Eufora Prepaid Mastercard Review
Summary - The Euforaâ„¢ Elite Credit Builder Prepaid MasterCard is an innovative prepaid card with a few interesting features. It is a prepaid credit card which allows you to opt-in for their credit builder program, which will help those with no credit or poor credit to build or rebuild their credit. Furthermore, there is also a referral program which pays you if you refer a friend to the card. Find out more about this unique card...
Associate Level Membership - The Eufora Prepaid Mastercard has got 3 levels of membership, the Associate level, the Preferred level and the Elite level. The Associate Level is for those who simply want a prepaid credit card. There is an annual fee of $29.95. This annual fee is much much lower than the total monthly maintenance fees charged by almost every other prepaid debit cards. If you refer any friends to the Eufora card, you will be paid $20.00 per year as long as your friend remains a cardholder.
Preferred Level - The Eufora Preferred Level is for those who would like to have a prepaid credit card and yet use it at the same time to build or rebuild your credit. The annual fee is slightly higher than the associate level at $59.95, but still reasonable. The credit builder fee is $6.65 monthly, which is much lower than the $29.95 fees typically found in other credit builder programs. The Preferred Level also allows you to participate in the referral program. You get paid $20.00 per year if you refer an associate level member, $50.00 per year if you refer someone who joins as either a preferred or elite member.
Elite Level - If you decide to join at the elite level, the annual fee is $99.99. The credit builder service fee is $10.00 per month, slightly higher than the Preferred Level fee, but still lower than all other credit builder fees in the market. The Eufora elite level is really for those who would like to go all out and refer friends to this card because it has a much better payout. Of you refer an associate level cardholder, you get $20.00 per year, $50.00 per year for a preferred level cardholder and $90.00 per year for an elite level cardholder.
Credit Bureau Reporting - If you enroll in Eufora's credit builder program, your credit activities will be reported to TransUnion, one of the 3 major credit agencies.
Other Perks - Unlike other prepaid cards, the Eufora Prepaid Mastercard offers a range of benefits. All prepaid cardholders have the following benefits : Cash Reward Program, Monthly auto Sweepstakes entry (spend $100 and you are eligible for this monthly whereby you have a chance to win a car), zero liability on unauthorized purchases, purchase protection features, auto rental insurance. Preferred members get $100,000 in travel accident insurance while Elite members get $200,000 accidental insurance.
Verdict - To sum up, the Euforaâ„¢ Elite Credit Builder Prepaid MasterCard� is not only designed for those who like the idea of a prepaid card to ensure spending discipline, but is also suitable for those looking to reestablish their credit (through the credit builder program). It is less costly (in terms of one-time fees etc) compared to other unsecured credit cards designed for those with poor credit. You also get benefits found more commonly in other unsecured credit cards for those with better credit. Furthermore, you can also make some referral fee if you refer a friend to Eufora.
Positives
- low credit builder service fees
- referral program
- low annual fee
- monthly auto sweepstakes
- common mastercard benefits
| EuforaTM Elite Credit Builder Prepaid MasterCard® | |||
| Minimum and Maximum Load | Min of $5, Max of $2,500 | ||
| Benefits | |||
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cash reward program Auto Sweepstakes Entry Zero Liability Purchase Assurance Identity Theft Insurance Auto Rental Insurance $100,000 Travel Accident Insurance (for Preferred members) $200,000 Travel Accident Insurance (for Elite members |
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| Cost/Fees/Interest rates | |||
| Annual Fees |
Associate - $29.95 Preferred - $59.95 plus $6.65 monthly fee for the 1st year Elite - $99.95 plus $10.00 monthly fee for the 1st year |
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| Value Load Fee | $1.00 | ||
| Additional Retail Value Load Fee | $5.95 | ||
| Cash Withdrawal Fee |
Within US - $2.00 International - $4.00 |
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| ATM Balance Inquiry Fee |
Within US - $2.00 International - $4.00 |
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| Customer Service Inquiry Fee |
Automated - $0.50 Live Rep - $3.00 |
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| Statement Fee |
Online - $0.00 Paper - $1.00 |
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| Lost/Stolen/Replacement Card Fee |
Online - $0.00 Paper - $1.00 |
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| Return Check Fee | $29.00 | ||
| Overdraft Fee | $29.00 | ||
| Customer Reimbursement Fee | $5.00 | ||
| Eufora Referral/Affiliate Program | |||
| Membership Level |
Each Associate Referral |
Each Preferred Referral |
Each Elite Referral |
| Associate Level | $20.00 a year | $20.00 a year | $20.00 a year |
| Preferred Level | $20.00 a year | $50.00 a year | $50.00 a year |
| Elite Level | $20.00 a year | $50.00 a year | $90.00 a year |