Lake Michigan Credit Union Prime Platinum Review: All About the Low APR
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Our Take
3.5
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.
Full Review
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
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.
Compare to Other Cards
Annual fee$0 | Annual fee$0* | Annual fee$0 |
Regular APR13.74% - 23.74% Variable APR | Regular APR14.99% - 23.74% Variable APR | |
Intro APR0% intro APR on Purchases and Balance Transfers for 18 months | Intro APR0%* intro APR for 20 billing cycles on purchases and balance transfers* | Intro APR0% 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Terms and conditions on the have changed since this review was written, and this page is out of date.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.
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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 .
