Eufora™ Elite Credit Builder Prepaid MasterCard®

No Credit Check Cash Reward Program Optional Credit Bureau Reporting Zero Liability

Review: The Eufora™ Elite 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™ Elite Credit Builder Prepaid MasterCard® offers a unique income opportunity for cardholders. Each time a cardholder refers a new applicant to the Eufora™ Elite MasterCard®, that cardholder will earn $90 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™ Preferred MasterCard®, that cardholder will earn $50 per year if the referred applicant is approved and maintains their membership in good standing. Lastly, each time a cardholder refers a new applicant to the Eufora™ Associate MasterCard®, that cardholder will receive $20 per year if the referred applicant is approved and maintains their membership in good standing. At the Elite level, the cardholder earns “commissions” for referrals at every card level. The two lower earning levels (Associate and Preferred) have lower annual fees, but the referral fees are considerably less. For instance, if an Associate level cardholder refers an Elite level cardholders, that cardholder will receive $20 as opposed to $50. The annual fee for the card is $99.95 per year, but since there are no participation or application fees (which are usually associated with stored value cards), this card is less costly than most prepaid cards offered. In addition to the unique income program, the card offers the following benefits: purchase protection, auto rental insurance, and up to $200,000 in travel accident insurance. For every $100 spent, cardholders automatically receive one entry into a monthly drawing for one of thirty featured cars. In order to use the card, cardholders need to first make a deposit in advance for a set amount (ranging between $5 to $5000 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 $99.95 in fees (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 $10.00 for the first year (a total of $120.00). No monthly fee will be charged for the second year of service. Therefore, those who are looking for a stored value card in which they can pay in advance for purchases and would like an opportunity to earn extra income, will benefit most from what the Eufora™ Elite Credit Builder Prepaid MasterCard® has to offer.

Date of Review: 2006-04-07 00:00:00

Notes: **Maximum deposit when using a checking or savings account through the Internet is $300; when using any other method the maximum is $5,000. Elite cardmembers will earn $90 per year for each approved Elite MasterCard® referral in good standing, $50 per year for each approved Preferred MasterCard® referral in good standing, and $20 per year for each approved Associate MasterCard® referral in good standing. See website for complete terms and conditions of card usage and application disclosure.

Additional Perks: Various Internet account related services. For every $100 spent on the card, the cardholder receives an entry into a monthly drawing for a free car of their choice from a selection of 30 cars. No liability for unauthorized transactions. Lost and stolen card reporting. Purchase protection. Identity theft insurance. Auto rental insurance. Up to $200,000 in travel accident insurance. Access to Eufora Credit Builder to report monthly installment loan payment history to credit bureaus for an additional monthly fee of $10 ($120 annually). See website for additional benefits.