Verdict: The Lake Michigan Max Rewards card is a well designed credit card with a generous credit limit, a low APR and a great rewards program. This card earns up to 3% back on purchases and has a variable interest rate of 10.0% that applies to everything. With no annual fee or hidden costs, this credit card is a great pick for cardholders who want to earn rewards for every purchase without paying for the privilege. Overview: Lake Michigan Credit Union offers two premium credit cards to members: the Prime Platinum card and the Max Rewards Visa. The rewards card offers members a low APR with up to 3% cash back on purchases. The Platinum card, on the other hand, provides a simple credit card with a generous credit limit up to $25,000. Both cards are a great choice for members that want to avoid the high fees and costs of a regular credit card. How These Cards Work: The Visa credit card from LMCU is accepted worldwide through the Visa network. The card features a low variable APR that’s tied to the Prime rate. For this reason, the APR may change as interest rates go up and down. The grace period is 25 days, which applies only to purchases. Cardholders can pay off their balance in full during this time to avoid interest charges completely. Cash advances, however, will begin to accrue interest on the date of transaction.
Travel & Shopping Benefits: The Max Rewards card from Lake Michigan Credit Union includes free auto rental insurance and emergency travel assistance. Zero liability fraud protection is automatic and cardholders may use Verified by Visa to set up a password for online use to further protect against fraud. This card earns cash back or rewards points on all purchases. Cardholders may earn up to $500 cash back per month at 3% for gas purchases, or three points per dollar. An unlimited 2% (two points per dollar) may be earned for grocery purchases and an unlimited 1% (one point per dollar) may be earned on everything else. Points are redeemable for merchandise, travel and gift cards. Fees: There is no annual fee for the Max Rewards card from Visa, which is a welcome change for a rewards card that earns up to 3% cash back. The APR is a variable 10.00%, which applies to balance transfers, cash advances and purchases. There is a transaction fee of 3% for cash advances, but no fee for balance transfers. The late fee is assessed if a payment is received more than 35 days past due and is $15 for balances under $1,000 and $25 for unpaid balances above $1,000. If the cardholder opts in to go over their credit limit, the charge is $25. A rush card order costs $30, and a lost card replacement costs $5 the first time and $10 for every time after. There is a returned check fee of $25. A currency conversion fee up to 0.20% may be charged for foreign transactions, along with a Cross Border fee up to 0.80%. Pros:
No annual fee
1-3% back on purchases
Low rate of 10.0%
No cost for balance transfers
No hidden costs
Must be a Lake Michigan Credit Union member
3% back on gasoline purchases is limited
3% transaction fee for cash advances
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