LMCU Visa Credit Card Finance Addendum

The LMCU Visa Credit Card Finance Addendum 08012023 filing from Lake Michigan Credit Union sets out a 18% purchase APR and no annual fee. Against the 4,587 filings on this site, that rate lands around the 34th percentile.

What this filing discloses

Lake Michigan Credit Union filed this agreement for LMCU Visa Credit Card Finance Addendum 08012023 with the Consumer Financial Protection Bureau. It is issued on the Visa network and the filing runs two pages.

The disclosure covers a purchase rate, an annual fee line, a late payment maximum, a foreign transaction fee and a grace period. No figure appears for a cash advance rate, a balance transfer rate and a penalty rate.

Pricing the purchase rate

18% puts the purchase APR near the 34th percentile across 2,280 agreements, so it is on the cheaper side of the median.

The filing marks this rate as variable, which means it moves with the index the agreement names rather than staying where it is quoted today.

The cost of carrying a balance

At the disclosed purchase APR, $5,000 revolving for a full year costs something like $986 in interest.

The corpus median purchase rate is 21.99%, which on the same $5,000 would cost about $1,229 a year. This filing saves roughly $244 annually against that benchmark.

Month to month it reads as about $74.50 per cycle on that balance.

That maths assumes a static balance and nothing else — no payments, no additional purchases, no fees folded in.

Grace period and minimum charge

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing.

No minimum interest charge is imposed, so a cycle that accrues a few cents of interest is billed a few cents.

Penalty pricing and late fees

Late payments are capped at $30 under this filing, about the 49th percentile of late fee maximums in the corpus.

Fees, and what triggers them

No annual fee appears in the filing, in line with the roughly 75% of disclosing agreements in this index that charge nothing to hold the card.

For cash advances the filing discloses a cash advance fee of 3%.

Spending abroad costs an extra 1% — about $10 on $1,000 of purchases, independent of interest.

Inside Lake Michigan Credit Union's filed lineup

6 separate Lake Michigan Credit Union filings appear in the corpus.

The limits of this document

Absent from the captured terms: penalty pricing. The original document is the place to look for any of these.

What this analysis can address is bounded by the filing: rates, fees and the terms around them. Everything a card issuer might advertise — rewards, benefits, bonuses, who qualifies — falls outside the document and outside this review.

The document itself

This summary stands or falls on the linked PDF — two pages. Agreements are amended over time, and the filing reflects the terms as submitted rather than as they stand today.

In short

The pricing here is middling by the standards of the index — 18% on purchases is near enough to typical.