Quick highlights
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Rewards rate: 2X points for every dollar spent
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Welcome offer: 5,000 bonus points after you spend $500 or more in qualifying purchases during the first 90 days of account opening
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Annual fee: $0
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Purchase intro APR: Introductory rates as low as 0 percent apply for 12 months on purchases after account opening
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Balance transfer intro APR: Introductory rates as low as 0 percent apply for 12 months on balance transfers after account opening
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Regular APR: 13.24 to 23.24 percent variable APR
Current welcome offer
There are two current welcome offers for new cardholders. First, members can earn 5,000 bonus Alliant Rewards points after spending $500 or more on qualifying purchases during the first 90 days of opening the account. When you use the points for travel, cash back or gift cards, the welcome offer is worth $50. This scales well with the amount you need to spend to earn the bonus but is relatively low compared to other options.
The card also comes with a no-interest or low-interest introductory offer for both new purchases and balance transfers. Based on creditworthiness, new cardholders can get an introductory APR of between 0 percent and 5.99 percent, after which a standard variable interest rate between 13.24 percent and 23.24 percent will apply.
Rewards rate
As its name suggests, the Alliant Visa Platinum Rewards offers cardholders points every time they use it. The points can be exchanged through the Alliant Rewards Catalog for travel rewards, cash back, gift cards or electronics.
How you earn
The Alliant Visa Platinum Rewards offers cardholders 2X points per $1 in eligible spending, with no limit on the number of rewards they can earn. This is a relatively fair rate and, because it earns without a limit, cardholders can continue to reap the benefits of this generous rewards rate year-round.
The eligible spending categories are mostly focused on everyday categories, such as groceries, online shopping and other similar activities. According to the program terms, you do not earn points for spending on cash advances, convenience checks, PIN-based purchases or “fees paid for prepaid and reloadable cards such as certain gift cards, or payments made for payment instruments that can be readily converted to cash.” That includes money orders or traveler’s checks.
Although the points are unlimited, they come with a shelf life. If the points go unused, they will expire after five years on a rolling “first-in, first-out” system. For example, if you earn 5,000 points in March 2022 and you don’t use them by March 2027, only those points — a $50 value – will expire until the next set of points reaches its five-year limit.
How to redeem
The Alliant Rewards catalog offers five different categories for rewards: cash rewards and gift cards, electronics, event tickets and travel rewards. The wide range of flexibility on redemptions is a major benefit to cardholders, so it’s definitely worth considering as you shop for your next card.
While you can’t convert the points directly to cash, you can use them toward cash rewards in three different ways. You can deposit them into an Alliant Credit Union checking or savings account or put them toward credit card statement credits. You can also use them for gift cards at popular retailers including Amazon, Target and Walmart. However, if you decide to receive a gift card over a cash reward, you’ll pay a nominal fee for redemption.
Alternatively, cardholders can also convert their points for travel rewards, including airline tickets or hotel reservations. You must book both airfare and hotels at least three days in advance, but keep in mind that using points toward flights or rooms is final. If you miss your flight or have to cancel your trip entirely, the points won’t be refunded, and the rewards center cannot guarantee that they can recover credits toward future travel.
Through its Best Buy partnership, members can also redeem Alliant Rewards for almost anything the retail giant sells. The prices change as items go on sale, making the catalog actively dynamic.
Rewards members can also redeem their points for event tickets through the issuer’s portal.