LMCU Visa Credit Card Finance Addendum

LMCU Visa Credit Card Finance Addendum 06222021, as filed by Lake Michigan Credit Union, carries no annual fee.

What the document actually states

What follows is drawn entirely from Lake Michigan Credit Union's CFPB filing for LMCU Visa Credit Card Finance Addendum 06222021. It is issued on the Visa network and the filing runs two pages.

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

Confidence in the parse of this filing is moderate rather than high, so the figures below are best checked against the original.

What a missed payment costs

On the fee side, a late payment can cost up to $30, which is around the 49th percentile here.

The fee structure

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.

Cash advances carry a cash advance fee of 3%.

Foreign transactions attract 1%. On $1,000 of overseas spending that is $10, charged on top of whatever exchange rate applies.

The no-interest path

25 days is the disclosed grace period for purchases — the interval in which paying in full costs nothing. That matches the 25-day median across the corpus almost exactly.

The filing sets the minimum interest charge at zero — small balances are not rounded up to a floor.

Against the rest of Lake Michigan Credit Union's filings

6 separate Lake Michigan Credit Union filings appear in the corpus. Their disclosed purchase rates run from 14.5% to 18%, though this particular filing does not state one in comparable form.

The limits of this document

Absent from the captured terms: a purchase rate and 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

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

All of this rests on figures read from the filing with less than full confidence, which is reason enough to check the document before relying on any of it.