|Card Review||The Eufora™ Elite Pre-Paid 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 earn income for referrals.
Not often do pre-paid cards offer benefits; however, the Eufora™ Elite Pre-Paid MasterCard® offers a unique income opportunity for cardholders. Each time a cardholder refers ten new applicants for the Eufora™ Elite MasterCard®, that cardholder will earn $900 (if the applicants are approved), $500 for ten Eufora™ Preferred referrals, and $200 for ten Eufora™ Associate referrals. Cardholders will also continue to earn annual income as long as they and their referrals (in increments of 10) maintain their Eufora™ membership in good standing.
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 pre-paid cards offered. 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 ten Elite level cardholders, that cardholder will receive $200 as opposed to $900.
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 twenty-five featured cars. The card also provides credit reporting, which helps the cardholder establish credit history for an additional $10 a month for the first year.
In order to use the card, cardholders need to first make a deposit in advance for a set amount (ranging between $5 to $100 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 $2,500 that can be held in the account at any one time). Funds may be loaded onto the card from an existing checking or savings account and money orders. 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 $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 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 Pre-Paid MasterCard® has to offer.|