First Premier Bank said Consumer Reports never asked its opinion before accusing the bank of peddling "America's worst credit card." On Sunday, Whistleblower described how the magazine had awarded the title to the First Premier Bank MasterCard, which charges up to $175 in fees for a $700 credit limit.
In a statement, Premier Bankcard president and CEO Miles Beacom said the card is designed to allow people to repair credit histories, so it's not fair to compare it to cards available to those with better credit.
"All of our products are priced based on the risk associated with offering the product to these individuals," Beacom said. The company is "committed to helping these individuals receive a second chance when it comes to their finances."
JAMES ELI SHIFFER
