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The Alliant Visa® Platinum Credit Card is a basic balance transfer card that can help those who want to transfer debt from one card to another. Its $0 annual fee and introductory APR period can make it a good option for paying down debt without interest.
But beyond its interest-free window, the card’s lack of rewards means that it won’t provide much long-term value. A different 0% intro APR card or balance transfer card that offers rewards might be a better option.
Here are five things to know about the Alliant Visa® Platinum Credit Card.
1. It offers a promotional period on purchases and balance transfers ...
The Alliant Visa® Platinum Credit Card features the following intro APR offer: As low as 0% APR for 12 months on purchases and balance transfers, and then the ongoing APR of 14.99%-26.99%, Variable. The balance transfer is $5 or 2% of the amount transferred — whichever is greater.
That could make the card a good option for financing a large purchase upfront and for paying down transferred debt from another card. And the 2% balance transfer fee is on the low end of what other cards charge.
However, you may be able to find other options that offer longer 0% APR periods, which can give you more time to pay off large expenses without incurring interest charges. The BankAmericard® credit card, for example, offers this introductory APR: 0% intro APR on Purchases for 18 billing cycles and 0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 16.24%-26.24% Variable APR.
2. ... But the 0% APR isn't guaranteed
Note, however, that the card's intro APR period is listed as being "as low as" 0% for 12 months. This means that the actual rate you’ll receive will likely be based on your creditworthiness. Applicants typically won’t know if they qualify for the 0% offer until after card approval.
As of June 2023, your introductory APR could be as high as 5.99%. Since most credit cards have interest rates in the double digits, that's still a solid rate. But again, other cards offer a guaranteed 0% intro APR period as long as you're approved for the card.
3. It isn't the only credit card from Alliant Credit Union
Alliant also offers the Alliant Cashback Visa® Signature Credit Card, which earns a lucrative 2.5% cash back on up to $10,000 in purchases per billing cycle, as long as you meet the credit union's requirement for that high rate.
4. You won't earn any rewards
If you want a card that can save you money on interest but that also earns rewards, you’ll want to look elsewhere, and there are other options in this category that don't require you to join a credit union. Consider the Capital One Quicksilver Cash Rewards Credit Card, for instance, which offers a lengthy 0% intro APR period. Here's how the issuer puts it:0% intro APR on purchases and balance transfers for 15 months; 19.99% - 29.99% variable APR after that; balance transfer fee applies. It earns a solid 1.5% cash back on all purchases and also comes with a bonus for new account openers. If this card doesn't fit the bill, check out NerdWallet's list of best credit cards for more options.
5. The card doesn't travel well
If you travel outside of the country frequently, the Alliant Visa® Platinum Credit Card isn't the ideal card to have in your wallet, since this card has a 2% foreign transaction fee. While this is lower than foreign transaction fees on other cards, some credit cards waive this fee altogether. Capital One, for instance, waives foreign transaction fees on all credit cards.