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Last updated on Feb 27, 2020

Lake Michigan Credit Union Prime Platinum Card

A no-frills card with limited extras but a low APR that’s tough to beat ​
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Lake Michigan Credit Union Prime Platinum Card

  • Credit line up to $25,000
  • Zero-liability fraud protection
  • Free rental car insurance
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How We Reviewed Lake Michigan Credit Union Prime Platinum Card

4 cards compared

7 features evaluated

20 hours researched

The Prime Platinum Card from Lake Michigan Credit Union (LMCU) has quickly become one of the best credit cards available today, with a shockingly low-interest rate of just 3% in some cases.

The Lake Michigan Credit Union Prime Platinum Card features a variable, tiered rate with a 7.75% APR, and no annual fee. The card includes an available credit line of up to $25,000 with no balance transfer fee and zero-liability fraud protection.

The downside of this impressive package is the limited number of perks. LMCU sticks to the basics, offering no introductory APR offer in consideration of its already low rates. There are also no rewards, but your account does include free rental car insurance.

The LMCU Prime Platinum Card has made a name for itself with its incredibly low-interest rate, and it’s one that is best for those used to carrying a balance on their credit card.

Lake Michigan Credit Union Prime Platinum Card Overview

  • Rewards Rate: N/A
  • Sign-Up Bonus: N/A
  • Annual Fee: $0
  • APR: 7.75%
  • Balance Transfer Fee: $0
  • Foreign Transaction Fee: 1%
  • Some of the lowest rates in the industry with no annual fees
  • Flexible rates that work for your spending habits
  • Free car rental insurances
  • Accessibility
  • No rewards offered with the Prime Platinum
  • No intro offer due to an already low APR
  • Who Should Get Lake Michigan Credit Union Prime Platinum Card?

    Best for: This card is uniquely suited to those who carry a regular balance on their credit card. This includes busy small business owners and overburdened parents who need the extra flexibility of a credit card that doesn’t punish you for using it. That’s the whole point of the low-interest rate and a major reason why this card is so popular.

    Not for: Because of the impressive APR, there is a very competitive application process. Therefore, this card is best for those with an excellent credit rating and a high credit score. It is also not an ideal fit for those who do not keep regular credit balances, as this is a card designed around its low-interest program.

    Main Benefits

    Low APR

    The Prime Platinum Card put Lake Michigan Credit Union on the map with an impressive APR of just 3% for some accounts. Even if you keep a high balance on your card, you can still enjoy a low interest, so more of your money goes to what matters.

    No fees

    LMCU tops the list again with none of the fees that other banks charge, including annual account fees or fees for balance transfers. Cardholders even enjoy lower foreign transaction fees.

    Superior support

    With the LMCU Platinum Card, there is round-the-clock support with 24-hour customer service for cardholders. There is also a ton of flexibility when it comes to paying your bill; cardholders have their choice of online, phone, or in-person payment options.

    Possible drawbacks

    No rewards

    If you’re looking for extra perks like travel miles or cash back, this is not the right credit card for you. In consideration of its industry-low APR, LMCU offers no rewards with its Prime Platinum Card with its savings serving as the ultimate reward.

    No sign-up bonus

    In addition to its lack of rewards, the LMCU Prime Platinum Card does not offer an introductory offer. Sometimes credit card companies will give you an initial grace period where interest does not begin to accrue until after a specific time. With this card, however, you start paying interest right away without any type of interim.

    The Competition

    Lake Michigan Credit Union Prime Platinum Card Bank of America® Cash Rewards credit card PNC Core Visa Credit Card Capital One® VentureOne® Rewards Credit Card
    Rewards Rate
    3% on category of choice; 2% at grocery stores; 1% on all other purchases
    $100 bonus after first $1,000 in purchases
    Travel miles can be redeemed for statement credits
    Sign-up Bonus
    0% APR on purchases for first 15 billing cycles; 0% on balance transfers within 60 days
    0% APR for 15 billing cycles
    0% intro APR for 12 months; 20,000 bonus miles with first $1,000 of purchases
    Annual Fee
    15.49% – 25.49%
    11.49% – 21.49%
    14.49% – 24.49%

    *All information accurate as of Feb. 6, 2020.

    Lake Michigan Credit Union Prime Platinum Card Compared to BankAmericard credit card

    Neither card offers any rewards, but there is an enormous difference in how the two handle introductory offers. BankAmericard clearly beats Lake Michigan Credit Union’s Prime Platinum card with its rewards. Unlike LMCU’s Prime Platinum card, the BankAmericard boasts a 0% introductory APR on all purchases for the first 15 billing cycles. This intro 0% APR also applies to any balance transfers that you make for the first sixty days after you open your account. After these terms expire, both your purchases and your balance transfers change to the variable APR, which currently falls between 15.49% and 25.49%.

    This is where the LMCU Prime Platinum Card wins. There may not be any fancy introductory offers, but it’s APR is just a small fraction of the BankAmericard’s rate, making it a better fit for those who regularly carry a balance on their card.

    The Bottom Line

    The Lake Michigan Credit Union Prime Platinum Card is a clear winner when it comes to a low APR. This is a card that is meant to be used, and it is best for those who regularly carry a balance on their credit card. While there are no introductory offers or rewards, the card is worth its weight simply in its savings from the low APR. The only problem is whether you can qualify given the ultra-competitive application process.