The Alliant Cashback Visa Signature Card is one of the most outstanding flat-rate cash back cards on the market, since it allows you to earn a higher rewards rate on all purchases while still offering a relatively low interest rate. Not only that, but its various benefits protects your purchases, travel and other pursuits.
Rewards: Great flat rewards rate for highest tier offering
Compared to bonus category cash back cards, you’ll have an easier time earning rewards with the Alliant Cashback Visa Signature. The card offers a flat rate on all purchases, without worrying about tracking bonus categories.
The rate you earn depends on the tier you qualify for. To earn the maximum rewards rate, you have to be in Tier One, which is reserved for people who meet all of the following requirements:
- Have an Alliant High-Rate Checking account
- Opt in to receive e-statements
- Have at least one electronic deposit posted to the account each month
- Maintain an average daily balance of $1,000
Tier One cardholders earn 2.5 percent cash back on qualifying purchases on up to $10,000 per billing cycle, which means the maximum cash back you can earn per cycle is $250 before stepping down to 1.5 percent back.
That 2.5-percent rate is hard to beat, making the Alliant Cashback card one of the best flat-rate cash back cards around. And the spending cap is extremely generous. According to recent data from the Bureau of Labor Statistics, the average household spent $66,928 in 2021, or $5,577 per month. This includes expenses not typically paid for with a credit card, like housing, so many people will have no trouble staying under the $10,000 monthly spending cap.
However, if you don’t meet the minimum requirements for Tier One, Tier Two members earn 1.5 percent cash back. This is still a great rate, and if you qualify for an APR near the low end of the card’s variable range, the Alliant card makes a better low-interest card than many of the other 1.5 percent cash back cards.
Compared to a 2 percent cash rewards flat-rate card like the Wells Fargo Active Cash® Card, the Alliant Cashback card will earn approximately $80 more cash back on a $15,900 estimated average yearly spend. It will earn a whopping $159 more than a 1.5 percent flat-rate cash back card like the Capital One Quicksilver Cash Rewards Credit Card on the same spend..
Rates and fees: No annual fee and low potential interest rate
Compared to the previous version of the card that charged a $99 annual fee after the first year, the new-and-improved Alliant Cashback Visa Signature is a remarkably low-cost card for the fantastic rewards rate. There is no annual fee, over limit fees or foreign transaction fees to eat away at your cash back, and the up to $27 late payment and returned payment fees are below average as well (usually up to $40). Plus, depending on the rate you qualify for, the card’s APR can be far enough below the current average interest rate to be an amazing low-interest credit card.
A low interest rate is essential, especially if you’re among the 35 percent of Americans who carry a balance month-to-month. If you can’t pay your balance off quickly, and you don’t take advantage of a credit card with an intro APR offer or a low ongoing interest rate, high interest charges can ruin your credit and push you further into debt
However, if you make a late payment or make a payment that gets returned (such as due to having insufficient funds), you’ll get hit with a 29.99 percent penalty APR. Even if you make a late payment or have a returned check with another Alliant account, your Alliant Cashback card would get the penalty APR. If you are concerned about this, many cards, like the Wells Fargo Active Cash Card, don’t charge a penalty APR if you miss a payment.
The penalty APR will last until you make six on-time payments. Luckily, this isn’t as long as some other cards, which set penalty APR to last for a year or longer, so at least with the Alliant Cashback you won’t have to worry about the penalty APR lingering for a long time.
Perks: Offers basic protection benefits
The major pull of this card is the high rewards rate, but it also offers a few other benefits to help give it good long-term value. The Alliant Cashback offers some essential purchase and travel protections even though it doesn't include all Visa Signature perks, such as reimbursement for lost luggage or airline incidental fee rebates.
Your eligible purchases will also be protected with 90-day purchase security and up to one year of extended warranty coverage, along with travel staples like travel accident insurance, 24/7 pay-per-use roadside dispatch and auto rental collision damage waiver coverage. Of course, your account will also be protected with typical account safeguards against identity thieves, such as $0 fraud liability and up to $5,000 reimbursement for personal identity theft protection. These benefits are generous compared to the barebones perks you’ll get with many other cards and bound to come in handy for most cardholders.
Additionally, Alliant offers an optional debt protection plan in the case of death, disability or involuntary unemployment, which is not a common perk found with most credit cards. This plan could cancel three to 12 potential payments or up to $100,000 in debt based on the eligible event. Coverage will impose a monthly cost of up to $1.99 per $1,000 of your outstanding balance.