Alliant Visa® Platinum Rewards Credit Card review

Alliant Visa® Platinum Rewards Credit Card review

Updated: February 1, 2021
Updated: February 1, 2021
Ratings Policy
Rewards Rating:
3.0 rating
3.0 rating
3.0 / 5
Rewards Value2.5
Annual Percentage Rate3.8
Rewards Flexibility3.8
Features0.5
Issuer Customer Experience3.9

In a Nutshell:

The Alliant Visa® Platinum Rewards Credit Card gives you 2% cash back with no annual fee, along with flexible rewards options. When you throw in the introductory APR offer, it’s a hard cash back card to beat. This card offer is no longer available on our site.

Rewards Rate

2 points per dollar on all purchases

Very Good

Sign-Up Bonus

5,000 points if you spend $500 in first 3 billing cycles

Fair

Annual Bonus

None

Poor

Annual Fee

$0

Excellent

Average Yearly Rewards Value ($1,325 monthly spend)

$295

Average

APR

13.24%-23.24% (variable)

Excellent

Rewards Redemption

Average

Pros

  • Redeem points for cash back, travel, merchandise and more
  • No limit to the amount of cash back you can earn
  • Generous flat rewards rate

Cons

  • Points expire four years from the end of the calendar year in which they were earned
  • Must be an Alliant member (but can apply when you apply for the card)
  • Can only redeem for cash back after you’ve earned $50 in rewards
  • No option to redeem as a check or deposit
  • Must redeem for travel through Alliant portal
  • Some redemptions, including travel and merchandise, force you to sacrifice point value
Average

Customer Service Ratings

  • Consumer Reports rating: 92 (21% of issuers ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: No
  • Google Play Store mobile app rating: 3.2./5
  • Apple Store mobile app rating: 4.6/5
Very Good

Other Notable Features: Auto rental collision damage waiver, roadside dispatch, zero fraud liability

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The Alliant Visa® Platinum Rewards Credit Card may not be as popular as some other rewards credit cards on the market today. However, this cash back credit card offers a very lucrative rewards scheme with plenty of ways to redeem your points how you want. There’s no annual fee, and an introductory APR offer can help you save money on interest for the first year.

Just remember that you have to be a member of Alliant Credit Union to apply for this card. Fortunately, you can apply for the card and credit union membership at the same time if you’re not a member already.

Earning points

When it comes to racking up rewards, the Alliant Visa Platinum Rewards Credit Card lets you earn 2 rewards points for each dollar you spend, as well as 5,000 bonus points when you spend $500 or more on your card within three billing cycles after you open your account.

Since some of your redemption options let you net one cent per point in value, this card can offer the equivalent of 2% back on your spending. That’s a pretty good deal considering there’s no annual fee. Plus, many of the best cash back credit cards only give you 1.5% back on everything you buy.

Redeeming points

You have quite a few options when it comes to cashing in points earned with the Alliant Visa Platinum Rewards Credit Card.

For starters, you can redeem points as cash back into a checking or savings account with Alliant, which starts at $50 and nets you one cent per point in value.

You can also cash in your rewards for flights or hotel stays, albeit at a value of less than one cent per point. However, when you book travel with your rewards points, you’ll be asked to book directly through an Alliant portal. This obfuscates the pricing of hotels and airfare somewhat, so you may want to check prices separately to make sure you’re getting a good deal.

Using your points to shop for items like electronics, home décor and camping supplies is another option. Once again, however, pricing seems to be higher than normal through the Alliant portal, so you’ll get less than one cent per point in value. For example, a set of AirPods Pro is going for more than 35,000 points through Alliant, yet you can buy them at Target for $199, giving your points a relative value of about 0.58 cents apiece.

You can also use your rewards for charitable donations and activities like tours or adventure travel or cash in points for event tickets, which could include professional sporting events, concerts or shows.

Finally, you can opt for gift cards through Alliant at a rate of one cent per point. Options vary, but an array of restaurants and retailers are included as options.

