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Lake Michigan Credit Union Prime Platinum Review

Lake Michigan Credit Union Prime Platinum Review

Interest Rate
APR as low as 8.50% variable
Annual Fee
$0
Credit Limit
Opportunity for credit limits as high as $25,000
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Lake Michigan Credit Union Prime Platinum best for?

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 9.25% – 17.25% (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.

Lake Michigan Credit Union Prime Platinum overview

    • No annual fee
    • Credit line of up to $25,000
    • Interest rate as low as 9.25%
    • Free car rental insurance
  • Credit needed:
    670 850
    Excellent/Good
  • Free car rental insurance
  • 24 hour member service
  • Zero-liability fraud protection

Intro Purchase APR

N/A

Regular Purchase APR

9.25% – 17.25% (variable)

Intro BT APR

N/A

Regular BT APR

9.25% – 17.25% (variable)

Annual Fee

$0

Cash Advance Fee

3% of the amount of the cash advance

Foreign Transaction Fee

1% of each transaction in U.S. Dollars

Balance Transfer Fee

None

Pros and cons

Pros

  • Chance for a very low interest rate
  • $0 annual fee
  • Potentially high credit limit
  • Joining the credit union is easy

Cons

  • Lowest APR not guaranteed
  • Charges a foreign transaction fee
  • You have to join a credit union
  • No 0% intro APR or rewards

What we like about the Lake Michigan Credit Union Prime Platinum

  • One of the lowest credit card APRs around

    With an APR range of 9.25% – 17.25% (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.

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

  • Not everyone will get the lowest APR

    This card’s APR range is 9.25% – 17.25% (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.

Alternate credit card for carrying a balance

Compare it to the Wells Fargo Reflect® Card

| Disclosures
Wells Fargo Reflect® Card
Wells Fargo Reflect® Card
on Wells Fargo's secure site
0% intro APR up to 21 months from account opening
16.74% - 28.74% variable APR
$0
None
  • 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension for 3 months with on-time minimum payments during the intro period. 16.74% to 28.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5.
  • $0 Annual Fee
  • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
  • Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
  • Select “Apply Now” to learn more about the product features, terms and conditions
660 850

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 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 up to 21 months from account opening on new purchases. After, a 16.74% - 28.74% 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 up to 21 months from account opening on qualifying balance transfers. After, a 16.74% - 28.74% variable APR applies. The balance transfer fee is 3% for 120 days from account opening, then up to 5%; min: $5.

The way the intro periods work is that cardholders initially get 18 months of 0% intro APR, and by making on-time minimum payments, have an opportunity to earn an extension of up to three additional months.

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

Compare the Lake Michigan Credit Union Prime Platinum to similar cards

Comparison of four different credit cards
Lake Michigan Credit Union Prime Platinum Wells Fargo Reflect<sup>®</sup> Card USAA® Rate Advantage Visa Platinum® Card BankAmericard<sup>®</sup> credit card
Lake Michigan Credit Union Prime Platinum Wells Fargo Reflect® Card USAA® Rate Advantage Visa Platinum® Card BankAmericard® credit card
Read Review
Apply Now
on Wells Fargo's secure site
Read Review
Apply Now
on Bank Of America's secure site
Annual Fee
$0 $0 $0 $0
Intro Purchase APR
N/A 0% intro APR up to 21 months from account opening N/A 0% Intro APR for 21 billing cycles for purchases
Regular APR
9.25% – 17.25% (variable) 16.74% - 28.74% variable APR 9.90% to 26.90% variable 15.74% - 25.74% Variable APR
Intro Balance Transfer APR
N/A 0% intro APR up to 21 months from account opening on qualifying balance transfers 0% Introductory APR through your 06/01/2024 billing cycle. 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days
Regular Balance Transfer APR
9.25% – 17.25% (variable) 16.74% - 28.74% variable APR 9.90% to 26.90% variable 15.74% - 25.74% Variable APR on balance
Welcome Offer
N/A N/A N/A N/A
Card Details
Lake Michigan Credit Union Prime Platinum Wells Fargo Reflect® Card USAA® Rate Advantage Visa Platinum® Card BankAmericard® credit card

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

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 9.25% – 17.25% (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.

The information related to the Lake Michigan Credit Union Prime Platinum has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.