Lake Michigan Credit Union Prime Platinum Review

If you’ve ever carried a credit card balance, you know interest charges can be expensive. While we recommend paying your card off in full every month to avoid incurring interest charges, that might not always be feasible — and in such situations, you want a low-interest card like the Lake Michigan Credit Union Prime Platinum. With an APR ranging from 11.50 – 18.00% Variable, this card can help you save some money when you have to carry a balance compared to cards with higher interest rates.

You do have to join a credit union to get this card, but unlike some credit unions, Lake Michigan Credit Union makes it easy for anyone to qualify for membership.

However, if you’re looking for a 0% introductory APR or rewards, the Lake Michigan Credit Union Prime Platinum doesn’t offer either. It’s a relatively no-frills card other than its low interest rate.

• One of the lowest credit card APRs around

  With an APR range of 11.50 – 18.00% Variable, the Lake Michigan Credit Union Prime Platinum can be an exceptional card for consumers who tend to carry a balance and want to save on interest charges.

  Since many credit cards will set cardholders’ APRs in the range of 15%, 20% or even 25%, the Lake Michigan Credit Union Prime Platinum clearly stands out if you qualify for the low end of the APR range.

• No annual fee

  When you’re trying to save money on interest charges, an annual fee is the last thing you want to worry about. Luckily, the Lake Michigan Credit Union Prime Platinum comes with a $0 annual fee.

• Potentially high credit limit

  Having a high credit limit not only gives you more purchasing power, but is good for your credit score because it helps keep utilization low. The Lake Michigan Credit Union Prime Platinum can come with a credit limit of up to $25,000, based upon your creditworthiness and other factors, such as income and current debts.

• Membership eligibility is easy to satisfy

  Some credit unions have restrictive membership requirements, but Lake Michigan Credit Union makes it easy to join. You can qualify for membership based on where you live, work or worship, through a family member who is already a member, or by contributing $5 to the ALS (Amyotrophic Lateral Sclerosis) Foundation.

• Not everyone will get the lowest APR

  This card’s APR range is 11.50 – 18.00% Variable. However, not everyone will qualify for the low end of the APR range. According to Lake Michigan Credit Union, the lowest rate featured is based on credit scores of 760. And even if your credit score meets that threshold, you should be aware issuers can set your APR based on a variety of factors, including your credit history, income and current debt levels.

• There's a foreign transaction fee

  The Lake Michigan Credit Union Prime Platinum charges a 1% of each transaction in U.S. Dollars foreign transaction fee. While that’s lower than the 3% some cards charge, you’re still better off leaving this card at home when traveling abroad and taking one with no foreign transaction fee instead.

• Credit union membership required

  Lake Michigan Credit Union makes it easy to qualify for membership. If you can’t join through geographic criteria or via a family member, there’s an option to join by contributing $5 to the ALS (Amyotrophic Lateral Sclerosis) Foundation. However, if you’re not interested in joining a credit union, the membership requirement could be considered a drawback.

• Doesn't offer a 0% intro APR or rewards

  If you’re looking for a credit card with a 0% intro APR allowing you to avoid interest charges for a period of time, or a rewards program that lets you earn points or cash back, the Lake Michigan Credit Union Prime Platinum does not come with an intro APR offer or a rewards program.

 

The Wells Fargo Reflect^® Card offers one of the longest 0% intro APR periods on both purchases and balance transfers. If you’re looking to pay no interest for almost two years, rather than just save with a lower interest rate, the Wells Fargo Reflect^® Card might be the card you need.

Cardholders get a 0% intro APR for 21 months from account opening on new purchases. After, a 17.49%, 23.99%, or 29.24% Variable APR applies. This makes the Wells Fargo Reflect^® Card an ideal choice if you know you’ve got a big purchase coming up and need to spread the payments out over time.

And if you need to transfer high-interest debt from a non-Wells Fargo credit card, you can take advantage of the 0% intro APR for 21 months from account opening on qualifying balance transfers. After, a 17.49%, 23.99%, or 29.24% Variable APR applies. The balance transfer fee is 5%, min: $5.

You’ll pay a $0 annual fee to carry the card, but there is a 3% foreign transaction fee.

If you need to carry a balance from time to time, and your credit score falls somewhere in the good to exceptional range and are willing to join a credit union, the Lake Michigan Credit Union Prime Platinum is a great card to consider. With an APR range from 11.50 – 18.00% Variable, this card has one of the lowest starting interest rates we’ve seen.

However, if you’re just looking to avoid interest charges with a 0% intro APR period, consider the Wells Fargo Reflect^® Card instead. With almost two years of no interest, this card is ideal when you’re planning ahead for a big purchase.

And if you don’t need to carry a balance, consider a cash back credit card instead. The right cash back card can reward you with anywhere from 2% to 6% back on your regular spending.