Alliant Visa Platinum Credit Card: Key Features You Should Know

Basic balance transfer cards like the Alliant Visa Platinum Credit Card offer a great way to manage debt. With a $0 annual fee and an introductory APR period, you can pay off debt interest-free. However, its lack of ongoing benefits may limit its long-term value. Here are eight key features of the Alliant Visa Platinum Credit Card that you should know:

Balance Transfer Promotion

The Alliant Visa Platinum Credit Card offers an introductory APR of 0% on purchases and balance transfers for the first year, with variable rates ranging from 14.99% to 26.99% thereafter. The balance transfer fee is the greater of $5 or 2% of the transferred amount.

In comparison, the BankAmericard credit card offers a 0% Intro APR for 18 billing cycles on purchases and 60 days for balance transfers. After the introductory period, a variable APR between 15.74% and 25.74% applies.

No 0% APR Guarantee

While the card offers an introductory APR “as low as” 0% for 12 months, this is not guaranteed. Your actual rate will depend on your creditworthiness and eligibility upon card approval. In 2024, your introductory APR could be as high as 5.99%, which is still competitive compared to the double-digit rates of many cards. However, some cards do guarantee a 0% intro APR upon approval.

Alliant Cashback Visa

The Alliant Credit Card is another excellent option from Alliant Credit Union, offering 2.5% cashback on the first $10,000 spent per billing cycle. To qualify for this rate, cardholders must be Alliant members and maintain a minimum balance. Purchases beyond $10,000 earn 1.5% cashback. This card is ideal for grocery, travel, and dining purchases due to its competitive earning rate and Visa Signature benefits like travel insurance and exclusive deals.

No Rewards

The Alliant Visa Platinum doesn’t offer rewards, unlike other cards that provide incentives without requiring credit union membership. For example, the Quicksilver Card from Capital One offers 0% APR on purchases and balance transfers for 15 months, followed by a variable APR between 19.74% and 29.74%. It also provides 1.5% cashback on all purchases and a bonus for new account holders.

Not Ideal for Traveling

With a 2% foreign transaction fee, the Alliant Visa Platinum Credit Card may not be suitable for frequent international travelers. Although lower than some other cards, this fee can add up with international spending. Travelers may benefit from credit cards that waive foreign transaction fees, such as those offered by Capital One, which are ideal for international trips.

For frequent overseas travelers, consider cards with no foreign transaction fees, travel rewards, and other travel-friendly features to maximize value.

Purchase and Balance Transfer Intro APR

The card’s introductory APR is a significant draw. Depending on your creditworthiness, you may qualify for a 0% introductory APR on balance transfers and new purchases for the first 12 months. This can save money when paying off debt or making major purchases. After the promo period, the regular APR based on your credit score will apply. Be mindful of the promo period’s end to avoid higher interest charges.

Low Balance Transfer Charge

The Visa Platinum Credit Card features a low balance transfer fee of 2%, which is competitive compared to the 3%-5% fees of other cards. A $5 minimum fee may still be cost-effective for transferring debt from higher-interest cards.

The fee remains the same, regardless of when you transfer a balance, making it advantageous for large balance holders. Consider the total cost before transferring, especially for smaller balances where the $5 minimum fee may have a significant impact.

No Yearly Card Fee

The Alliant Visa Platinum Credit Card charges no annual fee, making it an attractive option for those looking to save money. This feature allows cardholders to focus on paying down their balance or earning rewards without worrying about annual costs.

With its competitive APR on purchases and balance transfers, the Alliant Visa Platinum is a straightforward and affordable choice for many consumers.

Is the Alliant Visa Platinum Credit Card Worth It?

This card is a viable option for those looking to manage debt and make significant purchases without accruing interest. Its low 2% balance transfer fee and no annual fee make it cost-effective. However, the lack of rewards and the 2% foreign transaction fee may not appeal to frequent travelers or those seeking everyday spending rewards. This card is best for individuals focused on debt repayment without interest but may not suit everyone.