59.9 Percent APR Credit Card No Longer Available

FirstPremier

[Update: The offers mentioned below have expired. For current terms and conditions, please see card agreements. Disclosure: Cards from our partners are mentioned below.]

First PREMIER has pulled its infamous 59.9 percent APR MasterCard credit card from the market. The card, which was dubbed Americaโ€™s worst credit card by Consumer Reports, has been replaced with the First PREMIERยฎ Bank Secured Credit Card.

After facing an avalanche of bad publicity due to the sky-high interest rate, it would be easy speculate that public demand brought down the card. But this CNNMoney.com story reports that a First Premier spokeswoman said that the card was so popular the bank had reached its issuing limit for the month.

The new First PREMIERยฎ Bank Secured Credit Card has a 19.99 percent (V) APR. Is this a reasonable APR? While itโ€™s not rare to see a secured card with such a high rate, there are many secured credit cards on the market with APRs less than 10 percent.

Thereโ€™s also a $50 annual fee and several other fees, including a 25 percent charge for increasing your credit limit and an $11 fee for an โ€œexpedited paymentโ€ that requires the assistance of a live representative. I got all this information from the Fees, Rates, Costs, and Limitations document on their website. Reading the fine print wasnโ€™t easy due to the lined, gray background.

First Premier has another secured card, the Centennialยฎ Secured Credit Card. It also has a 19.9 percent (V) APR and assorted fees. But at least the terms and conditions have an easy-to-read, plain white background.

You Might Also Like

A woman looks at her laptop computer with a thoughtful look on her face.
Wondering if it's time to add another credit card to your wallet?... Read More

April 9, 2024

Credit Cards

A woman sitting on a couch
Thereโ€™s nothing fun about declaring bankruptcy, but those w... Read More

October 21, 2020

Credit Cards

[UPDATE: Some offers mentioned below have expired and/or are... Read More

August 3, 2020

Credit Cards