nemo Posted January 17 Share Posted January 17 For the Alliant Visa Platinum Rewards card, there has been a long history of disappointments. First the FTF increased from 1% to 2% a few years ago. Then the minimum point redemption increased from $25 to $50 a few months ago. Now logging in, I see that the points have been devalued. Originally 1 point was worth 1 cent. Now the redemption portal is showing 1 point = 0.67 cents. (It really is exactly 0.67 cents instead of 2/3 of a cent.) This changes the Visa Platinum Rewards card from 2% cash back to 1.34% cash back. Quote Link to post Share on other sites
cv91915 Posted January 17 Share Posted January 17 3 hours ago, nemo said: Originally 1 point was worth 1 cent. Now the redemption portal is showing 1 point = 0.67 cents. (It really is exactly 0.67 cents instead of 2/3 of a cent.) This changes the Visa Platinum Rewards card from 2% cash back to 1.34% cash back. Pretty sad when "More Rewards" means "Nearly 90% as good as a Capital One Quicksilver." nemo 1 Quote Link to post Share on other sites
ivymike Posted January 17 Share Posted January 17 Their old CEO retired last year and they replaced him with a hired gun from Key Bank who from what I heard promptly brought in a group of his own cronies to make up the leadership team. Water is starting to spin in this bowl. nemo 1 Quote Link to post Share on other sites
nemo Posted January 17 Author Share Posted January 17 After finding the devaluation from logging into my account, I went looking for more general confirmation and found this. https://www.nerdwallet.com/article/credit-cards/alliant-platinum-rewards-card-slashes-points-value Quote Link to post Share on other sites
swimmingwithsharks Posted January 17 Share Posted January 17 There was also a thread on DOC about this devaluation. Key Bank has never had good rewards on credit cards, if that's the previous digs for this CEO. Hopefully SDFCU keeps their 2% card! Thanks for confirming the devaluation. Alliant *was* my backup card in case Citi ever nerfed the DoubleCash. Unexpectedly, Alliamt blinked first! Quote Link to post Share on other sites
nemo Posted February 12 Author Share Posted February 12 I just noticed that as of at least today, Alliant has reverted to letting me redeem points for cash at the rate of one cent per point. I don't know if they allowed this by accident, or if this is a longer-term change. I have not noticed any confirmation from elsewhere on the web that Alliant intended to return to one cent per point. Alliant has not sent me any communication about it; I only learned of it when I went to redeem points. At this point, although the rewards Visa is technically a 2% card again during February, 2021, I consider it completely unreliable and have moved my spending elsewhere. cv91915, centex and swimmingwithsharks 2 1 Quote Link to post Share on other sites
nemo Posted February 15 Author Share Posted February 15 (edited) There is now finally confirmation from elsewhere on the web. DOC's article on the devaluation has been revised, putting [Devaluation Reversed] before the title and a brief note at the beginning of the article. However, they don't seem to have any more information than I do about whether the reversal is temporary or how this all happened to begin with. https://www.doctorofcredit.com/alliant-reduces-points-value-of-platinum-rewards-points-from-1%c2%a2-to-0-66%c2%a2/ (They also got the devaluation slightly wrong; it was 0.67 cents per point. I probably had more points to redeem than their sources, making me able to calculate more accurately that it was not 0.66 cents and not 2/3 of a cent.) Edited February 15 by nemo cv91915 1 Quote Link to post Share on other sites
nemo Posted February 23 Author Share Posted February 23 Just got the following e-mail from Alliant. Quote When you redeemed your Alliant Visa Platinum Rewards points between January 4 and February 4, 2021, the value of the points you redeemed was lower than it had been previously. After listening to our members’ feedback, we have reversed the point values back to their previous level.1 Additionally, we are issuing a points credit to your account so you will experience no point-value loss overall. We're sorry, and we appreciate your feedback. Thank you, Alliant Credit Union Wow! I have never heard of a card issuer doing this before. It's a 2% card again! centex 1 Quote Link to post Share on other sites
swimmingwithsharks Posted February 23 Share Posted February 23 3 hours ago, nemo said: Just got the following e-mail from Alliant. Wow! I have never heard of a card issuer doing this before. It's a 2% card again! Except that, with the $50 minimum redemption, if you already redeemed, the difference "credit" is less than $50. So now I'd have to spend on a card where the issuer has shown they have the stability of a Jenga pile. In other words, I'm NOT spending more now on Alliant card to try to get to redeem another $50 in the future. And the rewards earned do expire in 5 years. Fool me once, shame on you. Fool me twice, shame on me. Alliant will join the other pitiful cards of mine with no annual fee that only come out of the sock drawer once every 6 months, for a quick purchase of under $10. Keeps the age, keeps the line open, but not worth anything more. Bye, Felicia. Quote Link to post Share on other sites
nemo Posted February 24 Author Share Posted February 24 5 hours ago, swimmingwithsharks said: Except that, with the $50 minimum redemption, if you already redeemed, the difference "credit" is less than $50. It turns out that in my case, it will be more than $50. I agree that they've made the card a lot less interesting, though, between the increased FTF, increased minimum redemption, and proven willingness to devalue. swimmingwithsharks 1 Quote Link to post Share on other sites
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