Alliant Credit Union Visa Signature Review (outdated review NOT being updated)
Updated February 15, 2021. Please see our updated review here.
The Facts
The Math
Alliant Visa Signature vs. 2% cashback cards: you need to spend roughly $20K a year on this card to beat a no-annual-fee 2% cashback card, such as Alliant Visa Platinum Rewards, Citi Double Cash, Fidelity Visa, or Synchrony PayPal MasterCard, because $19,800 x (2.5 - 2)% = $99. If you have large annual spending, this card is hugely lucrative. For example, if you max out the monthly 10K spending cap, i.e., annual spending of $120K, you will earn an additional $500 over a 2% card and $99 annual fee.
Alliant Visa Signature vs. BofA Premium Rewards Visa | BofA Travel Rewards Visa: both BofA cards potentially offer a higher cashback rate at 2.625%; however, you will need to park $100K with BofA to reach that level of cashback. To most consumers, Alliant Visa Signature is a much easier card to have.
The Conclusion
After the 2019 annual fee increase, Alliant Visa Signature will beat Citi Double Cash or similar 2% cards, our benchmark for general spending, when your annual spending exceeds $20K. With the per cycle $10K spending cap introduced in March 2020, this card obviously won't be as good as before for heavy spenders; however, most customers are probably not affected. Due to its huge cashback potential, Alliant Visa Signature is currently rated #4 Best Card for Rewards and also among Top 10 Best Credit Cards.
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The Facts
- Annual Fee: $99, waived for the first year
- Signup Bonus: none
- Rewards: 2.5% cashback everywhere, for the first $10K in purchase per billing cycle. Cashback starts at $25 and may be in form of statement credits or deposit to your Alliant Credit Union checking or savings account. Cashback expires in the December statement cycle four years after earned.
- Other Benefits: (1) waived foreign transaction fees with an embedded EMV chip. (2) Visa Signature Luxury Hotel Collection which offers perks including daily complimentary breakfasts for two, room upgrades upon availability, late checkout upon availability, $25 food and beverage credit per stay, free room wi-fi, and VIP amenities, at over 900 luxury hotels and resorts worldwide. You may book a hotel on VisaSignatureHotels.com and the rates are the same as BAR. This benefit is actually available to any U.S. issued Visa Signature card.
- History: In 2017, Alliant Credit Union introduced the 2.5% cashback Visa Signature which quickly became a favorite among cashback lovers. In 2019, the annual fee was increased from $59 to $99. In March 2020, a per billing cycle 10K spending cap was introduced.
- Other Facts: To join the Alliant Credit Union, please see this page for eligibility. If you are not an employees & retirees of select organizations, a relatives of existing Alliant members, a member of select organizations, or live or work in a qualifying community, at least you can make a one-time $10 donation to Foster Care to Success to become a member. So technically, anyone in U.S. can apply for this card. It also seems that Alliant CU now allows you to become a member when you apply for the credit card.
The Math
Alliant Visa Signature vs. 2% cashback cards: you need to spend roughly $20K a year on this card to beat a no-annual-fee 2% cashback card, such as Alliant Visa Platinum Rewards, Citi Double Cash, Fidelity Visa, or Synchrony PayPal MasterCard, because $19,800 x (2.5 - 2)% = $99. If you have large annual spending, this card is hugely lucrative. For example, if you max out the monthly 10K spending cap, i.e., annual spending of $120K, you will earn an additional $500 over a 2% card and $99 annual fee.
Alliant Visa Signature vs. BofA Premium Rewards Visa | BofA Travel Rewards Visa: both BofA cards potentially offer a higher cashback rate at 2.625%; however, you will need to park $100K with BofA to reach that level of cashback. To most consumers, Alliant Visa Signature is a much easier card to have.
The Conclusion
After the 2019 annual fee increase, Alliant Visa Signature will beat Citi Double Cash or similar 2% cards, our benchmark for general spending, when your annual spending exceeds $20K. With the per cycle $10K spending cap introduced in March 2020, this card obviously won't be as good as before for heavy spenders; however, most customers are probably not affected. Due to its huge cashback potential, Alliant Visa Signature is currently rated #4 Best Card for Rewards and also among Top 10 Best Credit Cards.
© 2011-2021 DrCreditCard.net All rights reserved.