Alliant Cashback Visa® Signature Credit Card Review
When it comes to selecting a credit card, rewards and benefits are often top priorities. The Alliant Cashback Visa® Signature Credit Card is one of those rare finds that offers substantial rewards without charging an annual fee. However, like all financial products, it comes with its own set of advantages and drawbacks. This review aims to provide a detailed examination of what this card has to offer, helping you decide if it aligns with your financial goals.
Card Overview
Card Type:
- Cash Back
Annual Fee:
- $0
Rewards Rate:
- 2.5% Cash Back on eligible purchases up to $10,000 per billing cycle
- 1.5% Cash Back on all other purchases
Intro Offer:
- None
APR:
- 17.24%-27.24% Variable APR
Recommended Credit Score:
- 690-850 (Good – Excellent)
Additional Benefits:
- No Foreign Transaction Fee
- EMV Chip Technology
- $0 Fraud Liability Guarantee
- Travel Accident Insurance
- Extended Warranty Protection
Pros and Cons
Pros:
- No Annual Fee: Save money each year without an additional charge.
- High Rewards Rate: Earn up to 2.5% cash back on eligible purchases.
- Cash Rewards: Redeem your rewards for statement credits or deposits.
- No Foreign Transaction Fee: Ideal for travelers making international purchases.
Cons:
- No Bonus Offer: There is no introductory bonus for new cardholders.
- Membership Required: Must join Alliant Credit Union to apply.
- No Bonus Categories: Flat-rate cash back without additional bonus categories.
Detailed Review
Rewards Structure
The Alliant Cashback Visa® Signature Credit Card offers two distinct cash-back rates:
- 2.5% Cash Back: Earn on up to $10,000 of eligible purchases per billing cycle if you meet specific requirements.
- 1.5% Cash Back: For all other purchases and if you do not meet the requirements for the higher rate.
Requirements for 2.5% Cash Back:
To earn the elevated 2.5% cash-back rate, cardholders must:
- Join Alliant Credit Union.
- Open an Alliant High-Rate Checking account.
- Opt-in to electronic statements.
- Make at least one monthly deposit into the checking account.
- Maintain an average daily balance of $1,000 or more.
Meeting these requirements can be a bit of a hassle but can significantly increase your cash-back earnings.
Redeeming Rewards
Cardholders can redeem their rewards for statement credits or as deposits into their Alliant checking or savings account. However, a minimum of $50 in cash-back rewards must be accrued before redemption is possible.
APR and Fees
The card offers a variable APR ranging from 17.24% to 27.24%, which is competitive but depends heavily on your creditworthiness. Additionally, there are no foreign transaction fees, making it an excellent choice for international travelers. The balance transfer fee is 3%, which is relatively standard among credit cards.
Compare to Other Cards
- Annual Fee: $0
- Intro APR: 0% on Balance Transfers for 18 months
- Rewards Rate: 2% (1% when you buy + 1% when you pay)
- APR: 19.24%-29.24% Variable APR
- Annual Fee: $0
- Intro APR: 0% for 15 months on purchases and balance transfers
- Rewards Rate: 5% on rotating categories, 1% on all other purchases
- APR: 18.24%-28.24% Variable APR
- Annual Fee: $0
- Intro APR: 0% on purchases and balance transfers for 15 months
- Rewards Rate: 1.5% on all purchases
- APR: 20.49%-29.24% Variable APR
Benefits and Perks
Potentially Rich Rewards
If you meet the card’s requirements, the Alliant Cashback Visa® Signature Credit Card pays 2.5% cash back on up to $10,000 in spending per billing cycle, allowing you to earn up to $250 cash back per month and $3,000 annually. This is significantly higher than the rewards rate offered by most flat-rate cards.
No Categories to Remember
Simplicity is key with this card. There are no bonus categories to track. You earn the same rewards rate on all purchases, which makes it an excellent option for those who prefer straightforward rewards.
No Foreign Transaction Fees
This card doesn’t charge foreign transaction fees, which typically amount to around 3% on international purchases. This feature makes it an attractive choice for frequent travelers.
Drawbacks and Considerations
Rewards Cap
The Alliant Cashback Visa® Signature Credit Card imposes a cap of $10,000 on eligible purchases per billing cycle to earn the 2.5% rate. While this is a high cap, big spenders might find it limiting.
Credit Union Membership Required
To apply for this card, you must become a member of Alliant Credit Union. Membership is relatively easy to obtain, but it does add an extra step to the application process.
Requirements for Elevated Rewards
The card’s 2.5% cash-back rate comes with several requirements, including maintaining a $1,000 balance in an Alliant High-Rate Checking account. If these requirements seem too cumbersome, you might prefer a card with fewer stipulations.
No Sign-Up Bonus
Unlike many other credit cards, the Alliant Cashback Visa® Signature Credit Card does not offer a sign-up bonus. Depending on your spending habits, you might earn more with a card that provides an initial bonus.
Rewards Expiration
The rewards earned on this card will expire in December of the fourth calendar year following the year they were earned. This is something to keep in mind if you don’t redeem your rewards frequently.
Benefits Breakdown
Travel Benefits
- No Foreign Transaction Fees
- Travel Accident Insurance
- Auto Rental Collision Damage Waiver
- Roadside Dispatch
Purchase Protection
- Purchase Security
- Extended Warranty Protection
Identity Theft Protection
- Personal Identity Theft
- ID Navigator Powered by NortonLifeLock™
Security Features
- EMV Chip Technology
- $0 Fraud Liability Guarantee
Frequently Asked Questions (FAQ)
How often does my APR change?
The APR can change quarterly, based on the U.S. Prime Rate plus a margin of 8.99% – 18.99%.
What is an authorized user on my credit card?
An authorized user is someone given access to use the card but is not legally responsible for the debt.
How do I add an authorized user to my credit card application?
You can add an authorized user by calling Alliant or through the Alliant Loan Application.
Are there any fees associated with my Visa Signature Credit Card?
Late or returned payments may incur fees. Balance transfers have a fee of 3%. There is no annual fee.
How long does it take to get a credit card in the mail?
Once accepted, it typically takes 14-21 days to receive your card.
How do I enroll in the Rewards or Cashback Program?
All Alliant credit card holders are automatically enrolled in the applicable rewards program.
How can I receive my credit card cash back?
You can receive cash back via a statement credit or a deposit into your Alliant checking or savings account.
Do you offer a debt protection plan?
Yes, Alliant offers a debt protection benefit plan for events such as death, disability, or involuntary unemployment.
Can I transfer balances from my other credit cards to my Alliant Cashback Visa Signature card?
Yes, balance transfers are allowed with a fee of 3%.
How do I know what cashback tier I’m earning?
You can view your status on your monthly statement or by contacting Alliant’s Member Care Center.
Why does this program depend on the Alliant High-Rate Checking account?
Alliant members with a High-Rate Checking account can enjoy higher cashback benefits.
What should I do if I can’t make my payment on time?
Alliant offers a Loan Assistance Program for members facing financial hardship.
The Bottom Line
The Alliant Cashback Visa® Signature Credit Card is an excellent choice for those who can meet its requirements and are looking for a high cash-back rate without an annual fee. Its combination of rewards, lack of foreign transaction fees, and robust benefits make it a competitive option. However, if you find the requirements too cumbersome or prefer a card with a sign-up bonus, there are other options available that might better suit your needs.
