Eufora Preferred Credit Builder Prepaid Mastercard®

Overall Rating	Benefit Rating

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

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 Mastercard or Eufora 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. Eufora 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, the Eufora Preferred Credit Builder Prepaid Mastercard 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 Eufora Preferred Credit Builder Prepaid Mastercard, 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 Eufora Preferred Credit Builder Prepaid Mastercard 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. Review Date: 11/20/2007

Eufora Preferred Credit Builder Prepaid Mastercard
Most Attractive Feature(s): Unlimited income opportunity for referrals; monthly new car sweepstakes entry for every $100 spent; no monthly participation or application fees; guaranteed approval.
Least Attractive Feature(s): Limited earnings for higher level referrals; high annual fee.

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 $100,000 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 $6.65 ($79.80 annually).
See website for additional benefits.

Important Notations
**Maximum deposit when using a checking or savings account through the Internet is $300; when using any other method the maximum is $5,000.
Preferred level cardmembers will earn $50 per year for each approved Preferred MasterCard® or Elite 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.

You may also be interested in theses cards:
Eufora Elite Credit Builder Prepaid Mastercard®
Eufora Associate Prepaid Mastercard®