Alliant Platinum Rewards Points Reduced In Value

[craig10x]

I recently learned on a discussion on Reddit that as of this month, while you still get 2 points for every dollar spent, they are now only worth around .66% per point thus reducing the card from a 2% cashback card to around 1.5% cashback, I sent a secure email to Alliant and they confirmed this was true

Was really surprised that they did this, and there is no mention on the website, you'd find out when you go to cash your points

[Anonymous]

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@craig10x wrote:

I recently learned on a discussion on Reddit that as of this month, while you still get 2 points for every dollar spent, they are now only worth around .66% per point thus reducing the card from a 2% cashback card to around 1.5% cashback, I sent a secure email to Alliant and they confirmed this was true

Was really surprised that they did this, and there is no mention on the website, you'd find out when you go to cash your points

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Thanks for sharing this information.  I was just this morning considering Alliant's Visa Rewards to PenFeds and wondering which I should go for when I come out of the garden.  This news makes the choice oh so much easier. 

It is disappointing, to say the least.

[longtimelurker]

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@craig10x wrote:

I recently learned on a discussion on Reddit that as of this month, while you still get 2 points for every dollar spent, they are now only worth around .66% per point thus reducing the card from a 2% cashback card to around 1.5% cashback, I sent a secure email to Alliant and they confirmed this was true

Was really surprised that they did this, and there is no mention on the website, you'd find out when you go to cash your points

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Often issuers are somewhat quiet about the value of the points (and I guess they can argue there are different value redemptions).  And this gives them the opportunity for silent nerfs, as Penfed did some years back, and it sounds like Alliant did now.

Much easier for an issuer than say, USAlliance announcement that the card is going from 3x to 2x

[PullingMeSoftly]

It would seem PenFed has shared their playbook, points devaluations are disappointing.

[PullingMeSoftly]

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@Anonymous wrote:

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@craig10x wrote:

I recently learned on a discussion on Reddit that as of this month, while you still get 2 points for every dollar spent, they are now only worth around .66% per point thus reducing the card from a 2% cashback card to around 1.5% cashback, I sent a secure email to Alliant and they confirmed this was true

Was really surprised that they did this, and there is no mention on the website, you'd find out when you go to cash your points

---

Thanks for sharing this information.  I was just this morning considering Alliant's Visa Rewards to PenFeds and wondering which I should go for when I come out of the garden.  This news makes the choice oh so much easier. 

It is disappointing, to say the least.

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The PCR is a great card from PenFed, but not the Plat Rewards (or Pathfinder, total value of card benefits aside), which has a similarly gimped points value. 

[craig10x]

Funny part is i had just applied for the Platinum Rewards Visa Card and was approved and should be receiving it in the mail soon (it's already linked to my Alliant Online)...They gave me an initial line of $5,000 which i hope to eventually increase to $10,000....

I guess i will use the card anyway...but would have been happier if they had left the points at full value...

I do use Alliant for my day to day banking so i thought it would be nice to have their credit card also on there...

I was curious if others here that have the card will be continuing to use theirs...

[coldfusion]

Mine got some use as a 2% card but now that it's closer to 1.33% it's going to get sockdrawered.

I did go and quickly eyeball my last several statements and didn't see any kind of notification regarding the devaluation, but I did log in and confirm it is in effect for both cash equivalent and gift card redemptions.   IMO the way they processed this is a bit underhanded. 

[craig10x]

I hear you....in my case i will use it as it is convenient and goes along nicely with my Alliant Online Banking...Perhaps though, if enough people stop using the card or greatly reduce their usage of the card in mass, then they might have to reconsider and restore it back to the way it previously was...

[Azza]

So much for them being able to call it "a true cashback card."

This is almost infuriating, it was my only general spender!

[Ragdollkitty]

Had this card for less than a year.  First they raised the minimum redemption to $50 and then this.  

I had $80.something worth of points. I had been debating withdrawing all or leaving $50 worth so I could be at minimum.

Obviously I wish I had withdrawn it all. If I had left $50 worth, it would now have been under the minimum and I would have been forced to keep using a lower % back.  

I guess this makes it easy: sock drawer the card and withdraw all the points I have which luckily is over the $50 min still.