LMCU Visa Credit Card Finance Addendum

Lake Michigan Credit Union's filed agreement for LMCU Visa Credit Card Finance Addendum 04232022 discloses a 14.5% purchase APR and no annual fee. That purchase rate ranks near the 13th percentile across this corpus of 4,587 filings.

What the agreement puts on the record

Lake Michigan Credit Union submitted the terms for LMCU Visa Credit Card Finance Addendum 04232022 to the CFPB's agreement database; this is what they contain. The filing runs two pages, and It is issued on the Visa network.

Terms captured from the document include a purchase rate, an annual fee line, a late payment maximum, a foreign transaction fee and a grace period. A cash advance rate, a balance transfer rate and a penalty rate are not stated.

How the purchase rate compares

14.5% puts the purchase APR near the 13th percentile across 2,280 agreements, so it is comfortably below what most issuers filed.

Because the rate is variable, the figure quoted is tied to an index and will drift with it. Nothing here is a fixed commitment.

The arithmetic of revolving

Put $2,000 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $312.

Priced at the median of 21.99%, that balance would generate about $492 in a year — so this agreement comes in around $180 cheaper for the same debt.

Per statement cycle that is on the order of $23.97 on $2,000, which is the number that actually shows up on a bill.

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

What a missed payment costs

Late payments are capped at $15 under this filing, about the 11th percentile of late fee maximums in the corpus.

Charges beyond interest

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.

Taking cash against the card means a cash advance fee of 3%.

Spending abroad costs an extra 1% — about $20 on $2,000 of purchases, independent of interest.

The no-interest path

Purchases carry a 25-day grace period: pay the statement in full inside it and the purchase rate never applies.

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

Inside Lake Michigan Credit Union's filed lineup

Lake Michigan Credit Union has 6 agreements indexed on this site.

What is outside the disclosure

This page cannot tell you penalty pricing, because the filing's disclosure table as read does not contain it.

More broadly, a CFPB agreement filing is a legal and pricing document. It does not describe rewards, benefits, sign-up offers, eligibility or approval criteria, and nothing of that kind has been inferred on this page. Where a card has features of that sort, they live outside this document entirely.

The document itself

Everything here is a reading of the filed agreement, two pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

14.5% places this filing at the inexpensive end of the set, which is the headline here.