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Verdict: The Lake Michigan Prime Platinum card is a straightforward and simple credit card that features a generous credit limit up to $25,000 for those who qualify. The card also has an APR as low as 6.25% and no annual fee or hidden costs. Despite the lack of rewards, this credit card is a smart choice for members who want a free to carry card with a low interest rate for occasional charges or to finance large purchases.
Overview: Lake Michigan Credit Union has two credit card options for members. The Max Rewards card offers up to 3% cash back, while the Prime Platinum card features a very low APR and a credit limit as high as $25,000. Both cards are a good choice for consumers that wish to avoid high-fee credit cards offered by most banks.
How These Cards Work: The Prime Platinum Visa is accepted worldwide and gives cardholders 24-hour access to cash through ATMs. The card has a variable APR as low as 6.25% that’s tied to Prime. This means the APR may change as interest rates fluctuate. The grace period for the card is 25 days, allowing cardholders to avoid interest charges on purchases online by paying their balance in full before this period ends. Cash advances and balance transfers, however, begin to accrue interest on the transaction date.
Travel & Shopping Benefits: The Prime Platinum card has free auto rental insurance for cardholders, spouse and children. This allows the cardholder to waive optional rental choices while renting a vehicle while still receiving coverage. The card also includes emergency travel assistance like card replacement and cash disbursements. There is zero liability for fraudulent purchases and cardholders may also use Verified by Visa to set up a password for online shopping. Although this card has no rewards, the low interest rate makes it a good choice for financing large purchases.
Fees: The Lake Michigan Prime Platinum card has no annual fee. The variable APR is 6.25%, which applies to purchases, cash advances and balance transfers. There is a transaction fee for cash advances of 3%, but no fee for balance transfers. Late fees may be assessed if a payment is more than 35 days past due. The fee is $15 for balances below $1,000 and $25 for balances above $1,000. Cardholders that opt to spend over their credit limit may be charged a fee of $25. A lost card replacement costs $5 the first time and $10 for each time after, or $30 for rush processing. There is a returned check fee of $25. Currency conversions cost up to 0.20%, along with a potential Cross Border fee up to 0.80%.
- No annual fee
- No fee for balance transfers
- No hidden costs
- Credit limit up to $25,000
- Must be a Lake Michigan Credit Union member
- No rewards