Whisperwolf writes: First Premier bank is offering a pre-approved Mastercard to people with low credit ratings, at a whopping 79.9% APR. This would require anyone borrowing $1000 to make a minimum payment of around $68 for almost seven years, netting the bank $3851.36 in pure interest. Top it off with a $75 per year annual charge for the icing on the cake. And the real outrage? It's perfectly legal.