Jump to content

Alliant Rewards devaluation


Recommended Posts

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.

Link to post
Share on other sites

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."

 

joEl9vO.png 

Link to post
Share on other sites

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.

 

Link to post
Share on other sites

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!

Link to post
Share on other sites
  • 4 weeks later...

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.

Link to post
Share on other sites

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 by nemo
Link to post
Share on other sites

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!

Link to post
Share on other sites
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.

 

Link to post
Share on other sites
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.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.




  • Member Statistics

    • Total Members
      180,570
    • Most Online
      2,046

    Newest Member
    Boogie3
    Joined
×
×
  • Create New...

Important Information

Guidelines