Lake Michigan Credit Union Prime Platinum Review: All About the Low APR
The Bottom Line
3.5
This card's value comes from its super-low interest rate. If you always carry a balance from month to month, give it a look. If you rarely or never do, you're probably better off elsewhere.
Rates, fees and offers
Annual fee
$0
Rewards rate
N/A
Bonus offer
None
Intro APR
N/A
Ongoing APR
Purchase: 10.75%, Variable
Balance transfer fee
0%
Foreign transaction fee
1% of transaction
More details from Lake Michigan Credit Union
- One of the lowest interest rates in the country, as low as Prime + 3.00%
- No annual fee
- Credit line of up to $25,000
- Free car rental insurance
- Make payments online, by phone, or at any local branch
Pros and Cons
Pros
No annual fee
Cons
No rewards
Needs excellent credit
Detailed Review
The Lake Michigan Credit Union Prime Platinum Card is ideal for a specific type of credit card user: those who know they'll consistently carry a balance. That's because the card offers one of the lowest interest rates available.
The card has a $0 annual fee and charges no balance transfer fee. However, unlike some other cards, there's no 0% intro APR period for either purchases or balance transfers, so you won't get any upfront, immediate break on interest charges. And the Lake Michigan Credit Union Prime Platinum Card won't earn you any rewards. Of course, if you're carrying a balance month to month, the interest you're charged would eat into any rewards you'd earn with another card anyway.
It's best to pay your balance in full each month, but if you're unable to do so, the Lake Michigan Credit Union Prime Platinum Card could save you money compared with other cards.
Lake Michigan Credit Union Prime Platinum Card: Basics
Card type: Low interest.
Annual fee: $0.
Sign-up bonus: None.
Rewards: None.
APR: The ongoing APR is 10.75%, Variable.
Balance transfer fees: None.
Foreign transaction fee: 1%.
Compare to Other Cards
Benefits and Perks
A low ongoing APR
This card is truly meant to benefit someone who will carry a balance from month to month. It's rare to see a credit card with this low of an APR.
No annual fee or balance transfer fee
Why pay more when you're already making interest payments? The lack of a balance transfer fee could be helpful for someone who wants to move a balance from a higher-interest card — and especially helpful for someone who wants to do so repeatedly. With typical balance transfer fees ranging from 3% to 5%, this feature could save you $30 to $50 for every $1,000 you transfer.
Drawbacks and Considerations
The lowest rate is only for those with excellent credit
The 10.75%, Variable ongoing APR is the lowest you may be eligible for, but that's based on a card applicant with excellent credit. Depending on your personal situation, you may not qualify for this rate.
No introductory 0% APR period
You'll begin paying interest on balances immediately. If you plan to pay off your balance eventually, a card with a lengthy 0% intro APR period may be a better fit. The U.S. Bank Visa® Platinum Card offers 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 17.99%-28.99% Variable APR. The annual fee is $0, and there's a balance transfer fee: An introductory fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater.
No rewards
The Lake Michigan Credit Union Prime Platinum Card is truly a no-frills card. You won't earn any points, miles or cash back, and there's no sign-up bonus. If you're looking for rewards plus a 0% intro APR period, consider the $0-annual-fee Wells Fargo Active Cash® Card. It offers 0% intro APR on Purchases for 12 months and 0% intro APR on Balance Transfers 12 months from account opening on qualifying balance transfers, and then the ongoing APR of 19.49%, 24.49%, or 29.49% Variable APR. The card earns 2% cash back on all purchases and comes with a solid sign-up bonus: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
How To Decide If It's Right For You
While its list of drawbacks seems long, keep in mind that the Lake Michigan Credit Union Prime Platinum Card serves a very specific purpose: providing a low interest rate to cardholders who plan to carry a credit card balance indefinitely. If you qualify for the card's best rate, you likely won't find another option with such a low APR.
However, if you plan to pay off your credit card balance within a set period of time, you may want to weigh the Lake Michigan Credit Union Prime Platinum Card against other options. To see how it stacks up, visit NerdWallet's list of best credit cards with 0% APR promotions.
This card offers 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 17.99%-28.99% Variable APR. If you plan to carry a balance for a while, but not indefinitely, it will save you money even compared with a low-interest card like the Lake Michigan Credit Union Prime Platinum Card.
Looking For Something Else?
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
Frequently asked questions
Does the Lake Michigan Credit Union Prime Platinum Card earn rewards?
No, the Lake Michigan Credit Union Prime Platinum Card doesn’t earn rewards, nor does it offer a sign-up bonus for new cardholders. The card’s main benefit is its low ongoing interest rate.
What interest rate would I pay with the Lake Michigan Credit Union Prime Platinum Card?
The ongoing APR is 10.75%, Variable. However, you may pay a higher interest rate depending on your financial situation and credit history.
Is there a 0% interest rate promotion with the Lake Michigan Credit Union Prime Platinum Card?
No, there’s no promotional 0% APR period with the Lake Michigan Credit Union Prime Platinum Card. The ongoing APR is 10.75%, Variable.
