Alliant Credit Union Cash Back Card
In recent days there has been some talk about which card is the ultimate cashback credit card. MarketWatch recently released a piece arguing that the Alliant Visa Signature Card is the number one cashback credit card. The author brings up some great points. There is no doubt that this is a great cashback option. Let’s take a closer look and see if it is truly worthy of the top spot.
Card Features and Benefits
- First-year 3% cashback
- 2.5% cashback after the first year
- Interest rates as low as 12.49%
- Excellent credit history required
- Travel and rental car insurance
- Identity fraud protection for cardholders
- No foreign transaction fees
- $99 annual fee (waived year one)
Earning Cash Back With Your Card
This card is specifically designed for high spenders. Customers have the chance to earn among the highest cashback rates with each purchase they make. For the first year, cardholders will earn 3% back on every purchase. After the first year, the rate is reduced to 2.5%. There is no limit to the total cashback which can be earned annually. All of your reward rates are eligible for every purchase. This card does not use any categories for cashback bonuses.
Low Rates, High Credit Limit, Excellent Credit
The Alliant Signature Visa is suited for consumers with great credit. To be approved for this card you will need a stellar credit score and credit history (learn more about building a great credit history). With this in mind, this card offers very low-interest rates – as low as 12.49%. Compare this to an average of about 20% and you will see how low these rates actually are. The card also offers a high credit limit. Your total credit limit and your interest rate will depend on your creditworthiness.
Travel/Rental Insurance Coverage and Fraud Protection
Cardholders will receive a number of additional benefits. Among them is $250,000 in accident coverage when traveling. Additionally, when you pay for a rental with your card you will automatically qualify for an Auto Rental Collision Damage Waiver. This will provide you insurance for your rental vehicle.
Customers will also be protected up to $5,000 for personal ID protection. In the event your identity has been compromised you will be covered just by being a cardholder.
Credit Card Fees
The primary fee to be aware of with this card is the $99 annual fee. This will be the biggest factor consumers will need to consider when deciding if this is the best card for them. We will discuss this more shortly but needless to say, this fee will directly cut into your cashback earnings. Your annual fee is waived for the first year.
Cardholders will not be subject to credit card transaction fees when using their credit card overseas. Returned or late payments will be subject to a fee up to $27. Balance transfers are subject to a 3% transfer fee. Finally, there is no fee if you exceed your credit card limit – this is a great perk for big spenders who the card is designed for.
Is The Cash Back Rate Worth The Annual Fee?
The main question consumers need to consider is whether or not the annual fee makes the big cashback rate worth it for them. There are several cashback credit cards with no annual fee that offer 2% cashback. This means you will earn an addition 0.5% back with The Alliant Signature Visa Card. In order to make up for the annual fee, you will need to have $20,000 in annual spending. This comes to about $1,700 per month. If you consistently spend about this amount or more you will be profiting with this card compared to top competing cashback options.
It is also important to note that the card’s annual fee is waived the first year. You also earn an extra half percent during the first year. This will add additional value to the card compared to other cashback card likes the Citi Double Cash which earns 2% back.
More Credit Card Related Resources – Top Cards By Category
- Top Credit Cards For 2019 – All Categories
- Top 10 Travel Credit Cards For 2019
- Best Credit Cards For Consumers With Less Than Perfect Credit
Alliant Visa Signature Card Drawbacks
The primary complaint with this credit card is the annual fee. However, we have already discussed this and if you are a big spender this will not be a huge factor. One other downside to this card is that it does not offer a new cardholder sign up bonus. This card is very straightforward and does not provide an additional sign up bonus. The appeal is big cashback with great benefits. There are no other significant drawbacks for this credit card.
Final Thoughts – Is This The Best Cash Back Card Around?
Alliant Cashback Visa® Signature Credit Card…
There is no doubt that this card is among the top cashback credit cards. If you spend at least $20,000 annually on your credit card it will be hard to find a better cash rewards card. For moderate spenders, there will be better options around to avoid paying an annual fee. This card also requires excellent credit for approval. It has been ranked as the top cashback credit card by many reputable outlets and it is worthy of that distinction. If you have great credit and high spending this card needs to be strongly considered for a place in your wallet.
What is your favorite rewards credit card? Let us know in the comments below!