Thread: The TRUTH about Pearl Mastercard / Pearl credit card

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?

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.

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?

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

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-CreditCardGuru

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.