The Lake Trust Credit Union Visa Platinum Elite credit card is a card for individuals with good to perfect credit scores. This low interest rate credit card is ideal for people who don’t pay off their cards each month.
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In order to apply for this Elite Visa credit card from Lake Trust Credit Union, you do have to be a member of the credit union. In order to become a member, you have to live or work in one of 35 counties in Michigan. You can visit their website to see which counties qualify.
Lake Trust Credit Union Visa Platinum Elite Credit Card in Brief
The Visa Platinum Elite credit card and the Visa Platinum Elite Rewards credit card are very similar credit cards. The basic Elite Visa Platinum card offers a 25-day credit card grace period for new purchases, travel accident insurance up to a million dollars, and a minimum credit line of $500.
The one big difference between the two Elite cards is that this Lake Trust CU Visa Platinum credit card is not a rewards credit card.
All of the other benefits are the same, although the interest rate for the elite credit card is going to be very appealing to those who really want a low interest rate for their first credit card.
Lake Trust Credit Union Visa Platinum Elite Credit Card Conditions
The Visa Platinum Elite credit card has a starting interest rate of 8.75%. As you can imagine, in order to qualify for this rate you’ll have to have near-perfect credit. In addition, you’ll have to meet a variety of other qualifications, such as an appropriate debt-to-income ratio, limited open revolving credit accounts, and more. You can learn more about this by reading the Federal Reserve’s Consumer Guide to Credit Cards.
There is a separate interest rate for cash advances and balance transfers. This interest rate starts at 11.75%, which is still relatively low, especially for cash advances. Some credit card companies charge as much as 10% more in interest for credit card cash advances than they do for on purchases.
Lake Trust Credit Union Visa Platinum Elite Credit Card Judgment
If you’re looking for a credit card with an incredible interest rate, then this credit card should appeal to you. Of course, it’s only available to those living in specific Michigan counties, as well as people with the right credit score.
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