Alliant Cashback Visa® Signature Credit Card review: The ultimate flat-rate card — with a few hurdles

The Wells Fargo Active Cash Card doesn’t match the Alliant card’s best cash back rate, but it’s one of the few unlimited 2 percent cash rewards flat-rate cards and could be a better fit if you’re a big spender or want a card with more perks. The Active Cash card doesn’t place a spending limit on your cash rewards, and it offers Visa Signature perks and cellphone protection (up to $600 per eligible claim when you pay your monthly cell phone bill with your eligible Wells Fargo card; up to $1,200 in yearly coverage minus a $25 deductible).

Although our estimated $15,900 yearly spend makes the Alliant Cashback more rewarding in the long run (netting a $398 yearly rewards average versus the Active Cash card’s $318 yearly average), the Wells Fargo Active Cash Card has more upfront appeal. It also doesn’t make cardholders jump through hoops, like the Alliant credit union’s eligibility and account maintenance requirements, to keep the 2 percent cash rewards flat rate.

The Active Cash card also offers a welcome bonus and an intro APR offer on purchases and qualifying balance transfers, unlike the Alliant Cashback. These factors could make it a much better option if you’re looking for a well-rounded, low-maintenance card that goes beyond a great rewards rate.

When it comes to all-around value, the Chase Freedom Unlimited is a solid pick. The card has a standard flat cash back rate and additional bonus cash back reward categories that offer higher rates. The card also has a strong welcome offer, issuer pairing opportunities and an intro purchase and balance transfer APR — all for no annual fee.

Travelers will also enjoy the Freedom Unlimited’s richer perks, which include top-tier travel insurance features that generally aren’t found on no-annual-fee cards, such as trip cancellation and interruption insurance. Plus, you’re able to pair it with premium Chase travel cards. Chase cards are notable for their stellar pairing potential. Redeeming the rewards you earn with the Freedom Unlimited through the Chase Sapphire Reserve®, for example, will net you a 50 percent rewards value bump toward Chase Ultimate Rewards travel.

Ultimately, the Freedom Unlimited is a stronger card if your idea of long-term value includes well-rounded features and strong card-pairing possibilities for travel rewards. The Freedom Unlimited’s current welcome offer through Bankrate boosts your first year’s cash back significantly, which could overall make the Freedom Unlimited a better cash back card than the Alliant card.

A rotating category card like the Chase Freedom Flex rakes in elevated cash back on a carousel of seasonal expenses with activated rotating categories . But the Freedom flex does more than just offer seasonal rewards. It also offers unlimited cash back on dining and drugstore categories along with higher cash back on Chase Ultimate Rewards travel and Lyft rides (Lyft offer through March 2025).

Plus, it offers a solid sign-up bonus and a decent intro purchase and balance transfer APR period in case you’re trying to whittle down a balance. You can use the Freedom Flex to earn high rewards in its active bonus category and other high-earning spending tiers, and use the Alliant Cashback for spending that doesn’t fall within those categories. 

A cash back reward card like the Bank of America Customized Cash Rewards card could be a good pair-up with the Alliant Cash Back Visa Signature, as it earns an elevated rewards rate on a cash back category of your choice, a lower rewards rate on grocery store and wholesale club purchases and a flat rewards rate on all purchases. For no annual fee, you can also earn a respectable welcome bonus and have a decent intro APR period for new purchases and balance transfers you make within the first 60 days of account opening with this card as well. 

If you’re an expert at earning rewards and want to add certain cash back or reward cards to your wallet that will help you execute your strategy, then this card would be an ideal fit. Since you can earn high rewards when you're eligible for Tier One, you can get a cash back boost in addition to the other cash back cards you currently have.

If you prefer a flat-rate cash back card with an easy-to-understand reward system over a tiered or rotating category reward card, then this card would probably work for you. The only drawback would be keeping track of your spending if you're qualified for Tier One so you’ll know when you've reached your spending limit, but other than that, you wouldn't have to worry about varying reward rates or spending categories after confirming your tier.

The primary criteria for a rewards or cash back card’s rating is its rewards value. This includes the card’s average rewards rate, estimated annual rewards earnings, sign-up bonus value and reward redemption value.

To estimate a card’s average annual rewards earnings, we first calculate its average rewards rate based on how much it earns in different bonus categories and how closely its categories align with the average person’s spending habits, according to data from the Bureau of Labor Statistics. 

Based on this data, we determine a “chargeable” spend (which purchases are likely to be put on a credit card and earn rewards). This includes the following spending by category:

• Groceries: $5,200
• Dining out: $3,000
• Entertainment: $2,500
• Gas: $2,100
• Apparel and services: $1,700

Using this data, we assign a weighting to each of a card’s bonus categories. For example, a card’s grocery rewards rate receives a 23 percent weighting based on how much of the average person’s budget is spent on groceries. We also estimate the redemption value of points or miles from various issuer, airline and hotel rewards programs.

This weighting and rewards valuation allows us to estimate a card’s average annual rewards earnings — how many points or miles you’d earn with a given card if your spending was about average and you used the card for all of your purchases, as well as what those points are worth. We also use point valuations to determine a card’s sign-up bonus value

With these calculations complete, we assign each card a score based on how its average rewards earnings, sign-up bonus value, rewards rate and redemption value stack up against other rewards cards.

We also rate cards based on how much it costs to keep them in your wallet or carry a balance. 

To start, each rewards or cash back card is scored based on whether it offers an intro APR and how its ongoing APR compares to the rates available on other rewards or cash back cards. 

