Editor's Review:
If you are looking for a card that is designed for those with poor credit or for those with no credit at all, the Eufora™ Elite Credit Builder Prepaid MasterCard® may be a good choice. Not only does this card help rebuild credit, it also provides you with the opportunity to earn extra income when you refer others to the card.
When it comes to credit cards for bad credit, most do not offer benefits. This is not true with the Eufora™ Elite Credit Builder Prepaid MasterCard®, however, as it does offer some unique credit card benefits. For example, when you refer new cardholders to the Eufora™ Elite MasterCard®, you will earn $90 for every year that person remains a cardholder in good standing. Referring cardholders to the Eufora™ Preferred MasterCard®, on the other hand, will earn you $50 per year the cardholder remains a member in good standing. A referral to the Eufora™ Associate MasterCard® results in a $20 per year payment.
There are no upfront costs associated with the Eufora™ Elite Credit Builder Prepaid MasterCard. In addition, the standards $99.95 advanced deposit will be waived when you apply for the card. Unlike many credit cards for bad credit, this card does not charge application fees or participation fees. As a result, the card is far less costly than most other credit cards for bad credit. For those looking to establish credit or rebuild their credit, the card has a “Credit Builder” option which reports to one of the major credit bureaus. The service has a $19.95 initial processing fee along with a monthly fee of $10.00 for the first year (a total of $119.95). No monthly fees will be charged for the second year of service.
Other benefits associated with this credit card include lost and stolen card reporting, zero liability for unauthorized transactions, and purchase production. It also includes auto rental insurance, up to $200,000 worth of travel accident insurance, and identity theft insurance.
To get started with this card, you will need to make a deposit to the card. This deposit can range anywhere from $5 to $5000. The amount you deposit will determine how much you can spend with your card. Unlike some credit cards for bad credit, you can spend up to the entire amount you have deposited. You can choose to deposit money onto the card through your checking account or your savings account, or you may choose to use a bank wire transfer or money order. You also have the option of setting up direct deposits through your payroll or depositing funds through various retail locations.
(Review Date: January 14, 2012)