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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Lake Michigan Credit Union Prime Platinum Review: Low APR and Few Fees

Updated on:
Content was accurate at the time of publication.
LendingTree's Review

How LendingTree Rates Credit Cards?

Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
2.1
Lake Michigan Credit Union Prime Platinum
Interest Rate
APR as low as 11.50% variable
Annual Fee
$0
Credit Limit
Opportunity for credit limits as high as $25,000
We receive commissions from our advertising partners. These commissions do not influence our recommendations. Click here to learn more.
Citi is an advertising partner.

Key takeaway

Lake Michigan Credit Union Prime Platinum is a no-frills card that offers a low ongoing interest rate and few fees which makes it good if you need to carry a balance. Credit union membership is required to apply for the card, however a workaround allows anyone to join.

Pros and cons

  • $0 annual fee
  • Low APR on purchases
  • No balance transer
  • Potentially high credit limit
  • No rewards program
  • No 0% APR
  • Requires good / excellent credit
  • Membership required
  • Foreign transaction fee

Is the Lake Michigan Credit Union Prime Platinum a good card?

Interest charges add up quickly when you carry a credit card balance so a low-interest credit card is a good choice to help alleviate financial stress. We recommend paying off your credit card balance in full every month, but that might not always be possible. At times like this, a credit card like Lake Michigan Credit Union Prime Platinum, with a $0 annual fee, no balance transfer fee and a low ongoing APR is a good choice.

The Lake Michigan Credit Union Prime Platinum offers a 11.50 – 18.00% Variable APR, that could save you significantly on interest if you regularly keep a balance on your cards.

You do have to be a member of Lake Michigan Credit Union to apply for the card, but there are several easy pathways to membership. Other drawbacks are that there’s no sign-up bonus or rewards program, which lowers the overall long-term value of the card. Not to mention, you could get more interest savings by getting a card with a 0% intro APR on new purchases or balance transfers.

Want to save with a 0% APR? See our best 0% APR credit cards

Quick facts

  • Annual fee: $0
  • Intro purchase APR: N/A
  • Regular purchase APR: 11.50 – 18.00% Variable
  • Intro balance transfer: N/A
  • Regular BT APR: 11.50 – 18.00% Variable
  • Foreign transaction fee: 1% of each transaction in U.S. Dollars
  • Sign-up bonus: N/A
  • Rewards: N/A
  • Other benefits:
    • Free car rental insurance
    • Emergency card replacement
    • Credit life and credit disability insurance programs available
  • Recommended credit: Good / Excellent

What we like about the Lake Michigan Credit Union Prime Platinum

  • 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.

    The high end of this range falls well below the average credit card interest rate, so there’s a lot of savings to be had.

  • No balance transfer fee

    The Lake Michigan Credit Union Prime Platinum doesn’t have a balance transfer fee. This means you can transfer balances from other cards to take advantage of its low APR without having to pay an expensive fee for the privilege.

    Finding a credit card with no balance transfer fee is rare (though it’s a common feature on credit union-issued cards) and can save you between 3% and 5% of the transferred balance. On a $2,000 balance, that’s a savings of between $60 and $100.

  • Potentially high credit limit

    Credit cards with high credit limits give you more purchasing power and are good for your credit score because they help keep your credit 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.

  • Simple membership requirements

    Some credit unions have restrictive membership requirements, but Lake Michigan Credit Union makes it easy to join.

    Ways to qualify for Lake Michigan Credit Union membership:

    • Live, work or worship or attend post-secondary school in Michigan’s lower peninsula or Florida.
    • Donate at least $5 to the ALS (Amyotrophic Lateral Sclerosis) Foundation.
    • Be an immediate family member of a current LMCU member (including mother, father, sister, brother, son, daughter, grandmother, grandfather or spouse).

What to look out for with the Lake Michigan Credit Union Prime Platinum

  • No rewards program

    This card is great if you’re working on paying off debt, but it lacks the long-term value of a rewards credit card. Rewards programs add value to a credit card, as long as you don’t carry a balance. For a card that offers both a long intro offer on balance transfers and a rewards program, the Citi Double Cash® Card is an excellent choice.

  • No 0% APR

    The Lake Michigan Credit Union Prime Platinum does not have an intro APR offer. If you’re looking to finance a large purchase or transfer a large balance from other credit cards, you can save more with a 0% intro APR card. You should check out cards like the Citi Simplicity® Card or Capital One Savor Cash Rewards Credit Card (see rates & fees) that have long intro offers.

  • Requires Good / Excellent credit

    You’ll need a good credit score to qualify for this card, and excellent credit to qualify for the low end of the APR range. According to Lake Michigan Credit Union, a credit score of 760 is recommended to qualify for the lowest APR. Even if your credit score meets that threshold, you should be aware that issuers can set your APR based on a variety of factors, including your credit history, income and current debt levels.

  • Membership required

    You can qualify for Lake Michigan Credit Union membership just by contributing $5 to the ALS (Amyotrophic Lateral Sclerosis) Foundation.

