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Interest charges add up quickly when you carry a credit card balance so a low-interest credit card is a good choice to help alleviate financial stress. We recommend paying off your credit card balance in full every month, but that might not always be possible. At times like this, a credit card like Lake Michigan Credit Union Prime Platinum, with a $0 annual fee, no balance transfer fee and a low ongoing APR is a good choice.
You do have to be a member of Lake Michigan Credit Union to apply for the card, but there are several easy pathways to membership. Other drawbacks are that there’s no sign-up bonus or rewards program, which lowers the overall long-term value of the card. Not to mention, you could get more interest savings by getting a card with a 0% intro APR on new purchases or balance transfers.
| Credit Cards | Our Ratings | Intro Balance Transfer APR | Regular Balance Transfer Rate | Balance Transfer Fee | |
|---|---|---|---|---|---|
|
Lake Michigan Credit Union Prime Platinum*
|
N/A | 11.50 – 18.00% Variable | $0 | ||
Citi Simplicity® Card
 Apply Now
on Citibank's secure site Rates & Fees |
0% intro APR for 21 months on Balance Transfers | 18.74% - 29.49% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) |
Apply Now
on Citibank's secure site Rates & Fees |
|
Capital One Savor Cash Rewards Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
0% intro on balance transfers for 15 months | 19.74% - 29.74% (Variable) | Balance transfer fee applies |
Apply Now
on Capital One's secure site Rates & Fees |
|
ESL Visa® Credit Card*
Learn More
on ESL Federal Credit Union's secure site |
0% intro APR for 12 months on balance transfers | 13.00% - 17.99% variable APR | $0 |
Learn More
on ESL Federal Credit Union's secure site |
One of the lowest credit card APRs around
With an APR range of 11.50 – 18.00% 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.
The high end of this range falls well below the average credit card interest rate, so there’s a lot of savings to be had.
No balance transfer fee
The Lake Michigan Credit Union Prime Platinum doesn’t have a balance transfer fee. This means you can transfer balances from other cards to take advantage of its low APR without having to pay an expensive fee for the privilege.
Finding a credit card with no balance transfer fee is rare (though it’s a common feature on credit union-issued cards) and can save you between 3% and 5% of the transferred balance. On a $2,000 balance, that’s a savings of between $60 and $100.
Potentially high credit limit
Credit cards with high credit limits give you more purchasing power and are good for your credit score because they help keep your credit 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.
Simple membership requirements
Some credit unions have restrictive membership requirements, but Lake Michigan Credit Union makes it easy to join.
Ways to qualify for Lake Michigan Credit Union membership:
No rewards program
This card is great if you’re working on paying off debt, but it lacks the long-term value of a rewards credit card. Rewards programs add value to a credit card, as long as you don’t carry a balance. For a card that offers both a long intro offer on balance transfers and a rewards program, the Citi Double Cash® Card is an excellent choice.
No 0% APR
The Lake Michigan Credit Union Prime Platinum does not have an intro APR offer. If you’re looking to finance a large purchase or transfer a large balance from other credit cards, you can save more with a 0% intro APR card. You should check out cards like the Citi Simplicity® Card or Capital One Savor Cash Rewards Credit Card (see rates & fees) that have long intro offers.
Requires Good / Excellent credit
You’ll need a good credit score to qualify for this card, and excellent credit to qualify for the low end of the APR range. According to Lake Michigan Credit Union, a credit score of 760 is recommended to qualify for the lowest APR. Even if your credit score meets that threshold, you should be aware that issuers can set your APR based on a variety of factors, including your credit history, income and current debt levels.
Membership required
You can qualify for Lake Michigan Credit Union membership just by contributing $5 to the ALS (Amyotrophic Lateral Sclerosis) Foundation.
However, if you’re not interested in joining a credit union, look for a card that’s issued by a bank. These typically charge balance transfer fees, but many offer 0% intro APRs on both balance transfers and new purchases, as well as limited fees. The Citi Simplicity® Card is one example.
It’s a good one to keep in your wallet well after you use your intro APR offer because it offers one of the best cash back rewards programs. Cardholders earn elevated rewards on popular spending categories including dining, entertainment and travel.
However, this is not a card that you should keep a balance on since the ongoing APR can be quite high.
It also features a 0% intro APR for 12 months on Purchases (followed by a 18.74% - 29.49% (Variable) APR).
Like the Lake Michigan Credit Union Prime Platinum, this one doesn’t offer a rewards program. It’s a solid card to use to finance a purchase or for a long balance transfer period, but of little value long-term.
Note that like the Lake Michigan Credit Union Prime Platinum, you need to join the affiliated credit union to get this card. Also, there’s no sign-up bonus or rewards program.
If you need to carry a balance from time to time, your credit score is 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. This card has one of the lowest starting interest rates available and is considerably lower than the average credit card interest rate.
However, if you’re just looking to avoid interest charges on a new purchase with a 0% intro APR period, consider the Citi Simplicity® 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. The right cash back card can reward you with anywhere from 2% to 6% back on your regular spending.
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For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
The information related to the Lake Michigan Credit Union Prime Platinum and ESL Visa® Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
