Alliant Platinum Rewards Review: Rich Rewards … If You Already Have It
The Bottom Line
4.7
It used to be an outstanding pick for those with average credit (FICO scores of 630 to 689), as few cards marketed to that credit range offer such rich rewards. The card is no longer gettable, but it still offers long-term value for existing customers.
Rates, fees and offers
Annual fee
$0
Rewards rate
2x
Bonus offer
Earn 5,000 bonus Alliant Rewards points after spending $500 or more in qualifying purchases during the first three billing cycles after the account is opened.
Intro APR
As low as 0% intro APR 12 months on purchases and balance transfers
Ongoing APR
APR: 13.24%-23.24%, Variable
Balance transfer fee
Either $5 or 2% of the amount of each transfer, whichever is greater
Foreign transaction fee
2%
More details from Alliant Credit Union
- As low as 0% introductory rate for 12 months on purchases and balance transfers
- Plus, earn 5,000 bonus points with qualifying spend
- Earn two reward points for every dollar spent
- $0 fraud liability guarantee from Visa
- Generous credit line
- Works with Google Pay, Apple Pay and Samsung Pay
- No annual fees
Pros and Cons
Pros
Qualify with average credit
No annual fee
Intro APR period on Purchases and Balance Transfers
Cons
Must be a credit union member
Detailed Review
» This card is no longer available
The Alliant Visa® Platinum Rewards Credit Card is no longer available for new cardholders, although existing cardholders were able to keep using the card after the issuer stopped taking applications. See our best cash back credit cards and our best credit cards for fair credit for other options. Below is our review from shortly after the Alliant Visa® Platinum Rewards Credit Card closed to new accounts.
• • •
The Alliant Visa® Platinum Rewards Credit Card is no longer available to new customers.
Existing cardholders, though, still earn rich, flat-rate rewards for a $0 annual fee. In fact, for those with average credit (FICO scores of 630 to 689), it's nearly unbeatable.
The card earns 2 points per $1 spent on all purchases, and points are worth 1 cent each. That's effectively 2% back, a top-notch reward rate. And unlike many standout cards, this one is available to those with average credit. While you need to be a member of Alliant Credit Union to get the card, you don't have to meet any special criteria to do so; it's possible to join by opting to support Alliant's partner charity.
Alliant Credit Union still offers a non-rewards version of this card, called the Alliant Visa® Platinum Credit Card, which features an introductory APR period. Alliant also still offers the Alliant Cashback Visa® Signature Credit Card, for an annual fee of $0. If you meet certain requirements, it earns 2.5% cash back on up to $10,000 in purchases each billing cycle and requires good or excellent credit (FICO scores of 690 and higher). If you plan to spend more than $19,800 a year on your card, it offers more long-term earning potential than the Alliant Visa® Platinum Rewards Credit Card.
Alliant Visa® Platinum Rewards Credit Card: Basics
Card type: Rewards; fair credit.
Annual fee: $0.
Sign-up bonus: Earn 5,000 bonus Alliant Rewards points after spending $500 or more in qualifying purchases during the first three billing cycles after the account is opened.
Rewards: 2 points for every dollar spent on qualifying purchases. One point is worth 1 cent no matter how you redeem it, and there's no limit to how much you can earn.
Redemption options: Points can be redeemed by logging into your Alliant Credit Union account and selecting one of the following options:
Cash back, starting at $20 redeemed as a deposit to your Alliant savings or checking account, or as an account balance credit to your Alliant Visa® Platinum Rewards Credit Card account.
Travel.
Merchandise.
Event tickets.
Activities.
eGift cards and gift cards.
Charitable donations in the form of a gift card to the charity of your choice.
APR: As low as 0% introductory rate for 12 months on purchases and balance transfers, and then the ongoing APR of 13.24%-23.24%, Variable
Foreign transaction fee: 2%
Other features: Auto rental collision damage waiver coverage, access to roadside dispatch services.
Compare to Other Cards
Benefits and Perks
Generous flat-rate rewards
The effective 2% rewards rate on the Alliant Visa® Platinum Rewards Credit Card is superb for a flat-rate rewards card. It's richer than the current standard of 1.5%, and among the best rewards rates you can find on no-annual-fee cards. The card comes with good redemption options, too; you can use points for cash back or travel, among other things, and points are always worth 1 cent each.
There's also a sign-up bonus, which is unusual among no-annual-fee cards with high rewards rates: Earn 5,000 bonus Alliant Rewards points after spending $500 or more in qualifying purchases during the first three billing cycles after the account is opened.
No annual fee
The annual fee on the Alliant Visa® Platinum Rewards Credit Card is $0, but its ongoing value rivals those of cards with big annual fees. That makes it easy to come out ahead on rewards, no matter how much you spend.
Attainable for those with average credit
Among all credit cards for average credit, the Alliant Visa® Platinum Rewards Credit Card offers one of the highest rewards rates you can find. Other cards that offer 2% back or higher typically require at least good credit (FICO score of 690 and up).
Its rewards rate makes it a strong choice no matter what your credit score is. But especially for those with less-than-perfect credit scores looking for rich rewards, it's head and shoulders above most of the competition.
Drawbacks and Considerations
Credit union membership required
The eligibility requirements to join Alliant's Credit Union are pretty accessible to most. If you don't live or work in one of the qualifying communities or jobs, or aren't related to someone who fits the description, you can join by opting to support Foster Care to Success, Alliant's partner charity. Alliant will make a $5 donation on your behalf, which will make you eligible for membership.
But if you're not interested in joining a credit union, consider a different card, like the Citi Double Cash® Card. It also earns 2% back on everything: 1% back when you make a purchase and another 1% back when you pay your bill. There's no special membership required, and you don't have to bank with Citi to apply. The annual fee is $0.
If your credit is average, the Capital One QuicksilverOne Cash Rewards Credit Card is a solid flat-rate option. It's not quite as generous — it earns only 1.5% cash back and charges an annual fee of $39 — but it doesn't require a membership, and you don't have to bank with Capital One to apply.
0% APR isn't a sure thing
The card does have an introductory APR on purchases and balance transfers, but the rate you get is based on your creditworthiness. Only those with the best credit will get a 0% intro APR offer, and you won’t know if you qualified until after applying.
If getting a 0% APR period is a priority for you, go with the Chase Freedom Unlimited®. It comes with this offer: 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 19.74%-28.49% Variable APR. It also earns 1.5% cash back on most purchases (plus some extra category bonuses earn 3-5%) and features a nice sign-up bonus: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back! You don't have to bank with Chase to qualify, but you need at least good credit (FICO scores of 690 and higher).
How To Decide If It's Right For You
If you're looking for big flat-rate rewards for no annual fee, yes, as long as you don't mind joining the credit union. It's an especially great deal if you have average credit. But if you're not sold, check out our list of best credit cards for more options.
Looking For Something Else?
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
