Alliant Credit Union

i know its OT, but something about your post chasing yield rates reminds me of when i was hustling those mango prepaid accounts a few years back trying to max out yield for my fdic covered semi liquid funds.

They’d better not. CC cash back from spending is not 1099-able.

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One of my older cash back cards (State Farm Bank) did send it as a 1099-INT

They did not do that to me on my 2017 1099.

good. i would not expect it, but i have had some insanity with citi and 1099’s in years past.

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Absolutely it will. Many data points confirm that charging multiples of your CL in a billing cycle will get you warned then closed.

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Oh so this card is lame then?

Craig, have you switched back to Alliant yet? It’s been over a week.

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LOL…Primarily, i use Ally Bank…Have the checking, online savings, no penalty cd AND just got their Credit Card too (which i am going to use as my main card)…I have a lot of cash…and keep the majority of it with them…However, i also use Alliant CU and keep a certain amount of cash with them (so they have become my secondary bank)…Bank of America is my local bank…

I’m going to try to stick to that set up… :wink:
It’s actually a very nice combination… :grinning:

Has anyone been successful in having the $59 fee waived? Or downgraded? My first year is almost up. I’m not sure that I charge enough for the annual fee to be worth it vs a 2% no fee card…

A waiver is very unlikely as they already did it for one year. As written: “$59 annual fee, waived the first year.”

You can be sure if the card is equivalent to a 2% card with a simple calculation: If you charge an average of $984 a month or $11,801 a year it is better than a 2% no-fee card.

Your math is correct, Argyll, of course. But there are wrinkles at 2 1/2%.

Groceries:

You can do 3% 24/7/365 with AmEx Blue Cash Everyday which has no annual fee.

Now that makes no sense when Alliant is also at 3%. But at 2 1/2% it’s a different story.

We do not have the Q2 Freedom categories yet. But in 2017 Chase did a whopping 5% on groceries in Q2, DOUBLE Alliant at 2 1/2%. Add to that your purchase of gift cards to extend the savings at 5% beyond Q2. And that Freedom card has no annual fee.

Gasoline:

I forget which card it is, but I’m pretty sure there is a no annual fee CC which gives 5% on gas year round.

Anyway, bottom line, it’s not that your math is in error, Argyll. It is not. It’s just that, at only 2 1/2% there are other CC options which detract from the amount you profit by spending with your Alliant CC. This can make it more difficult for some individuals to come out ahead with the Alliant CC in the face of the $59 fee.

ETA

Apparently there is a PenFed card which offers 5% on gasoline. I think there is at least one other card as well.

5% on groceries (or whatever category) beats 3% as much as it beats 2.5%. So presumably you arent using the Alliant card for that spending anyways. Of course Argyll meant that spending $1k/month that you’d normally be putting on a 2% card makes the 2.5% reward/$59 fee worthwhile.

Everyone’s first year is almost up. The card was only introduced 11 months ago.

Be sure to come back and report your experience with trying to get it waived.

Pay your income and property taxes with the CC if you got them, it’ll cost < 2.5% and will bring your break-even below $11800/yr.

Anyways!?

Setting that aside, have not had the 5% on groceries thing available during my ownership of Alliant card. Got mine very late. Am hoping though for the 5% groceries deal soon if the people at Chase ever get off their a***s and announce the Q2 categories.

Look, everyone’s use for the card is different. Was only pointing out that, for certain individuals, 2 1/2% alongside a $59 fee might not work all that great. For others, of course, it’s a pretty good deal.

A better counter argument would be to point out the dollar amount limitations of the examples I cited earlier. Hence, for really big spenders on food for example, the Alliant card would still provide some help.

Uh, not everyone.

No one has had this card for a year yet.

You really need to look at the context before criticizing responses.

Or a better counter argument would be to simply read that it was being compared to a 2% card in the first place.

If you have a 5% card, obviously a 2.5% card will not be a better option, even if it didnt have an annual fee. I dont think too many people here would feel the need to point this out, thus why it was compared to a fee-free 2% card to determine where the breakeven point is for the extra .5% to be worth the annual fee.

I am cautiously optimistic that this card might have more staying power than other >= 2% CB cards. That’s one reason I’m going to happily pay the $59 fee and keep it even after the lucrative first year ends.

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