The Alliant Cashback Visa Signature is a no-fee card which can earn 2.5% cash back on all purchases. It has hoops to jump through for setting this up, but might be worth the effort long-term. It’s aimed at medium-high spenders who want only 1-2 credit cards in their wallet.
FEATURES AT A GLANCE
- No annual fee
- No foreign transaction fees
- 2.5% cash back on everything (if meeting certain requirements, otherwise the card earns 1.5% cash back on everything)
SIGN UP BONUS
This card doesn’t offer a sign-up bonus.
The previous sign-up bonus was earning 3% on all purchases for the first 12 months.
OTHER BENEFITS OF THE ALLIANT CASHBACK
- Visa Signature benefits, including:
- Travel Accident Insurance (up to $250,000)
- Auto Rental Collision Damage Waiver
- Purchase Security (up to $500 per claim within 90 days of purchase)
- Extended Warranty Protection
- Personal Identity Theft Protection (reimbursement up to $5,000)
- Zero Liability Guarantee
RESTRICTIONS AND CREDIT SCORE
Recommended credit score: 740+
The main restriction is Alliant Credit Union Membership, but there aren’t significant barriers to entry; almost anyone can join. Some people reported that high annual incomes appear to be a prerequisite for the Cashback card. YMMV since those reports are from when the card still had an annual fee. Alliant may have changed their preferences since then.
Cash back is limited to $250 per month in rewards (based on the $10,000 monthly spending limit) at the 2.5% cash back rate. If you go over the limit, you instead earn 1.5% back (unlimited) until the next monthly statement period begins. Unused rewards also expire after 5 years.
MAXIMIZING REWARDS WITH ALLIANT
There aren’t any special strategies to maximize earnings with Alliant, aside from qualifying for the 2.5% tier (Tier One Rewards). This requires a one-time setup process.
To earn 2.5% cash back:
- Open a free Alliant High-Rate Checking account, either before or after applying for this credit card
- Sign up for e-statements and schedule a automatic recurring deposit into the checking account (at least once per month)
- Maintain an average daily balance of $1,000 each month in the checking account
- Spend less than $10,000 per billing cycle using your Alliant credit card
Alliant does have fees, but they’re usually-optional services, and easy to avoid. This is a “set it and forget it” requirement to earn 2.5% cash back. Most people have trouble with being eligible to join Alliant in the first place.
Note: to make back the $1,000 held in their checking account, you need to spend at least $40,000 (earning 2.5% back) over the lifetime of your account.
As of October 2022, their rates are:
These are competitive rates, so people may enjoy the checkings/savings accounts in either case. (Both are required for Alliant membership.) Just note that both accounts require a daily minimum balance of $100+ for rewards. Alliant also reimburses up to $20/month in ATM fees and they don’t have overdraft fees.
For comparison, one of the highest checking rates is 0.4% APY (Schwab) and one of the highest savings rates is 2.35% APY (Ally). Rates are subject to change and are only current as of October 2022.
ALTERNATIVES TO THE ALLIANT CARD
Any card that can earn above 2% on everything will be the closest alternative:
- Bank of America Cash Rewards, Premium Rewards, or Travel Rewards (BoA Platinum member or higher)
- Chase Freedom Unlimited (paired with a Chase Sapphire card)
- Citi Double Cash (paired with Citi Rewards+)
Alliant used to have a “Platinum Rewards” card which earned 2% cash back on everything, but they discontinued it. If you want to earn cash back with Alliant, the 2.5% card is now the only option. Alliant’s only other credit card doesn’t earn rewards and it’s meant for balance transfers only.
Any card with a sign-up bonus can be an option too. Alternatively, check out our list of the top no-fee everyday credit cards.
CONCLUSION
If you’re able to join Alliant and get approved for their Cashback card, this is a good deal for people who don’t want to juggle multiple cards. A typical credit card offers 2 to 3% cash back in certain categories, so a card offering 2.5% on any category is nice. It isn’t “optimal” for earning cash back, but that’s not a problem for most people. Alliant has great Visa Signature benefits for this card as well. Overall, this is a solid card for long-term usage.
The main downside is not having any welcome bonus, and difficulty of approval. Plus, this credit card has changed several times since its release, and is subject to Alliant making more changes. From annual fees to earn rates, nothing is guaranteed with the Cashback card’s features.
We rate the Cashback card 3 out of 5 stars. ⭐⭐⭐
Note: This review was last updated in October 2022. Details may have changed since then. Please do your own research where applicable, to ensure you’re getting the best deal. Or contact us directly for personalized consulting services!