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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 10.24% - 22.24%, 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 charge no balance transfer fees or offer longer 0% APR periods — or both — which can give you more time to pay off large expenses without incurring interest charges.
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.
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.
The main thing the Alliant Visa® Platinum Credit Card has in common with its sibling card is that you'll need to join Alliant Credit Union to get your hands on one. Otherwise, it differs greatly in terms of ongoing value for cardholders.
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 for 15 months on purchases and balance transfers, and then the ongoing APR of 14.99%-24.99% Variable APR. It earns a solid 1.5% cash back on all purchases and also comes with a bonus for new account openers. You need good credit to get it, though (typically FICO scores of 690 or above).
There's also the Capital One QuicksilverOne Cash Rewards Credit Card, which requires only fair credit (FICO scores of at least 630) and still earns 1.5% cash back on every purchase. Bear in mind, however, that it does have an annual fee of $39. If these cards don't fit the bill, check out NerdWallet's list of best credit cards for more options.
5. The card is available to those with fair credit
You’ll need at least fair credit to qualify for the Alliant Visa® Platinum Credit Card. By comparison, other balance transfer cards typically require good to excellent credit (a score of 690 or higher).
To this end, the card can be a valid option for individuals with lower credit scores who want to transfer debt from one account to another, and who might value a lower APR over having rewards.
Also, keep in mind that issuers will typically consider additional factors, such as your income and debt, when reviewing your card application.