Card rates and fees

The Alliant Visa Platinum Rewards doesn’t charge an annual fee, and you’ll get the added benefit of a 0% intro APR on purchases and balance transfers for 12 months, followed by a variable APR of 13.24% to 23.24%. Also note that, if you use the balance transfer offer to consolidate debt, you’ll only be subject to a 2% balance transfer fee (minimum $5), which is lower than other balance transfer credit cards charge.

A foreign transaction fee of 2% also applies to purchases you make outside the United States and a $27 late fee or $27 returned payment fee may also be assessed.

Card benefits

Unfortunately, the Alliant Visa Platinum Rewards card is a bit thin on cardholder perks. As a cardmember, you’ll enjoy basic benefits, including:

  • Auto rental collision damage waiver: Qualify for secondary auto rental coverage on eligible car rentals of up to 15 days per contract. Other requirements apply.
  • Roadside dispatch: Call an emergency hotline for help with flat tires, towing and more. This coverage is available 24 hours a day and seven days a week.
  • Zero fraud liability: You won’t be on the hook for fraudulent purchases made with your credit card or account number.

How does the Alliant Visa® Platinum Rewards Credit Card compare to other cash back credit cards?

While the Alliant Visa® Platinum Rewards Credit Card offers an excellent rewards rate with no annual fee, there are plenty of other cash back credit cards to consider. The chart below shows how a few of the top options stack up.

Alliant Visa® Platinum Rewards Credit Card

Alliant Visa® Platinum Rewards Credit Card

Citi® Double Cash Card

Citi® Double Cash Card

Capital One Quicksilver Cash Rewards Credit Card

Capital One Quicksilver Cash Rewards Credit Card

Rewards rate

  • 2 points for each dollar you spend
Rewards rate

  • Up to 2% cash back — 1% when you make a purchase and another 1% when you pay it off
Rewards rate

  • 1.5% cash back on every purchase
Sign-up bonus

  • 5,000 points when you spend $500 on your card within three billing cycles after account opening
Sign-up bonus

  • None
Sign-up bonus

  • $200 cash bonus when you spend $500 on your card within three months of account opening
Annual fee

$0

Annual fee

$0

Annual fee

$0

Other things to know

  • Rewards can be redeemed for cash back, merchandise, travel, gift cards and more
  • Qualify for a 0% intro APR on purchases and balance transfers for 12 months, followed by a variable APR of 13.24% to 23.24%
Other things to know

  • You can only redeem your rewards for cash back or statement credits and only when you have a rewards balance of at least $25
  • Comes with an introductory offer on balance transfers
Other things to know

  • Redeem rewards for cash back in any amount, gift cards or statement credits

Who should get the Alliant Visa Platinum Rewards Credit Card?

  • Alliant Credit Union members who want to earn cash back rewards on all of their spending
  • Anyone who wants to save money with an introductory APR on purchases
  • Credit union members who want to consolidate and pay off debt at a low APR while paying a low balance transfer fee
  • Consumers who want the chance to earn flexible rewards they can redeem in more than one way

How to use the Alliant Visa Platinum Rewards Credit Card

  • Spend at least $500 on your card within the first three billing cycles in order to earn the 5,000 bonus points
  • Use your card for all your regular spending and bills in order to rack up 2 rewards points for each dollar you spend
  • Use your card to carry a balance 12 months without paying interest on your purchases (followed by a variable APR of 13.24% to 23.24%).
  • Consolidate debt from other credit cards and enjoy a 0% APR for the first 12 months (followed by a variable APR of 13.24% to 23.24%) and a balance transfer fee of just 2% (minimum $5)

Is the Alliant Visa Platinum Rewards Credit Card worth it?

If you want to earn flexible rewards for each dollar you spend, then the Alliant Visa Platinum Rewards is absolutely worth considering. The fact that you can earn the equivalent of 2% cash back with no annual fee makes it hard to beat, and the flexible rewards options ensure you’ll never get stuck with points you can’t use.

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