Alliant Cashback Visa® Signature Credit Card Review: Up to 2.5% Cash Back for Qualified Cardholders
Review
Updated
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A good flat-rate rewards card is important whether you like to maximize your credit card rewards or just want one card to rule them all. With the Alliant Cashback Visa® Signature Credit Card, you can get 2.5% cash back on purchases (on up to $10,000 in purchases each billing cycle). This rate blows most other credit cards out of the water. But there's a catch. You'll need to meet certain requirements, including opening an Alliant checking account. You'll also need to join Alliant Credit Union as a member. Read the full Alliant Cashback Visa® Signature Credit Card for all the details.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
| Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
|---|---|---|---|---|---|
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 18.24% - 27.24% Variable APR |
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
$200 cash rewards Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. | 2% cash rewards Earn unlimited 2% cash rewards on purchases. |
Intro: 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers Purchases: 0% intro APR, 12 months from account opening Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers Regular: 19.24%, 24.24%, or 29.24% Variable APR |
|
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
25,000 points 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases | 1.5-3 points per dollar Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center. |
Intro: 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America. Purchases: 0% Intro APR for 15 billing cycles for purchases Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days Regular: 18.24% - 28.24% (Variable) |
Apply Now for Bank of America® Travel Rewards credit card
On Bank of America's Secure Website. |
This credit card is a good fit for: Anyone looking for a high flat-rate rewards card who is willing to open an Alliant checking account to get it.
The main perk of this card is the cash back, but there are some other money-saving benefits, too.
Eligible Alliant Cashback Visa® Signature Credit Card users can earn 2.5% cash back on purchases, with no categories to track or activate. (There is a little bit of hoop-jumping required to get the 2.5% cash back rate. More on that below.) That rate is good for the first $10,000 in purchases each billing cycle. Purchases over the cap will earn 1.5% cash back. This is higher than most other cash back rewards cards offer on purchases outside bonus categories.
Cash back rewards can be redeemed as a statement credit on your Alliant Cashback Visa® Signature Credit Card. You can also redeem for cash back into your Alliant checking or savings account.
With some cards, you need to pay some type of annual fee to unlock a high rewards rate. The Alliant Cashback Visa® Signature Credit Card doesn't have that problem. You won't need to pay an annual fee at all. While you do need to meet some other requirements -- including opening a specific checking account -- the checking account doesn't charge any maintenance or monthly fees, either. So, any cash back you earn is a net positive, as you're not working to recoup a pricey annual fee.
See more: Best No Annual Fee Credit Cards
Unlike travel rewards cards, most cash back cards tend to charge a foreign transaction fee. Since foreign transaction fees can be up to 3%, this makes earning cash back while traveling almost impossible, but not with the Alliant Cashback Visa® Signature Credit Card -- this is a no foreign transaction fee credit card. This saves you money away and at home, as it applies to purchases in foreign currencies as well as purchases that route through foreign banks.
There are a few important roadblocks to getting and maximizing this card that may be deal-breakers for some folks.
To get the 2.5% cash back rate, you'll need to qualify for what Alliant calls Tier One Rewards.
To do this, you'll need to meet a few checking account requirements:
If you meet the Tier One Rewards requirements for each month in the preceding quarter, you'll unlock the 2.5% rate the following quarter. If you don't meet the requirements, you'll earn Tier Two Rewards. This means you'll earn just 1.5% cash back on purchases. (On the plus side, there's no cap on the 1.5% rate.)
While you do need to maintain a specific balance to qualify for the Tier One Rewards, the checking account itself doesn't have a minimum balance requirement. Nor does it charge any account or maintenance fees.
As with most credit unions, you need to become a member of Alliant Credit Union to be eligible for an account.
There are a few ways you can meet the membership criteria, including:
The last one is the most likely option for most people who live outside of the Chicago area. There's a $5 fee to join FC2S, but Alliant Credit Union apparently pays the one-time fee on member's behalf.
Most credit cards these days have some kind of welcome offer, be it a sign-up bonus or a 0% intro APR deal -- or both. With the Alliant Cashback Visa® Signature Credit Card, you get neither.
There's no sign-up bonus at all, not even a modest $100 like other small bank cards tend to have. While the Alliant Cashback Visa® Signature Credit Card may have a higher rewards rate than other options, a $100 or $200 sign-up bonus can easily make up for a 1% difference in purchase rewards.
There's also no introductory 0% APR deal on purchases or balance transfers. The Alliant Cashback Visa® Signature Credit Card does have a lower APR range than many other cards, however, so you may get a fairly low ongoing APR. But the lack of an intro offer is still a mark against it.
Alliant doesn't post their credit score requirements. However, it's likely you'll need at least good credit to easily qualify for the Alliant Cashback Visa® Signature Credit Card. But it's worth noting that most small banks and credit unions have more relaxed credit requirements than the major issuers. As such, you may qualify for a card with a fair or average score in some cases.
This card could be a good fit if you're looking for a high cash back benefit. A flat-rate 2.5% cash back card isn't something you find every day -- especially one with no annual fee.
However, it requires both an Alliant Credit Union membership and meeting activity requirements with an Alliant High-Rate Checking Account. If this is too much work, you can browse our credit card reviews to find cards with only a slightly lower cash back rate and far fewer conditions. But if you're interested in a checking account anyway -- or think the extra 0.5% cash back is worth the hassle -- the Alliant Cashback Visa® Signature Credit Card is certainly a competitive option.
Keep reading: Best Credit Cards
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