Yes, it is true.
A credit card with an APR of 79.9% has been issued by First Premier Bank.
This has been done as a move to hedge against the new federal laws restricting annual fees; to compensate, this high-risk credit issuer had to raise the APR to 79.9%. The card has a $300 credit line and is intended for those who have bad credit to start making good credit again.
Card holders used to pay $256 up-front for the card as a fee, which would offset the old credit line of $250 in case the card holder ever defaulted.