does anyone know anything about embrace visa?good or bad?

Question

embrace visa card

Answer 1

Stay away from it - far - far away

Generally the Embrace card is used by collection agencys to transfer balances from charged off accounts.

If that is you case and you accept it, you will be re-setting the statute of limitations for collections on the account. Plus, they may rate jack you to a higer interest, add fees etc.Then, when you finally get it paid off, they will probably close the account.

And, they generally allow you to transfer just a portion of the debt claiming that if you accept their offer, the remaining debt would be considered no longer collectable - don't believe that.
If you accept it and re-set the collecting SOL they will probably sue you for the remainder.


If this is just a card that you are applying for, it is very subprime and will come packed with high fees.

Do a Google search on embrace visa - read some of the Rip Off Reports about it

Answer 2

Well I also have the Embrace Visa card and it is definitely worth it. It allowed me to help repair my credit without having to pay the full balance. It issues a special credit when you pay the portion of the debt before you get the card. The interest rate is 19% as the previous person said. Its a good card and a letter is sent once you pay the balance saying that it has been paid in full. I was able to do this with another company as well for another debt and it is wonderful.

Answer 3

I have this credit card, and I love it. Jefferson Capital administers the card, and transferred an old credit card debt I had onto the card. They charged me zero interest until I paid off the old balance (and as long as I paid at least 20.00 a month on the old balance, they were happy) they had transferred onto the card. The interest rate I started out with and still have is 19%, which is lower than some department store credit cards. I never had a problem with them, despite what Rip Off says, and I was really grateful to have the opportunity to repair my credit with this unsecured card (meaning you don't have to send in money as a deposit). Recently they gave me a credit increase for paying on time every month. I have no complaints, and wish more credit card companies would handle old debt this way.