Alliant cashback card
$99, waived first year
None
Signup Bonus Chart2.5% All Purchases
No Foreign Transaction Fee
The Alliant card offers the highest cash back rate of any card that doesn't have some kind of special caveat or restriction. If you can get approved, it is often the best option for people who want to earn cash back from their general purpose reward card (or don't have access to the Chase Unlimited combo). However, if you don't expect to use the card very much, you are better off choosing a card that only earns 2% but doesn't require an annual fee.
Getting the Card
To get the card, you'll need to become a member of the Alliant Credit Union. If you don’t work for an associated business, you can join by making a $10 donation to Foster Care to Success. However, even if you are eligible, if you've been signing up for lots of credit cards, it can be hard to get approved by Alliant.
Other Notable Benefits
- Access to the Visa Signature Luxury Hotel Collection. As with all Visa Signature cards, you'll get access to Visa's luxury hotel program. Whenever you book one of the 900+ participating hotels, you'll receive a set of valuable benefits, including free breakfast, late check-out, and a $25 food and beverage credit. The Visa program has slightly weaker benefits than the other luxury hotel programs, but includes a larger number of more affordable hotel options and a best price guarantee. Take Advantage of Luxury Hotel Programs for Valuable Extra Perks.
- Access to Visa Signature Offers. Your card entitles you to a set of special offers available from Visa.
Using the Card for your Everyday Spending
- This is the best pure cash back rate of any card. At least without additional complexity or caveats. Rewards are capped at $10,000 worth of spending each month ($250 worth of rewards).
- You can earn a more valuable reward rate with Ultimate Rewards, Membership Rewards, ThankYou rewards or Amtrak Rewards. So, it is primarily useful for people who put a premium on actual cash back or who otherwise can't get enough value out of these other points currencies.
- If you can move $100,000 in investment or retirement assets to Merrill Lynch, you can earn better rewards with the Bank of America Travel (or Premier Rewards) card. With that level of assets, you'll qualify for a 75% reward bonus, which increases the cash-back rate to 2.625%. With the Travel version, you won't be an annual fee. With the Premier version, there is an annual fee, but you'll get some additional benefits.
If you highly value premium cabin airline seats, and have the patience to earn enough points and find award space, you should unquestionably earn Ultimate Rewards or Membership Rewards points, rather than cash back.