Eufora™ Elite Credit Builder Prepaid MasterCard

Editor's Review: The Eufora™ Elite Credit Builder Prepaid MasterCard® is distributed by BANKFIRST and it is intended for those that have either poor credit or no credit at all. This is a prepaid credit card intended to help people rebuild their credit or build credit for the very first time.

A prepaid card with a reward program might sound a bit unusual but this card is unlike others in that it allows cardholders to build up rewards just like a traditional rewards credit card. Each time you refer a new member to the Eufora™ Elite MasterCard, you will receive a $90 referral bonus, so long as the referred member keeps their account in good standing. You will also earn $50 for each new applicant to the Eufora™ Preferred MasterCard and $20 for the Eufora™ Associate MasterCard. However, this hinges on the applicant being accepted and keeping their account in good standing.

You'll also receive auto rental insurance, identity theft insurance, stolen card reporting, purchase protection and $200,000 in travel accident insurance.

So if you decide this prepaid card is right for you, you will need to deposit an amount in advance onto the card. This amount can range anywhere between $5 and $5,000. You can load up the card anytime you like using an existing bank account, wire transfer, direct deposit or other method. Likewise, Eufora™ can also load money onto the card that you've earned from referring new card members as well.

There is a $99.95 annual fee for the card but the typical application fees associated with prepaid cards are non-existent; no additional start-up fees or application costs are required for basic card membership with this offer, truly setting it apart from other more costly prepaid cards in the marketplace.

If you wish to participate in the "Credit Builder" service, which reports your usage of the card to the major credit bureaus, you will need to pay an intial $19.95 fee plus a $10 monthly fee for one year. Your second year of this service is free. Even though paying an extra fee is a bit of a pain, it is a great way to build your credit history for the first time or start to repair the damage of a bad credit history in the past.

This card is a fantastic choice for anyone lacking credit history that wants to build a solid credit history starting from the ground up.