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.