According to the FDIC’s “How to Choose and Use a Credit Card“, choosing the right credit card is an important part of building and/or maintaining your credit. The right credit card could mean the difference between being able to afford your monthly payment or not. One way to ensure you get the best credit card for your needs is to make sure that you understand all the terms associated with the credit card that you’re considering.
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The reason that this is so important with institutions such as the Lake Michigan Credit Union is that the information for their Prime Link Platinum Visa credit card can’t easily be misconstrued. It’s important to understand what you’re reading and what those credit card terms and conditions mean.
Lake Michigan Credit Union Prime Link Platinum Visa Credit Card Terms
The terms for this credit card start with a list of interest rates that says 3% APR. This is where things can be a little misleading because the interest rate is actually 3% plus prime. This translates to 3% +3.25%, which means the APR is really 6.25%.
Now, this is still an excellent APR, but if you don’t read all of the terms then you might expect to have a 3% interest rate, when that just isn’t the case.
In addition, LMCU also states that this rate is tiered, which means only someone with perfect credit will qualify for the low 6.25% rate.
This credit card has no annual fee and it also offers a 25-day grace period against interest being charged for new purchases. The only transaction fees associated with this credit card are the cash advance fee of 3% and the credit card foreign transaction fee of 1%.
Lake Michigan Credit Union Prime Link Platinum Visa Credit Card Benefits
One of the benefits to this credit card is that it has a wide range of approval levels for credit scores. What this means is that someone with perfect credit can get a 6.25% APR, while someone with good credit can get 13% APR. Of course, this is just an example–there are a lot of criteria examined to determine your creditworthiness.
The credit line for this credit card will range between $500 and $25,000, with those with lower credit scores getting lower credit lines as well. This credit card also includes fraud protection and car rental insurance.
Lake Michigan Credit Union Prime Link Platinum Visa Credit Card Verdict
For those that qualify for it, a low starting interest rate is certainly something you want to consider. You do have to be a member of this credit union in order to apply for this card. To become a member, you have to live in certain counties in Michigan or be a member of the ALS foundation.
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