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Verdict: With a solid interest rate and a rewards program that boasts three tiers of points, the Lake Michigan Credit Union Rewards Plus Platinum Visa card ranks as a top contender in the rewards field. The card looks even more attractive when you realize that it comes with no annual fee.
Overview: Most rewards cards have higher interest rates; that’s because the card is more valuable. However, the Lake Michigan Credit Union Rewards Plus Platinum Visa card bucks this trend. This card comes with a purchase interest rate that is far below what consumer credit cards typically charge.
How This Card Works: This is a cash-back card. With every purchase that you make with the card, you’ll receive a certain percentage of it back in the form of cash. The card comes with three different cash-back levels. Some purchases will bring more cash back than will others. If you want to maximize the amount of cash you earn with this card, you’ll have to remember which purchases generate the most in cash-back rewards.
Travel and Shopping Benefits: You’ll receive 3 percent cash back every time you use your credit card to purchase gas. You’ll receive 2 percent cash back on all grocery purchases and 1 percent back on all other purchases that you make with this card. You also have the option of earning points for your purchases instead of cash back. Under the points system, you’ll earn three reward points on gas purchases, two on grocery buys and one on all other purchases. Once you have enough points, you can redeem them for merchandise, gift cards and other items.
Fees: One of the top benefits with this card are the low fees. The card’s purchase interest rate, for example, stands at 10 percent, fairly low for a rewards card. The card also comes with no annual fee. Cash advances cost 3 percent of the advance amount, while the card’s late-payment fee can hit as high as $25. Returned-payment and over-the-limit fees are the same amount.
- No annual fee.
- Flexible, multi-tiered rewards program.
- Low purchase interest rate of 10 percent.
- You’ll have to keep track of which purchases earn the most in cash-back bonuses.
- Late-payment, returned-payment and over-the-limit fees of $35.