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  Lake Michigan Credit Union Business Rewards Visa

Lake Michigan Credit Union Business Rewards Visa

in Business Credit Cards from Lake Michigan Credit Union

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Lake Michigan Credit Union Business Rewards Visa

Unaffiliated

in Business Credit Cards from Lake Michigan Credit Union

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Highlights
Purchase APR  (Variable APR) Starting at 6.00%
Balance Transfer APR  (Variable APR) Starting at 6.00%
Credit Score Range 650 - 850
Annual Fee $50

Lake Michigan Credit Union Business Rewards Visa Review

Key Takeaways
  • Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 1% every time you make a transaction outside the U.S.
  • Fair or better credit required. You will have good approval oods if your credit score is above650.
Pros & Cons of Lake Michigan Credit Union Business Rewards Visa
The Good The Bad
  • Lower than average purchase APRs.
  • Cardholders can earn rewards on purchases everywhere Lake Michigan Credit Union Business Rewards Visa is accepted.
  • Lake Michigan Credit Union Business Rewards Visa reports to multiple credit bureaus.
  • Charges an annual fee of $50
  • Does not offer a signup bonus.
  • Charges a foreign transaction fee of 1%.
  • Does not include many credit card benefits.
Lake Michigan Credit Union Business Rewards Visa FAQ

Who is Lake Michigan Credit Union Business Rewards Visa designed for?

This is a credit card issued by Lake Michigan Credit Union. 

This business card is designed for small businesses with fair credit. The minimum credit score to apply is 650.

What are the relevant APRs?

This business credit card has a variable purchase APR starting at 6.00% . The card has a variable balance transfer APR starting at 6.00% .

It also has a variable cash advance APR starting at 6.00% . Note that late payments are subject to an APR of 18% if you are late or miss your payments. Typically, the penalty APR applies for a minimum of six months but can go on indefinitely.

Does it have an introductory APR offer?

No, this business card does not come with an introductory APR offer for balance transfers.

This business credit card does not offer an introductory rate on new purchases.

Lake Michigan Credit Union Business Rewards Visa Rates & Terms
Purchase APR Starting at 6.00%
Balance Transfer APR Starting at 6.00%
Cash Advance APR Starting at 6.00%
Penalty APR 18%

What fees does it charge?

The following fees apply to this business credit card:

  • An annual fee of $50.
  • A late payment penalty of up to $25.
  • A returned payment fee of up to $25.
  • An overlimit fee of $25.

Does it charge a foreign transaction fee?

This business card charges a foreign transaction fee of 1%. For example, if you spend $2,000 on a week vacation abroad you would pay a foreign transaction fee of $20. If you travel abroad you may want to leave this business card at home and apply for one that doesn't charge a foreign transaction fee.

Lake Michigan Credit Union Business Rewards Visa Fees
Fees Amount
Annual Fee $50
Foreign Transaction Fee 1%
Balance Transfer Fee 0%
Minimum Balance Transfer Fee $0
Returned Payment Fee up to $25
Late Payment Fee up to $25

Does it offer a cash back rewards program?

This business credit card offers a rewards program to its customers. This business card offers rewards to small business owners that use the card to make purchases in the following bonus categories:

  • Every Purchase

Does it have a sign up bonus?

This business credit card doesn't offer a cash signup bonus.

Does it offer an annual loyalty bonus?

This business card doesn't offer a cash loyalty bonus.

Can I get it with just an employer identification number (EIN)?

You can apply for this business credit card with your EIN number, but expect the credit card issuer to also require your Social Security number. This is because, as with most business cards, it requires you to personally guarantee the line of credit.

What are the benefits?

This business credit card provides the following benefits:

  • Fraud Liability
  • Reports to major credit bureaus

What is the customer service phone number?

The customer service number for this business card is (800) 242-9790.

What is the support contact email?

The support contact email for this business credit card is communityrelations@lmcu.org.

Does Lake Michigan Credit Union Business Rewards Visa report your account activity to credit bureaus?

Yes, Lake Michigan Credit Union Business Rewards Visa reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply?

  • Visit the Lake Michigan Credit Union .
  • Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
  • Check the information is accurate and submit your application.
  • If you're denied click here to find out why your application may have been rejected and what you can do about it.
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Message From Lake Michigan Credit Union Business Rewards Visa

Equip yourself and your employees to conveniently pay for meals, client entertainment, travel expenses, office supplies, online orders and more with a Business Rewards VISA credit card.

Feature Breakdown

Minimum Interest Charge $0
No Interest Grace Period for Late Payment 25 days
Annual Fee $50
Cash Advance Fee (%) 3%
Foreign Currency Transaction Fee 1%
Late Fee Amount Up to $25
Over-Limit Fee $25
Returned Payment Fee Up to $25
Customer Type Business
Minimum Age 18
Credit Score Range 650 - 850
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Credit Card Benefits
  • Fraud Liability
Rewards Categories
  • Every Purchase
Balance Computation Average daily balance (including new purchases)
Cash Advance APR (Variable APR) Starting at 6.00%
Penalty APR (Variable APR) 18%
Purchase APR (Variable APR) Starting at 6.00%
Balance Transfer Fee % 0%
Balance Transfer Fee Minimum $0
Balance Transfer APR (Variable APR) Starting at 6.00%
Card Network Visa
Card Type
  • Rewards

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