In previous publications, strain-energy functions with limiters have been introduced for the prediction of onset of failure in monolithic isotropic hyperelastic materials. In the present investigation, such enhanced strain-energy functions whose ability to accumulate energy is limited have been incorporated with a finite strain micromechanical analysis. As a result, macroscopic constitutive equations have been established which are capable to predict the onset of loss of static stability in a hyperelastic phase of composite materials undergoing large deformations. The details of the micromechanical analysis, based on a tangential formulation, for composites with periodic microstructure are presented. The derived micromechanical analysis includes the capability to model a possible imperfect bonding between the composite’s constituents and to provide the field distribution in the composite. The micromechanical method is verified by comparison with analytical and finite difference solutions for porous hyperelastic materials that are valid in some special cases. Results are given for a rubberlike matrix characterized by softening hyperelasticity, reinforced by unidirectional nylon fibers. The response of the composite to various types of loadings is presented up to the onset of loss of static stability at a location within the hyperelastic rubber constituent, and initial failure envelopes are shown.