Alliant Credit Union Visa Signature, which carries a $59 annual fee and offers unlimited 3% cashback for the first year and 2.5% cashback thereafter, was introduced earlier this year, but I haven't got a chance to write the review and crunch the numbers until recently. After Year 1, you need to spend $11,800 a year on this card to beat a 2% cashback card with no annual fees, such as Alliant Visa Platinum Rewards, Citi Double Cash, or Fidelity Visa, as $11,800 x (2.5 - 2)% = $59. If your have large annual spendings, this card is hugely lucrative - for example, if your annual spending is $100K, you will earn an additional $440 over a 2% card after considering the $59 annual fee. After I put this card through our analysis considering all four "P" factors, this card becomes the #2 Best Credit Card for Rewards and #9 Best Credit Card by Dr. Credit Card. Even though we are sad to see one of our longtime favorite Amex Premier Rewards Gold dropping out of the Top 10 list, the more competition the better for the consumers.
If you ever wonder if Alliant Visa Signature is the best cashback card out there when you spend at least $12K a year, there are a few options you may want to look into:
The bottom line: for most consumers, Alliant Visa Signature is the "King of Cashback". We could only hope that it won't be dramatically changed in the near future.
Of course, we have been making other updates throughout the site. For example, early this week Amex has again brought back limited time offers for the four Delta SkyMiles Amex Cards: personal and business Gold (60K miles + $50), personal and business Platinum (70K miles + 10K MQMs + $100).
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- If you qualify for a USAA Credit Card and keep monthly direct deposit of at least $1,000 in your USAA checking account, you will earn unlimited 2.5% cashback without an annual fee. However, not everybody is eligible to become a USAA member.
- For BofA customers who has a combined balance of $100K+, the new BofA Premium Rewards Visa will likely be a better card, as it offers unlimited 2.625% cashback for general spending and 3.5% for travel and dining, assuming you will be able to make use of the annual $100 airline incidental credit to effectively cancel out the $95 annual fee.
- Merrill Lynch Octave is by-invitation only and is exclusive to Merrill Lynch's richest clients (requiring at least $10M in asset with them). If you qualify for this card, the annual fee will be consider $600 after you make use of $350 annual travel credit. With that, you enjoy a few other travel perks including airfare discount, which may or may not offset the hefty effective annual fees. However, the biggest perk is 2.5x points earning rate for everything, and your cashback equivalent rate is up to 5%. Note that you may only achieve 5% by redeeming for tickets that are exactly $500 each. In reality, it should be reasonable to achieve a redemption value of 1.6 cents per point, then your earning rate will be 4% which is still amazing.
The bottom line: for most consumers, Alliant Visa Signature is the "King of Cashback". We could only hope that it won't be dramatically changed in the near future.
Of course, we have been making other updates throughout the site. For example, early this week Amex has again brought back limited time offers for the four Delta SkyMiles Amex Cards: personal and business Gold (60K miles + $50), personal and business Platinum (70K miles + 10K MQMs + $100).
© 2017 DrCreditCard.net All rights reserved.
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