https://www.alliantcreditunion.or...ature-card
The Alliant Cashback Visa Signature card has removed the annual fee (previously $59) and now offers 2.5% cash back on up to $10,000 in purchases a month ($120,000 a year) with no annual fee. Once the $10,000 per month limit is reached, additional purchases will earn 1.5% cash back.
In order to qualify for the Tier One (2.5%), credit union members must have an Alliant checking account, sign up for electronic statements, maintain a $1000 average balance in the checking account, and receive at least one electronic deposit per month. An electronic deposit is defined as a direct deposit, payroll deposit, ATM deposit, mobile check deposit or transfer from another financial institution.
Alliant credit-union
application [alliantcreditunion.org].
Alliant Cashback Visa Signature Credit Card
application [alliantcreditunion.org]. (You can sign-up to become a member during the application).
Full terms of the offer
here [alliantcreditunion.org].
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My plan is to just pay the credit card from the checking account by transferring the monthly balance from my Alliant Savings to the checking account and then to the credit card.
This card looked so good until I read the no cash back on gift or prepaid cards limitation
Is this a common restriction? Haven't read the cashback terms of my cards but also haven't noticed gift cards not earning cashback on them.
This card looked so good until I read the no cash back on gift or prepaid cards limitation
Is this a common restriction? Haven't read the cashback terms of my cards but also haven't noticed gift cards not earning cashback on them.
Extremely common.
But it's usually intended to mean things like generic pre-paid VISA cards-- not things like 3rd party store gift cards.
That said- unless the bank gets level 3 data (and AFAIK only Amex really does) they've got no idea what you bought.
They responded today:
Hello Solomon,
Thank you for contacting us. Yes, I do show that you have met the requirements for Tier 1. Please keep in mind you will need that recurring monthly electronic deposit.
I don't think the math really supports this claim unless you hardly ever spend on the card anyway.
For example:
https://www.bankrate.co
The highest yield savings account listed is 0.61% (technically 0.55 for a savings account, 0.61 is a money market).
On $1000 that'll earn you.... $6.10 for the year.
This card gives you 0.50% over top of a 2% card on every dollar of spend.
So you need only spend about $1220 for the whole year to be even with you "high yield savings" idea on the Alliant card.
Every dollar you spend over $1220 for the year puts you ahead of the 2% card.
Of course if you've got BoA Plat status (easiest done with an IRA or other investment account) you can get 2.625% back on everything.... but not everyone has the resources to get that.
This deal is a much lower bar to jump.
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For example:
https://www.bankrate.co
The highest yield savings account listed is 0.61% (technically 0.55 for a savings account, 0.61 is a money market).
On $1000 that'll earn you.... $6.10 for the year.
This card gives you 0.50% over top of a 2% card on every dollar of spend.
So you need only spend about $1220 for the whole year to be even with you "high yield savings" idea on the Alliant card.
Every dollar you spend over $1220 for the year puts you ahead of the 2% card.
Of course if you've got BoA Plat status (easiest done with an IRA or other investment account) you can get 2.625% back on everything.... but not everyone has the resources to get that.
This deal is a much lower bar to jump.
This is definitely worth the extra 0.5% unless the $1000 permanently sitting in the account is a problem.
That said- if you've got 10k/mo in legit CC spend you're probably gonna run out of new cards to sign up for within 12-18 months... MAYBE if you've got a P2 you could swap off and continu-churn SUBs at that rate but the various bank roadblocks are gonna be fun to keep up with through all that.
Visa Signature
3% cash back no fees or hoops to jump through. Have good credit!
Visa Signature
3% cash back no fees or hoops to jump through. Have good credit!
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