In this paper, we analyze the outage probability of a single user system with multiple antennas at the transmitter, single antenna at the receiver, and finite rate feedback power control. The optimum power control is complex and the analysis is not tractable. Hence we propose a sub-optimal power allocation scheme, which is asymptotically optimum, with very low computational complexity. Analyzing the proposed algorithm we show that the diversity order can potentially be increased unboundedly by increasing the feedback rate and without increasing number of transmit or receive antennas. We find a closed form approximation to this diversity-like gain at large SNRs, as a function of number of transmit antennas, number of quantization levels, and average available SNR. Simulation results confirm the validity of the analysis.