eVantage Card Review
The eVantage card is a prepaid MasterCard that gives you crowdfunded cash back on certain purchases. Find out how the eVantage card works today in our review.
What is the eVantage Card?
The eVantage card is a prepaid MasterCard that gives you cash back using a unique crowd-funded system. The creator of the card, Cascade Financial, uses multilevel marketing-style referral bonuses to reward users for recommending the card to friends.
There are two things you need to do to earn cash back with the eVantage card:
First, you need to spend at least $350 per month in non-PIN domestic purchases
You can use the eVantage card anywhere debit cards and credit cards are accepted. In order to use the card, you’ll first need to load cash onto the card.
To load cash onto your eVantage card, you can use cash or setup a direct deposit transaction.
Once the cash is on your eVantage card, it’s actually insured by FDIC, which means your money is safe up to a limit of approximately $250,000.
To make a non-PIN domestic purchase, you need to select “Credit” on the point of sale (POS) machine when you’re making a transaction. The retailer pays more for this transaction because it’s a prepaid card, but you do not need to enter your PIN.
Second, you “need to tell all your friends about the eVantage card”
eVantage heavily advertises its social media marketing tools. You can easily share the card on Facebook and all other social networks, for example.
When you refer a friend to the eVantage card, you can reap the rewards as they use the card. As more and more people join eVantage, the crowdfunded cash back amount total increases. And, as your specific referrals use their cards, your own unique crowdfunded cash back amount also increases.
This is where the multilevel marketing aspect of the eVantage Card comes in: you must spend at least $350 to earn your full cash back amount. Any non-eligible cashback funds earned through the network are simply collected by the company. The money rolls towards the top of the “pyramid”, while the people on the bottom receive smaller amounts.
That’s not necessarily a bad thing – that just appears to be the way the eVantage business model works.
Who Created the eVantage Card?
The eVantage card is issued by Sunrise Banks N.A.. However, you’ll sign up for the eVantage card through a company called Cascade Financial Technology Corp. That company is an authorized representative of Sunrise Banks.
How Does eVantage Work?
If you’ve read up to this point, then you’re probably wondering how the company makes money by giving money away for free. Here’s how the payment system works:
-When a business accepts a prepaid card as a non-PIN entered transaction, that business will pay a small fee called an “interchange fee”
-Cascade Financial uses these fees to grow the amount of crowdfunded cashback available to cardholders.
There’s a nifty calculator on the eVantage card website where you can estimate how much money you’ll earn through the EVantage card.
For example, if you refer 5 friends, and each of those friends refer 3 people, and each person in your network spends $350 per month, then you can spend up to $573.50 and get 100% cashback.
Ultimately, eVantage is different from other MLM-style businesses because the majority of its money doesn’t come from recruitment fees: instead, the majority comes from money earned through retail transactions. Business owners pay more when you use your card, and then this money is distributed throughout the network.
How to Load Cash Onto your eVantage Card
There are four ways you can load cash onto your new prepaid MasterCard:
-Load it with cash at major retail outlets like CVS, Office Depot, Walgreens, Walmart, and 7-Eleven
-Transfer from a bank account
-Transfer via direct deposit
-Use federal benefits deposit, like the money you get from social security or VA benefits
The last three loading methods come with no load fees (except for any load fees assessed by your bank).
How Much Does eVantage Cost?
The eVantage card isn’t free. It costs money to sign up for the card. Here’s how much you can expect to pay for your eVantage card:
-New account fee of $6.99 when you sign up
-New account companion card amount of $4.99
-Ongoing monthly service charge fee of $4.99 per month
-ATM withdrawal or bank teller over the counter cash withdrawal fee of $1.50 per transaction (plus whatever fees your bank might charge)
The eVantage card claims that it doesn’t charge any other fees.
How to Sign Up for the eVantage Card
Signing up for the eVantage card is straightforward. Just visit eVantageCard.com and enter the following information into the online form: name, email address, mobile number, and referral code (if you have one).
If you have a referral code, then the person who referred you to eVantage will receive cashback from every purchase you make.
Any resident of the United States 18 years of age or older can get an eVantage card. Teenagers between the ages of 13 and 17 can also receive a companion card that is connected to an adult’s account.
Conclusion: Who Should Sign Up for the eVantage Card?
The eVantage card uses a multilevel marketing-style system to distribute cashback throughout its network of members. The company claims that it’s not a multilevel marketing company or pyramid scheme, but that’s basically when you’re signing up for. This is much different than the Robo Advisors wealth management investing we have talked about earlier as well.
That’s not necessarily a bad thing. If you’re already spending $350 per month on goods and services, and you have lots of friends that will join your EVantage network, then you can quickly start earning money through the eVantage card – including 100% cashback on all your purchases if you have a full network of friends spending money on their eVantage cards.
It only costs $6.99 to join eVantage and you can start earning cashback immediately. Sign up today at EvantageCard.com.
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