    However, if you’re not interested in joining a credit union, look for a card that’s issued by a bank. These typically charge balance transfer fees, but many offer 0% intro APRs on both balance transfers and new purchases, as well as limited fees. The Citi Simplicity® Card is one example.


Alternative cards to the Lake Michigan Credit Union Prime Platinum card

Lake Michigan Credit Union Prime Platinum vs. Capital One Savor Cash Rewards Credit Card

| Disclosures
Capital One Savor Cash Rewards Credit Card*
Capital One Savor Cash Rewards Credit Card
0% intro on purchases for 15 months
19.74% - 29.74% (Variable)
$0
3% Cash Back at grocery stores (excluding superstores like Walmart® and Target®), o
  • For a limited time, earn a $250 cash bonus once you spend $500 on purchases within the first 3 months from account opening
  • Earn unlimited 3% cash back at grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment and popular streaming services, plus 1% on all other purchases
  • Earn 8% cash back on Capital One Entertainment purchases
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • No rotating categories or sign-ups needed to earn cash rewards; plus cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases and balance transfers for 15 months; 19.74% - 29.74% variable APR after that; balance transfer fee applies
  • No foreign transaction fee
  • No annual fee
  •  For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
660 720 850
Good / Excellent
*The information related to the Capital One Savor Cash Rewards Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.


The Capital One Savor Cash Rewards Credit Card is a better choice if you want interest savings plus rewards for the long-term. You’ll get a longer-than-average 0% intro on balance transfers for 15 months, after which an APR of 19.74% - 29.74% (Variable) applies (a balance transfer fee applies). There’s also an APR of 0% intro on purchases for 15 months. After that, a 19.74% - 29.74% (Variable) applies (see rates & fees).

It’s a good one to keep in your wallet well after you use your intro APR offer because it offers one of the best cash back rewards programs. Cardholders earn elevated rewards on popular spending categories including dining, entertainment and travel.

However, this is not a card that you should keep a balance on since the ongoing APR can be quite high.

Lake Michigan Credit Union Prime Platinum vs. Citi Simplicity® Card

| Disclosures
Citi Simplicity® Card
Citi Simplicity® Card
apply-now-icon Apply Now
on Citibank's secure site
Rates & Fees
0% intro APR for 12 months on Purchases
18.49% - 29.24% (Variable)
$0
N/A
  • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 18.49% - 29.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
  • Stay protected with Citi® Quick Lock
660 720 850
Good / Excellent

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.


If you’re looking for a low-interest credit card to transfer a large balance to, you can’t do much better than the Citi Simplicity® Card. It offers one of the longest intro offers for balance transfers around: 0% intro APR for 21 months on Balance Transfers (then a 18.49% - 29.24% (Variable) APR applies).

It also features a 0% intro APR for 12 months on Purchases (followed by a 18.49% - 29.24% (Variable) APR).

Like the Lake Michigan Credit Union Prime Platinum, this one doesn’t offer a rewards program. It’s a solid card to use to finance a purchase or for a long balance transfer period, but of little value long-term.

Lake Michigan Credit Union Prime Platinum vs. ESL Visa® Credit Card

| Disclosures
ESL Visa® Credit Card*
ESL Visa® Credit Card
Learn More
on ESL Federal Credit Union's secure site
0% intro APR for 12 months on purchases
12.75% - 17.99% variable APR
$0
N/A

  • Save money with our 0% Intro APR for 12 months.
  • Save even more with our low ongoing rate of 13.00%-17.99% APR.1
  • No annual fees.1
  • No fees for balance transfers.1
  • Get the powerful protection of the Visa Zero Liability Policy.2
  • Emergency ticket replacement and other travel and emergency assistance.
  • Auto rental insurance automatically covering vehicle damage or theft up to the full value of most vehicles when you rent a car with your ESL visa credit card.
  • Extended warranty protection.
N/A
*The information related to the ESL Visa® Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.


Also from a credit union, the ESL Visa® Credit Card is our top pick for balance transfer cards with no fee because of its savings potential. Cardholders enjoy 0% intro APR for 12 months on balance transfers, followed by a low ongoing 12.75% - 17.99% variable APR. Additionally, the card has a $0 balance transfer fee and a $0 annual fee.

Note that like the Lake Michigan Credit Union Prime Platinum, you need to join the affiliated credit union to get this card. Also, there’s no sign-up bonus or rewards program.


Is the Lake Michigan Credit Union Prime Platinum right for you?

If you need to carry a balance from time to time, your credit score is 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. This card has one of the lowest starting interest rates available and is considerably lower than the average credit card interest rate.

However, if you’re just looking to avoid interest charges on a new purchase with a 0% intro APR period, consider the Citi Simplicity® 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. The right cash back card can reward you with anywhere from 2% to 6% back on your regular spending.



Not the right card for you?
Discover the Best Credit Cards

The information related to the Citi Double Cash® Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

For Capital One products listed on this page, some of the above benefits are provided by third parties such as Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as certain terms, conditions, and exclusions apply.

The information related to the Lake Michigan Credit Union Prime Platinum, Capital One Savor Cash Rewards Credit Card and ESL Visa® Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.