Update 2/23/21: If you redeemed at the lower value, contact Alliant as they are crediting the difference. Hat tip to reader Dave C
Update 2/13/21: Looks like this decision has been reversed and points are now worth 1¢ each.
Old post: Alliant offers the Platinum Rewards Card, this offers 2x points per $1 spent. Previously points were worth 1¢ each but unfortunately that is no longer the case and points are now worth 0.66¢. This means it has gone from a card that effectively earned 2% cash back on all purchases to 1.32% back. We will remove it from the best credit cards for everyday spend.
Per Alliant, for the points to get put back, a credit card statement needs to be generated — that’s when the points will reappear. In order to generate a statement, there needs to be some kind of activity during the month. So, you need to charge something (anything – like a 51 cent Amazon reload) during the month for the points to come back.
I redeemed all my points during the period in which they were devalued. I just got the following email, although the points credit hasn’t shown up yet.
Dear [Name]
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.
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
Points appeared with statement posting today.
I finally realized something pretty obvious when I heard Alliant devalued the card and I started to look for alternatives. That I earn more by buying VGCs at grocery stores and office supply stores when they are on sale (with CCs that pay more at those places) and using those VGCs instead of the Alliant card for the times when I would normally use the Alliant card. The devaluation showed me that the card isn’t as necessary for me as I thought.
But don’t forget the alternative is that you could liquidate those VGC to MO and then still use your next-best earning CC for your everyday purchases.
.
Ah true, I agree when it comes to $100/200 cards. My mind was on $500 cards.
I do that for certain things and purchases, but its handy for funding banks. Its very easy to put 10k spend on card that earns 2% vs maybe a 1% card so for me its worth keeping… I don’t regularly open CCs so this card still holds value for bank funding purchases and since PPK died, spending prepaid cards at retailers online can be limited like RAISE or other places that block prepaids.
Holding out hope that Delta gets enough backlash and reverses that bs devaluation
Delta doesn’t care
k.
Double ugh. I had just redeemed at the lower rate to clear out the account. I’ll see if they’ll do anything for me, but I am doubtful.
Were you able to get anywhere in regards to last month’s lower cash out rate?
Got a message from them on this. Points have not yet reappeared, but this looks promising:
Dear Rob,
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
Good news. Points are back to being worth a penny each, which means this is now once again a 2% cash back card. They must have received many complaints and changed their mind. Great news for cardholders! Thank you Alliant!
It’s *temporarily* a 2% cash back card. I would presume the change is still coming, but with a “use your points before they go” grace period this time.
I redeemed my final points for cash to checking account today, and they were at a $0.01 per point again.
Still a $50 minimum.
But for making these unannounced retroactive changes, Alliant is dead to this 12 year member.
Weekly paycheck DD and primary checking and savings are now elsewhere.
Alliant “2%” card is sockdrawered, Citi Doublecash is primary credit card.
I’m with you. 10 years here. They suck now — everything’s been slowly going down hill since 2018, especially customer service.
It is amazing how shortsighted some of the decisions made by these places are.
The change was stupid, yet the ‘unannounced’ aspect is also pathetic, unforgivable, and will never be forgotten (guess which institution no longer has a chance at my upcoming heloc and next sizable mortgage at low rates? 13 year member here.)
Also, had terrible recent exeriences with crooked penfed; these top 10 CUs (by assets), are as slimy and disgraceful as the mega-bank crooks. How difficult is it to be honest, ethical, and act with integrity? Answer from this operator of multiple successful businesses and who specifically patronizes such organizations: not.
Not to mention the significant amount of savings that I transferred out after having learned of this deval (thanks DOC!) which will never return.
Same here. I’m only going to use until my restored points reach their $50 min and then I’m not using their card again. I already withdraw savings and used other cards after their stealth change.
I would understand if 2% card was no longer profitable but just doing it without any announcement is unforgivable. I don’t care that they restored it as I figure they are going to do it again in the future.
It is worth noting that this does NOT apply to Alliant’s 3% first year / 2.5% Cashback signature card with an annual fee. Per Alliant secure message:
“Thank you for your email. The point value change applies to our Visa Platinum Rewards card, not the Cashback Signature card.
If there is anything else we can assist with, please let us know.
Kind regards,
Jessica”
But it wouldn’t be a shock now to see the 3% / 2.5% go to 2.5% / 2% or something like that.
But the 2.5 0/0 cashback is now capped at 10k per month.
Yikes. Thank you, DoC, for advertizing this change to cardholders.
If Alliant had told me about it (even after the fact), I’d just stop using this one card, but having to find out this way tells me I really can’t trust Alliant as a bank.