We also score each card based on how its annual fee influences its overall value. 

We consider a card’s annual fee in two ways — how it ranks relative to the fees you’ll find on other cards in the category and how it impacts a card’s overall rewards value. Cards with an annual fee will always be at a slight disadvantage in our scoring system since annual fees inherently cut into your rewards value, but if a card offers terrific value via its ongoing rewards and perks, it can earn a high score even if it carries a high annual fee. 

With this in mind, we rate a card based primarily on how its ongoing rewards value and ongoing perk value (such as annual credits or bonuses) stack up against other cards in the category when you subtract its annual fee.

We rate each card’s flexibility based on the restrictions it imposes on earning and redeeming rewards and factor this rating into a card’s overall score. 

Flexibility factors include whether a card only allows you to earn a high rewards rate on a small amount of spending or requires you to meet a certain earning threshold before you can redeem rewards. We also examine whether your points are worth less when you redeem for some options versus others and whether a card gives you the flexibility to transfer rewards to airline and hotel partners.

We also score each card’s set of features – its perks and benefits — against five tiers of features to provide a rating. 

We break down these tiers as follows:

• Tier 1 has less than standard card features (an ultra-streamlined card that offers basic utility and next to nothing in the way of ancillary benefits. 
• Tier 2 includes the benefits you’d expect on standard Visa or Mastercard credit cards, such as free access to your credit score, car rental insurance and $0 liability for fraudulent charges. 
• Tier 3 includes “prime card” or better-than-average card features like cellphone insurance, lost luggage insurance, concierge services and purchase protection. 
• Tier 4 includes luxury features such as airport lounge access, elite status with an airline or hotel and credits for expedited security screening membership programs. 
• Tier 5 includes the sort of exemplary benefits you’ll find on top-tier luxury cards, such as high-value travel credits, cardholder memberships and other unique and valuable perks.

Earning cash back with your Alliant Cashback Visa Signature card centers around which rewards tier you qualify for: Tier One Rewards or Tier Two Rewards. Tier Two Rewards is the baseline status you begin with, earning unlimited cash back on all purchases. To earn Tier One Rewards, you need to qualify for an Alliant High-Rate Checking account and maintain at least a $1,000 average daily balance throughout the entire previous calendar quarter.

Once you have at least $50 of cash rewards built up, you can redeem your cash back by:

• Logging into your Alliant Online Banking account
• Selecting your “Signature card” account
• Clicking “Manage Account
• Choosing “Alliant Cashback” to be channeled into your rewards account as a direct deposit (into an Alliant Credit Union checking or savings account) or as a statement credit

Directly deposited cash back will arrive faster, in up to five business days, but selecting a statement credit will mean that your rewards may take up to two billing cycles to appear. Above all else, make sure to redeem your cash back within four calendar years of earning it or it’ll expire upon the fourth December billing cycle date it was earned. For example, your 2023 cash back expires in December 2027.

To qualify for a High-Rate Checking account (which is needed for Tier One Rewards as well), you must already have an Alliant Checking account and:

• Opt to receive (free) monthly eStatements
• Have at least one monthly electronic deposit to your account—whether it be a payroll deposit, direct deposit, ATM deposit, mobile check deposit or deposited money transfer from another institution.

Applying to the Alliant Cashback Visa Signature with a good to excellent credit score (a 670 or higher FICO score or a 661 or higher VantageScore) will give you the best approval odds.

Before applying to the Alliant Credit Union, you should ensure you’re eligible to join. The main three methods are to have a Social Security number (or unexpired Individual Taxpayer Identification Number/ITIN) and to:

• Be a current or retired employee with a U.S., Alliant-partnered organization
• Be an immediate family member or domestic partner of an existing Alliant member
• Live or work near an eligible community around Alliant Credit Union’s Chicago headquarters.

However, the easiest way to join if you don’t fit any of those criteria is to become a member of Alliant’s non-profit organization, Foster Care to Success (FC2S), which can be accomplished by donating at least $10.

Once you’re eligible to apply, you can complete the digital credit union’s online membership application or mail a completed physical application to the following address: Alliant Credit Union, Attn. Account Services, P.O. Box 66945, Chicago, IL 60666-0945.

According to Alliant’s current application, its partner businesses and organizations include the following:

• 1871
• Adams County School District 14
• Allen Temple Baptist Church
• American Academy of Craniofacial Pain
• ATP Flight School
• Branch National PTA (FCS)
• California Society of CPAs
• Chicago Bar Association
• CHRA
• Colorado Fire Fighters Association
• Commerce City Business and Professional Association
• Dulles Regional Chamber of Commerce
• Embry-Riddle Aeronautical University Alumni Association
• Escapees RV Club
• Freelancers Union>
• Generational Blessings Family Worship Center
• Greater O’Hare Association
• HRA-NCA
• IL CPA Society
• ILEETA – International Law Enforcement Education and Trainers Association
• Integra Insurance Group
• Joining Forces Mentoring Plus
• Kaiser Permanente Association
• Life Time Fitness
• Local PTA (FCS)
• Marines Memorial Association
• NAACP Member – Oakland
• National PTA (FCS)
• National Register of Health Service Psychologists
• NCHRA – No. Ca. Human Resources Association
• Network Professional Association
• Oakland Metropolitan Chamber of Commerce
• Polish American Chamber of Commerce
• Realtor Association of North West Chicagoland
• Sacramento Association of Realtors
• The Decalogue Society of Lawyers
• Tiffany Place Homeowners Association
• Woodhaven Lakes