Updated with new spending caps. Alliant Credit Union, the 5th largest US credit union by assets, has updated the terms of their . This cash back rewards card has a headline feature of 2.5% cash back. However, they have now added a spending cap of $10,000 per monthly billing cycle (i.e. you can get $250 cash back max per month). The $99 annual fee is waived during the first year (note that the 3% cash back promo during the first year is also gone). Here are all of the highlights:
- 2.5% flat cash back with no categories to track.
- Maximum cash back is $250 ($10,000 in qualifying purchases) per billing cycle.
- $99 annual fee, waived the first year.
- No foreign transaction fees.
- You must be an Alliant Credit Union member to apply for this card.
Cardholders can choose to receive cash back rewards via a credit card statement credit (appearing within one billing cycle) or as a deposit into your Alliant checking or savings.
If you have an existing Alliant credit card, you can ask for it to be converted to this card.
The $10,000 spending cap per month will also apply to existing cardholders.
Comparison numbers against a 2% cashback card with no annual fee and no sign-up bonus. Instead of a flat sign-up bonus, with this card you are basically getting a 0.5% boost to your cash back in the first year. If you charge $1,000 a month, 1% more is $60 more cash back over a year. If you charge $4,000 a month, 0.5% more is $240 more cash back over a year.
After the first year, with this card you’ll get 0.5% more cash back but also pay the $99 annual fee. That makes the breakeven point $19,800 per year in annual spending (roughly $1,650 per month). If you spend more than that, the extra cashback will offset the annual fee. If you spend less, you will have more rewards with the 2% card.
Competition. The following cards currently offer a competitive level of cash back rewards. Please read my card-specific reviews for details.
Alliant CU membership eligibility. If you start the online membership application, it does a good job of walking you through their various eligibility options. The good news is anyone that is willing to donate $10 to Foster Care to Success is able to join. Here are their membership groups:
- Any employee or retiree of a Qualifying Company.
- Any member of a Qualifying Organization.
- Any immediate family member of an existing Alliant member.
- Anyone who lives or works in a Qualifying Chicagoland Community.
- Anyone who is willing to make a one-time $10 donation to the Foster Care to Success charity group.
Bottom line. The Alliant Visa Signature Credit Card offers 2.5% flat cash back on all purchases with a $99 annual fee. As a first year promotion, the annual fee is waived. The annual fee makes it best for people that make a high amount of purchases on their credit cards, at least $20,000 a year just to break even with a 2% cash back card. Alliant Credit Union membership is open to anyone willing to donate $10 to Foster Care to Success.
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