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.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.75%||3.76%|
|15 yr fixed||2.97%||2.96%|
|30 yr refi||3.74%||3.77%|
|15 yr refi||2.98%||2.98%|
Today's featured rates:
Nike is opening up shop on Amazon.com and the company plans "big shifts" over the coming year. More
Not only do many women depend on insurance coverage for maternity care and contraception, it commonly falls to them to plan health care and coverage for the whole family. Yet as leaders in Washington discuss the future of American health care, women have not always been allowed in the room. More
Volkswagen will make the VW I.D. Buzz, an all-electric microbus, available for sale. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Despite having more financial "skin in the game" than ever, many consumers don't make any attempt to compare prices for health care services, a newly released study found. More