Lake Michigan Credit Union Prime Platinum Review: All About the Low APR

This card has no bells or whistles, but people with excellent credit are unlikely to find a lower ongoing interest rate. It goes easy on the fees, too.
Sara RathnerNov 19, 2018

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Our Take

3.5

NerdWallet rating 

The bottom line: 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'd probably be better off elsewhere.

Lake Michigan Credit Union Prime Platinum Visa Credit Card

Lake Michigan Credit Union Prime Platinum Card

Annual fee

$0

Regular APR

6.25% Variable

Intro APR

N/A

Recommended Credit Score

Quick Facts

Pros & Cons

Pros

  • No annual fee

Cons

  • No rewards
  • Needs excellent credit

Alternate Pick: Long 0% period

US Bank Visa Platinum Credit Card
NerdWallet rating 

U.S. Bank Visa® Platinum Card

Pay off a balance without interest

This card offers an introductory APR of 0%* intro APR for 20 billing cycles on purchases and balance transfers*, and then the ongoing APR of 14.49% - 24.49%* 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.

Read our review

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee

$0

Annual fee

$0*

Annual fee

$0

Regular APR

13.74% - 23.74% Variable APR

Regular APR

14.49% - 24.49%* Variable APR

Rates & Fees

Regular APR

14.99% - 23.74% Variable APR

Intro APR

0% intro APR on Purchases and Balance Transfers for 18 months

Intro APR

0%* intro APR for 20 billing cycles on purchases and balance transfers*

Intro APR

0% intro APR on Purchases for 15 months

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score

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Full Review

Terms and conditions on the have changed since this review was written, and this page is out of date. Before applying, check with the issuer.  

The  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 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, meaning that you won't get any upfront, immediate break on interest charges. And the  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 are unable to do so, the could save you money compared with other cards.

» MORE: 

While its list of drawbacks seems long, keep in mind that the  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  against other options. To see how it stacks up against other options, visit NerdWallet's list of .