The TRUTH about Pearl Mastercard / Pearl credit card

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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The TRUTH about Pearl Mastercard / Pearl credit card

Postby confusedconsumer » Thu Dec 02, 2010 1:23 am

I received a solicitation from Pearl Mastercard offering to pay off my credit card from First Premiere that had been charged off. I would have paid F.P. directly and made things right but they refused to allow me to do that after it was charged off.

THen I get this solicitation to apply for the Pearl Mastercard and was told they had the ability to buy my charged off F.P. account and then that could be fixed on my credit report. The deal would be worthwhile if they really can do what they say but I have never heard of the Pearl credit card and when I did a search I see a ripoff report listed for them but it sounded like a bunch of hot steam and not a credible complaint. What is the truth about Pearl credit cards, should I go for this or not?

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Postby Throwback » Thu Dec 02, 2010 5:59 pm

I am not familiar with the Pearl Mastercard but if their fees are reasonable and they arent a scam and can really do that, then I would seriously consider going for it. Having that charge off on the credit record is a big blemish you want to get rid of, especially if it's an amount you can afford to pay off.

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Postby confusedconsumer » Fri Dec 03, 2010 10:53 pm

I am more confused now than before. I was leaning towards going for it but I found more Pearl Mastercard reviews and one site had mostly good ones but the other site had mostly bad ones. Overall it's a split of about 50/50.

From what I gather the Pearl credit card gets business through folks like me that have a bad debt. The old debt that Pearl buys is considered reportable income if its for less than face value or so I read in one review. Would that be true and why aren't all bad debts then counted as taxable income?

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Postby 2timetony » Sat Dec 04, 2010 4:17 pm

I want to get an unsecured Mastercard for bad credit. Does the Pearl Mastercard come with an unsecured credit line?

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Postby Mogul of Pineapples » Mon Dec 06, 2010 4:24 pm

There was another thread about a similar card and I posted my thoughts. I will re-summarize them here too.

Credit cards for people with bad credit tend to have a high number of negative complaints. A lot of times those complaints are justified but other times the customer is more at fault for the issue.

There's no denying that cardholders of these types of cards are more likely to make late payments and what not. I am not claiming that is anyone on this forum but it is true if we are talking about the average cardholder for a sub-prime credit card. What that means is their customers encounters are more likely to encounter the issues that go along with using a card irresponsibly and therefore it's not unusual to see a lot of customers and ex-customers venting their frustrations on forums.

I do not know anything about the Pearl Mastercard or any other Pearl credit card for that matter, but I would keep this in mind when reading any bad credit card reviews. Try and interpret them objectively - are the complaints valid points are is the person griping about a problem caused by themselves?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Postby CCG » Mon Dec 13, 2010 12:24 pm

If you are interested in a good alternative, check out our sponsored ranking of the best credit cards to rebuild credit. Good luck!


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pearl card is good way to go

Postby cleaningupmydebt » Mon Mar 07, 2011 2:57 am

i went with pearl credit card so thought i'd give my input. i'd never heard of them either. i owed about 10K to a creditor and they gave me the opportunity to settle it for 5K. this 5K balance was put onto my new pearl card. i do not pay any interest on this balance at all and must make at least the minimum monthly payment i agreed to ($35). initially it works more like paying on a loan, because there is no available credit to use; you just work on paying down what you owe at a payment you can afford without interest compounding your debt. however, as you make your payments on time, they gradually reward you by allowing you some available credit to use. it's minimal - the available credit increases by like $25 every few months ...but this can be a good thing if you're trying to get a handle on spending responsibly. there is interest on purchases you make using your new available credit unless your payment covers whatever you spent that billing cycle, on top of your agreed upon monthly payment. and once you start using the available credit, your payment amounts over and above your agreed upon amount are applied 50% to your old debt balance and 50% to and the purchase balance. (so, your purchase balance won't go down as much as you paid toward it, because some of it ends up going toward the old debt. but, they still don't charge you interest if your payment covered the amount of purchases you made that cycle.) it's a little confusing at first, but it cleverly helps keep you paying down your overall debt. anyway ...the pearl mastercard is a good way to go if you want to settle a debt with monthly payments and also have a chance to gradually gain some available credit.

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