No-Fee 2% Cash Rewards Alliant Credit Card

I’ve had the Alliant Platinum Rewards card for many years now, and got it to expand my credit profile at the time. I really liked Alliant, knew I’d be with them for a while, and thought it would be a nice fee-free card to reduce my overall utilization. But otherwise, I never used it.

I assumed the rewards were crap, because they had a third party website I had to create a separate account to log into to see the rewards, and it wasn’t clear what the rewards were useful for.

There’s been a lot of hype around Alliant’s $59/year 2.5% card that earns 3% for the first year, and in those threads, I’ve heard mention of a no-fee 2% Alliant card, and it appears that I already have it all this time and didn’t realize it!

If I understand correctly, you earn 2 points per dollar spent on this no-fee Platinum Rewards card, and each point is worth 1 cent. Once you get $20 you can redeem for statement credit.

I’m constantly trying to simplify my financial life and wonder if I should dump my 2% Fidelity card in favor of this Alliant card that I already have. The main downside being that you need to spend in $1,000 intervals to get rewards, otherwise it’s nothing. But otherwise if it’s my non-category spend card of choice, then I’ll hit the $1,000 mark eventually.

My biggest concern is they might devalue the points overnight with no warning. With Fidelity, it seems clear that it’s intended to be a 2% cash back card. With the Alliant Card, if I hadn’t read discussion about it online, I’d still have no idea it was 2% cash back. I’ve lived through the PenFed points devaluation where those lost 15% of their value overnight, and also PenFed pulled Visa Gift card redemption options for a period of time.

My concern would be I let the points add up in Alliant and they decide no more savings account transfer option. And since they never advertised it as a 2% cash back credit card, they could shrug and say “it’s a rewards card and we’re changing the rewards”

There’s a secondary concern in that I keep some savings in Alliant and it’s not a good idea to keep savings and credit in the same place, but I don’t intend to default on my credit cards in the near future, so I feel fairly safe from that standpoint.

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I would be very surprised if Alliant devalued their points. I am aware of what happened at PenFed. But PenFed has an aura of sleaze about it you do not find with Alliant today, and never have.

I use an Alliant CC now. I would never, ever carry a PenFed card regardless any promise(s) they might make. History shows PenFed cannot be trusted. Alliant, OTOH, has always kept faith with its members.

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Fidelity cards do have periodic spending bonuses… No fee so why not keep It?

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Can you explain? I’ve never seen/noticed one.

My 5% PenFed Gas card is still kicking strong that I’m grandfathered into!

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They email offers from time to time. “Spend $X,000 and get X,000 bonus points.” You have to enroll in the offer. Most recent one was spend $2,000 earn 2,000 bonus points (I think). That’s 3% CB on $2,000 spend.

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I’ve never gotten one. I wonder if I need to subscribe to marketing emails. Or I wonder if they never send them to me, because up until recently when I got Sapphire Reserve, I was spending $2k+ per month on the card already and they didn’t want to target me with spending offers.

Both of these are actually the key. Make sure you’re in on emails, but go hot and cold with them, when you’re cold they’ll start luring you back with offers.

Looks like the reason I missed this card before is because it was a 1% card up until May of last year. So it’s only been 2% for less than one year according to this blog, which explains why I had it sockdrawered for years and didn’t realize it is actually worth using.

This was mentioned many times on the Alliant board here and at FatWallet.

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Yep, I just got one yesterday.

Wow thanks for that. I missed the email and found it after reading your reply. Mine is a pretty crap offer… $20 if I spend $4800. What’s yours?

It looks like my Fidelity 2% card is set up to only redeem at 5,000 points which I think is $2500 spend, compared to 2,000 points or $1,000 spend on the Alliant card.

I’m leaning towards hitting that 5k point threshold on my Fido card (need another $600 of spend) and then sock drawering it for a while, unless they give me some bonuses to spend.

Additional 2,000 points after spending $50. P.S. I always find their offers confusing.

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There’s a few recurring bills I have that are under $100 per month in total. I like the idea of using the Fido 2% card for those, and then using the Alliant 2% card for every day non category spend. This way if the stuff I am buying on the Alliant card winds up compromising the account number, and I need to get a new card number issued, I don’t have to go through the hassle of updating my recurring payments.