Here’s something you don’t see every day: A credit card with a $75 dollar annual fee, a $300 limit, a $29 penalty for being late or over limit… and an interest rate of 79.9 percent? Welcome to First Premier Bank, a sub-prime credit card issuer.

First Premier is just following the new regulations found in the Credit Card Reform Bill passed by Congress and signed by our President this past year. Apparently, Congress set out to curb the abuse that has become all-too-common in the credit card industry… you know, like exorbitant fees and interest rates from 20-40%… so they asked the banking lobby to come up with something acceptable and this is the result. So, there should be no one surprised when other credit card issuers follow suit as expected.

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