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
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