Wave 1: The red cards

The first release saw the heroes packaged on somewhat generic looking red blister cards.  Collectors have long speculated that the drab, unimaginative appearance of the packaging is due to the fact that Mego was "rushing" the line to toy store shelves in an attempt to cash in on the Superman movie merchandise boom.

Red cards are the most commonly found of the three packaging versions.  Luthor, Zod, and Jor-El are the figures most easily obtained on the secondary market, with Robin being the most difficult.  Robin appears to be prone to a phenomenon known as "Mego Fuzz" or "Head Frosting".  This refers to a mold like growth most commonly seen on figure's heads. 

Pictured below are two examples of figures packaged on red cards...

The Superman figures...

The backside of a "DC" red card...