5 Things to Know About Alliant Credit Cards
They offer decent benefits, but unless you're already an Alliant member, you're better off looking elsewhere.
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Updated · 1 min read
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Managing Editor The Chicago-based Alliant Credit Union offers two $0-annual-fee credit card options for members:
- The Alliant Cashback Visa® Signature Credit Card.
- The Alliant Visa® Platinum Credit Card.
The cards offer decent benefits for their respective categories, but nothing outstanding. It's possible to find cards with higher cash-back rates or better balance transfer terms.
Here are five things to know about the Alliant credit cards.
🤓 Nerdy Tip
To apply for an Alliant credit card, you must be a member of the credit union. Membership is free for those who are employed by or retired from a business that Alliant partners with; for an immediate family member or domestic partner of a current Alliant member; or for those who live or work in an eligible community near the credit union’s Chicago headquarters. Otherwise, there’s a $5 membership fee to join, which Alliant will cover on your behalf during the application process. 1. The cash-back card is a shadow of its former self
The Alliant Cashback Visa® Signature Credit Card earns an unlimited 1.5% cash back on all purchases. Rewards can be redeemed as statement credit or as a deposit into your Alliant checking or savings account.
That rewards rate is comparable with some other flat-rate cards on the market, but it's worth keeping in mind that the card used to offer up to 2.5% back on all purchases, which made it something of a unicorn in the cash-back market.
Those days are over, but even so, it's not difficult to find cards that offer a 2% flat rate on all purchases. For instance, the $0-annual-fee Wells Fargo Active Cash® Card earns an unlimited 2% cash back on all eligible purchases, and you can redeem for statement credit or as a direct deposit into a Wells Fargo checking or savings account. It also comes with a welcome bonus as well as an introductory interest rate: Get a 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 18.49%, 24.49%, or 28.49% Variable APR.
2. The Platinum card can help you tackle debt ...
The Alliant Visa® Platinum Credit Card doesn’t earn any rewards. But it does come with a 12-month introductory APR offer on purchases and balance transfers (as of this writing).
That's a good chunk of time to help you finance a large purchase or pay down transferred debt from another card. Plus, the card’s 2% balance transfer fee is on the lower end compared to what other cards charge. (Typically, cards charge 3% to 5% of the amount you transfer.)
3 ... But a 0% APR isn't guaranteed
Per Alliant, the intro APR offer on the Alliant Visa® Platinum Credit Card is "as low as" 0% for 12 months. This means that the actual rate cardholders receive will be based on their creditworthiness.
A lower APR can still help you save on interest, considering that most cards charge ongoing interest rates in the double digits. However, there are cards that offer a guaranteed 0% intro APR period when you're approved — and many of those promotional periods will be much lengthier than what the Alliant Visa® Platinum Credit Card offers.
For instance, the BankAmericard® credit card offers a 0% Intro APR for 21 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 14.99%-25.99% will apply. The card’s annual fee is $0.
4. They’re cheap to carry
Neither Alliant card charges an annual fee, which makes it easy to hold on to them.
And while the Alliant Visa® Platinum Credit Card does charge a 2% foreign transaction fee, that's lower than the usual 3% you'll find. Meanwhile, the Alliant Cashback Visa® Signature Credit Card doesn't charge such a fee at all, making it a good travel companion.
5. General benefits are meh compared to other cards
While Alliant's portfolio of credit cards used to be competitive with those of much larger banks, its current offerings don't stack up nearly as well.
Unless you're already an Alliant member, you'll likely be better off investigating other options.
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