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My credit card had a 79.9% APR

My credit card had a 79.9% APR
By Blake Ellis, staff reporter
February 7, 2011: 10:46 AM ET

NEW YORK (CNNMoney) — Toni Riss had a credit card with a 79.9% interest rate.

The 58-year-old woman from Texas thought she struck gold when she found the First Premier card, which is aimed specifically at consumers with poor credit.

“I had an accident on a motorcycle, went through bankruptcy to pay for medical expenses and my credit went to hell in a hand basket, so I was looking for credit cards for people with bad credit” Riss said.

They granted her a card with a $300 limit — typical for new customers — and a starting rate of 29.9%, which Riss said she considered decent given her credit score.

But about six months after opening the card — at the end of 2009 — she received an unwelcome surprise in the mail.

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