So, update, the site now says that redemption starts at $50 instead of $25. However it seems you still can redeem at $25, but maybe this portends an upcoming change... save at least $50!
Looks like another move to reduce the cost of the rewards program. Increasing the minimum redemption from $25 to $50 will definitely increase breakage.
If they go to $50, Alliant will be joining NFCU in the $50 redemption club. It's my single biggest frustration with NFCU. How can breakage possibly be consistent with the credit union spirit of service to members?
I convinced my mother to sign up for this card earlier in the year but I would have chosen a different 2% card if this had been in effect then.
The only good thing is that at least she wasn't at the $25 make yet so she can just keep saving toward the new tier.
As the thread here says, there have been a lot of negative changed with Alliant in recent times. The interest rate on savings is no longer competitive. They closed their two in person branched.
I'm gonna suggest my mom just milk their 0% interest in the new card, get to $50 spending and then consider a different 2% card after she redeems the cash.
I was a happy member of Alliant until recently. I really liked their high rate checking and savings.
They've reduced rates so much for both accounts that it doesn't work for me. I'll gladly do DD, debit transactions for high APY at my current institution. I still get the ATM refunds and I can use my local CU all the same.
Their cards seem to get worse and worse. I used to love an, now they're like a glass of champagne that's been sitting around too long and are no longer bubbly.
Welp. I just checked my page for the Alliant Platinum Rewards, which earns points that translate into 2% cashback. It looks like they raised the minimum redemption to $50 for my card as well. This is pretty annoying because it will take a while to get to $50. I've been using my BB&T card more lately because they offer 2% on groceries and 3% on gas, which are probably my two largest spending categories. They have a $25 minimum, but you do get a 10% bonus if you redeem into a BB&T account, so this ends up being a better return for my grocery and gas spending.
By far though, I think Cap1 has the best cash back redemption situation. They let you redeem in any amount at anytime, and the rewards post about 2 days after the charges post, versus waiting until your statement closes. I can literally redeem my cash back every time I login to check my account, which is fantastic.