay any interest and you basically never hear from them again.