Account Set-up Fee: $29.00 (one-time fee)
Program Fee: $95.00 (one-time fee)
Annual Fee: $48.00
Monthly Servicing Fee: $84.00 Annually1
Additional Card Fee: $20.00 Annually per card, (if applicable)
Late Payment Fee: $29.00
Over Limit Fee: $29.00

Available Credit and Cash Advance Limitations: The initial minimum credit limit will be at least $250.00 and the following fees will be billed to your first statement: Account Set-Up Fee of $29.00, the Program Fee of $95.00, the Annual Fee of $48.00, the Additional Card Fee of $20.00 per card (if applicable) and Monthly Servicing Fee of $7.00. These fees will reduce your available credit until they are paid. If you are assigned the minimum credit limit of $250.00 your initial available credit will be $71.00 ($51.00 if you select the additional card option).

It has been reported that many banks are raising their credit card interest rates before new federal regulations come into effect as part of the Credit Card Act of 2009, but First Premier Bankcard of Sioux Falls, SD, took it to the next level and is now offering some of their customers credit cards at interest rates as high as 79.9% APR.

The story first broke when San Diego’s NBC affiliate received a report from a viewer that he had received a pre-approved credit card offer from First Premier Bankcard, LLC at with a 79.9% APR. The viewer, Gordon Hageman, said he couldn’t believe it when he got the credit card mail. In an interview with the NBC affiliate, Hageman said, “My first thought, it was a mistake.”

said by cscottm :

I wonder if they are in partnership with this company

»www.cashcall.com/General/Rates.aspx

said by Omega :

Holy crap.

$2600 loan. 36 payments @ $298.94=10761.84!

I'm all for free market and stuff, but damn that should be illegal.