Quick highlights
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Rewards Rate: 2.5 percent cash back on all purchases (on up to $10,000 in qualifying purchases each billing cycle, then 1.5 percent) with a qualifying Tier One Rewards status each quarter; otherwise, unlimited 1.5 percent cash back with Tier Two Rewards status
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Welcome Offer: N/A
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Annual Fee: $0
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Purchase Intro APR: N/A
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Balance Transfer Intro APR: N/A
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Regular APR: 13.74 percent to 23.74 percent variable
Current welcome offer
Currently, the Alliant Cashback Visa Signature card has no welcome offer. While this card does not offer a specific incentive for new members, the long-term value offered by its cash back rate may be more worthwhile if you qualify for the card’s highest flat rate.
Compared to a 2% 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.
A typical no-annual-fee card’s $200 cash back sign-up bonus is more rewarding for the first two years, but the Alliant Cashback card’s long-term rewards greatly outpace competing 2 percent cards after the third year. It beats 1.5 percent cards after just the second year.
Other cash back rewards credit cards may seem more appealing due to their welcome bonuses, but that one-time benefit may not be worth it compared to the long-term earning potential of the Alliant Cashback Visa Signature card.
Cash back
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 having to worry 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
Everyone else will be in Tier Two which earns a smaller rewards rate.
Earning cash back
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.
If you don’t meet the minimum requirements to earn 2.5 percent cash back, Tier Two members earn 1.5 percent. 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.
A low interest rate is essential, especially if you’re among the 60 percent of Americans who carry a balance for at least a year. 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.
But if you pay your balance in full each month, Tier Two of the Alliant card is likely not the best fit for you. Other flat-rate cash back cards offer more features and benefits compared to the Alliant Card, including sign-up bonuses worth hundreds of dollars and intro APR offers in case you want to carry a balance or pay off debt with no interest charges for a limited period of time. Plus, you won’t have to jump through so many hoops before you can start earning cash back: Just apply, get approved and wait for your card to show up in the mail.
Redeeming cash back
Members need to earn a minimum of $50 in cash back before they can claim their rewards. You can redeem earnings as a statement credit or deposit them into your Alliant checking or savings account.
Many comparable cards require half that minimum or allow you to redeem at any time. You’ll also likely find more redemption options, like gift cards, discounts or travel benefits.
Any cash back you’ve earned is valid for four calendar years before expiring on your December cycle date. For example, any cash back that you earn in 2022 will expire in December 2026. Redeeming for a direct deposit will also get you your cash back faster than opting for a statement credit (up to five days later versus up to two whole billing cycles afterward) since Alliant seems keen on cardholders using their credit union checking account.