Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

First Premier Bank removes credit card with 59.9% APR

bank1.top.jpgFirst Premier's 59.9% interest rate credit card no longer appears on the bank's website. By Blake Ellis, staff reporter

NEW YORK (CNNMoney) -- First Premier Bank yanked its fee-laden 59.9% APR MasterCard from its credit card offerings.

If you go to the company's website, this message appears: "The credit card you have shown interest in is currently not available."

Customers calling First Premier's toll-free number to open an account are given this automated message: "The offer associated with this phone number is no longer available."

A First Premier spokeswoman said the card has been so popular that the bank has reached its issuing limit for the month.

"Due to the high demand for this credit card, we have reached our monthly volume requirements and are not currently offering this product," she said. "Individuals are being asked to consider another offer at this time or they can check back with us next month."

Taking the place of the 59.9% card is a secured credit card with a 19.9% APR. With secured cards, payments are reported to credit bureaus just like with credit cards, allowing consumers to build their credit. But customers have to deposit their own money into an account, so they are technically charging against their own cash. If they don't make payments, the bank keeps their money.

The 59.9% card, which had nearly 300,000 active customers as of early February, charged more than $100 in fees per year and typically extended a credit line of about $300.

The bank originally offered the credit card with an even higher rate of 79.9%. But the company found that too many consumers ran up their bill and then didn't pay, First Premier CEO Miles Beacom told CNNMoney last month.

Beacom said the card serves a growing need for customers with less than perfect credit.  To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.88%3.83%
15 yr fixed2.84%2.96%
5/1 ARM3.24%3.09%
30 yr refi3.92%3.94%
15 yr refi2.94%3.05%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 16,472.37 200.36 1.23%
Nasdaq 4,707.78 80.69 1.74%
S&P 500 1,951.36 27.54 1.43%
Treasuries 1.99 -0.05 -2.60%
Data as of 8:05am ET
Company Price Change % Change
Bank of America Corp... 15.38 -0.17 -1.09%
Apple Inc 110.38 0.80 0.73%
Micron Technology In... 15.91 1.14 7.72%
General Electric Co 25.47 0.28 1.11%
Microsoft Corp 45.57 0.96 2.15%
Data as of Oct 2


The NFL is the world's richest sports league and by far the most popular sport in the U.S. But it has struggled to attract overseas fans. More

The September jobs report is lowering the chances the Fed will raise interest rates later this year. More

Smarties, a Halloween candy staple, have been around for 66 years. Three Millennial women are revolutionizing it. More

Spending more than you make is bad for your finances, but other not-so-obvious money habits will hurt your long-term savings. More