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Eufora™ Preferred Credit Builder Prepaid MasterCard®
The Eufora™ Preferred Credit Builder Prepaid MasterCard®, issued by BANKFIRST, is a stored value card designed for those who have
fair, poor, bad, or no credit history and would like to rebuild their credit, as well as have the chance to earn income for
referrals.
Not often do prepaid cards offer benefits; however, the Eufora™ Preferred Credit Builder Prepaid MasterCard® offers a unique income
opportunity for cardholders. Each time a cardholder refers a new applicant to the Eufora™ Preferred or Elite MasterCard®, that
cardholder will earn $50 per year if the referred applicant is approved and maintains their membership in good standing. Each time a
cardholder refers a new applicant to the Eufora™ Associate MasterCard®, that cardholder will earn $20 per year if the referred
applicant is approved and maintains their membership in good standing.
A minor drawback is that the cardholder only earns “commissions” for referrals at the Preferred level, even if the referral is for an
Elite card. Elite card members pay a higher annual fee, but have greater earning potential, as the referral fees are considerably
larger.
In addition to the unique income program, this card offers several benefits, such as purchase protection, auto rental insurance, and
up to $100,000 in travel accident insurance. For every $100 spent, cardholders automatically receive one entry into a monthly drawing
for one of thirty featured cars. The annual fee for the card is $59.95 per year and there are no participation or application fees,
which are usually associated with stored value cards.
In order to use the card, cardholders need to first make a deposit in advance for a set amount (ranging between $10 to $300 per
deposit), which determines the amount that can be spent on the card. For instance, if an individual were to deposit $100, they could
only use up to $100 of credit for future purchases (there is a maximum of $5,000 that can be held in the account at any one time).
Funds may be loaded onto the card through an existing checking or savings account ($300 maximum), money orders, bank wire transfers,
payroll direct deposits, or retail locations. Eufora™ may also load the card directly from earned referrals (subject to their terms
and conditions).
So in the first year, a cardholder can expect to pay a total of $59.95 in fees, which is very reasonable for this type of card (this
does not include any reload or penalty fees). An additional card can be provided for the account for a fee of $9.95.
For those who wish to establish or rebuild their credit, the card offers a service called “Credit Builder” which reports to a credit
bureau. The service is provided for a total of two years and has a $19.95 processing fee, along with a monthly fee of $6.65 for the
first year (a total of $79.80). No monthly fee will be charged for the second year of service.
Therefore, those who are looking for a stored value card which enables them to pay in advance for purchases and would like an
opportunity to earn extra income will benefit most from what the Eufora™ Preferred Credit Builder Prepaid MasterCard® has to offer.
However, applicants may want to consider applying for the Eufora™ Elite MasterCard®, as the potential opportunity to earn revenue far
outweighs the difference in the annual fee. |
