First Premier Bank MasterCard
First Premier Bank MasterCard
It doesn't get much more expensive than First Premier's card, which has an APR of 59.99% and fees of more than $120 a year.

"You have to be awfully desperate to have that card and pay that kind of APR," said Curtis Arnold, founder of "But I don't know why you would do that when there are so many other options even if your credit is bad -- even a secured card with all its fees would be a better alternative."

The company, however, stands by its claim that it serves the needs of a growing number of consumers with less than perfect credit. And, in fact, it has nearly 300,000 customers for this card, most of whom carry a balance.

"The primary purpose of our credit card is to provide individuals (many who are at the lower end of the credit scale) with an avenue to obtain a tool to help them begin to demonstrate positive financial patterns to the major consumer reporting agencies," a spokeswoman for the bank said. "There is a very large and growing need for credit in this non-prime, underserved market niche."

Last updated September 08 2011: 4:06 PM ET
Join the Conversation
Find Homes for sale
  • Property Type
  • Find a home in:
    New York | Atlanta | Chicago | Los Angeles
    Washington D.C | Houston | Philadelphia | More options
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.