Lake Michigan Credit Union Prime Platinum Visa Review 2024 (2024)

• Lake Michigan Credit Union Prime Platinum Visa Introduction
• Quick Facts
• What Is the Lake Michigan Credit Union Prime Platinum Visa Best For?
• Other Lake Michigan Credit Union Prime Platinum Visa Benefits
• Fine Print
• How the Lake Michigan Credit Union Prime Platinum Visa Stacks Up
• Is the Lake Michigan Credit Union Prime Platinum Visa for You?
• Methodology

The Lake Michigan Credit Union Prime Platinum’s main draw is its low, ongoing interest rate as low as low as prime-plus 3%. One of the lowest interest rates you’ll find on the market, it’s a useful benefit for cardholders who carry balances from month to month because of the savings on interest charges. Other perks include the card’s $0 annual fee and no balance transfer fees. But the drawbacks include no welcome bonus and no rewards. Additionally, the best interest rate requires excellent credit—a FICO Score of 760 or more—so it might not make sense for those with a less-than-stellar score.

As with credit cards from other credit unions, credit union membership is an eligibility requirement. Becoming a member is fairly straightforward. Membership criteria include:

• Live, work or worship anywhere in Michigan’s lower peninsula
• Live, work or worship in Florida
• Have an immediate family member (father, mother, brother, sister, son, daughter, grandmother, grandfather or spouse) who’s an LMCU member

If none of the above apply to you, a $5 donation to the ALS Association will also grant you membership. It’s also worth noting that you’ll be asked to provide an image of your ID during the membership application process, so you’ll need a mobile phone with a camera.

Once you’re a member, applying for the card requires the typical personal and financial information most credit card issuers ask for, such as your name, birth date, Social Security number and employment information.

• Extremely competitive interest rate—11.50% and up variable APR on purchases and balance transfers
• No annual fee
• Relatively high maximum credit line—up to $25,000

The Lake Michigan Credit Union Prime Platinum card is best for those who carry credit card balances. With no annual fee or balance transfer fee, it’s a cost-effective option for managing ongoing balances and saving money on interest charges.

However, getting the best interest rate requires a minimum credit score of 760, which FICO considers “excellent.” Those with less than excellent credit should consider other low-interest credit cards that might better suit their needs.

Additionally, if your goal is to pay off your credit card debt within a certain timeframe, look for a card with a promotional 0% APR. If you make a purchase on a 0% APR card and pay it off before the introductory period ends, you’ll save more money on interest charges than you would by choosing a card with a below-average regular APR like the LMCU Prime Platinum.

• Fraud protection. Zero-liability for unauthorized transactions
• High maximum credit line. Credit line of up to $25,000
• Car rental insurance. Free car rental insurance
• Emergency card replacement. Get a new card if your card is lost or stolen
• 24-hour member service. Around-the-clock support

Interest Rates

• Regular APR: 11.50% and up variable APR on purchases and balance transfers
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $0
• Balance transfer fee: N/A
• Foreign purchase transaction fee: 1% of each transaction in U.S. Dollars

Lake Michigan Credit Union Prime Platinum Card* vs. Discover it® Cash Back

When compared to the Lake Michigan Credit Union Prime Platinum Card*, the Discover it® Cash Back would be a better choice for many people. With it, cardholders get perks like rotating elevated cash-back rewards categories and Cashback Match™, where Discover will automatically match all the cash back earned at the end of the first year as a cardmember. There's no minimum spending or maximum rewards. The card also comes with a 0% introductory APR for 15 months on purchases and eligible balance transfers. Then, a standard rate of 17.24% - 28.24% variable applies. A balance transfer fee of up to 5% of the amount transferred applies.

The only reason to choose the LMCU Prime Platinum over the Discover it® Cash Back would be if you plan to carry a balance long after the Discover it® Cash Back’s intro APR period ends. Otherwise you’re better off paying no interest at all for over a year and earning rewards on your spending.

Lake Michigan Credit Union Prime Platinum Card* vs. Gold Visa® Card*

These cards are similar in many ways. Neither charges an annual fee, but neither offers rewards or a welcome bonus, either. Ultimately, deciding between the Lake Michigan Credit Union Prime Platinum Card* and the PenFed Gold Visa® Card* will come down to your debt payoff plan.

If your goal is to pay off credit card debt and you can do so within the Gold Visa® Card*’s intro APR period, this card is likely the better choice. New cardholders get a 0% intro APR for 15 months on purchases, followed by a variable 17.99% APR. 0% intro APR for 15 months on balance transfers made within the first 90 days, followed by a non-variable APR rate of 17.99%. Balance transfers incur a 3% fee per transaction. Even though you’ll pay a balance transfer fee, that cost would likely be less than what you’d pay to carry a balance with the LMCU Prime Platinum.

However, if you plan to continue carrying a balance well beyond the Gold Visa® Card*’s introductory period, the LMCU Prime Platinum would be the better choice. Make a debt payoff plan and do the math to determine which card will provide the most interest savings.

Lake Michigan Credit Union Prime Platinum Card* vs. BankAmericard® credit card

The BankAmericard® credit card is similar to the LMCU Prime Platinum card in that it doesn’t charge an annual fee but also doesn’t offer a welcome bonus or rewards. But it ranks above the LMCU Prime Platinum card for those who want to pay off credit card debt and can do so within the introductory APR period.

That’s because, unlike the Lake Michigan Credit Union Prime Platinum Card*, the BankAmericard® credit card offers a 0% intro APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days from account opening, 16.24% - 26.24% variable APR thereafter. A 3% balance transfer fee applies for the first 60 days, then 4%. But paying that fee will likely cost less than what you’d pay to carry a balance with the LMCU Prime Platinum card.

If you intend to carry a credit card balance for years, the LMCU Prime Platinum could potentially save you more money in the long run. But the goal should always be to pay off your balance on time and in full every month.

The Lake Michigan Credit Union Prime Platinum Card* is a solid option if paying off your balances in full each month isn’t feasible. You’ll be hard-pressed to find another credit card with such a low APR, but that’s only if you have excellent credit and qualify for the card’s best rate. Additionally, the LMCU Prime Platinum doesn’t offer any welcome bonus or rewards.

If you’re looking to save money on interest charges and can make a concerted effort to pay off debt within a certain time frame, consider a 0% intro APR card instead. Transferring a balance to one of these cards and paying it off within the intro period could save you a lot more in interest. Plus, some of the best 0% APR cards offer welcome bonuses and rewards, making them even more attractive.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

Read more: How Forbes Advisor rates credit cards