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The Alliant Cashback Visa® Signature Credit score Card has put the kibosh on its eye-popping introductory rewards price and is imposing a restrict on its previously limitless money again.

This week, the issuer made some changes to the cardboard that might depart its largest spenders disgruntled:

The primary-year bonus is gone. Beforehand the cardboard provided limitless three% money again on all purchases within the first 12 months and a pair of.5% after that. The introductory three% price has been eradicated. Now it’s 2.5% money again from day one.
Rewards are actually restricted. There was no restrict to how a lot money again you can earn with the cardboard. Now, you earn rewards solely on as much as $10,000 in qualifying purchases per billing cycle. This implies the utmost amount of money again you may earn on the cardboard every month is $250.

The annual payment on the cardboard stays the identical: $zero the primary 12 months, then $99.

» MORE: NerdWallet’s assessment of the Alliant Cashback Visa® Signature Credit score Card

Why the adjustments?

The Alliant Cashback Visa® Signature Credit score Card is issued by Alliant Credit score Union. Credit score unions, not like conventional banks, are member-owned cooperatives which have a duty to behave in the very best curiosity of all their members, somewhat than pursue revenue. Michelle Goeppner, Alliant’s director of credit score product technique and analytics, famous in an electronic mail to NerdWallet that paying out above-average, limitless rewards can get costly.

“We’re making these adjustments so we are able to proceed offering the important thing advantages that our members use and worth most at no further price: A excessive, flat cashback price with no difficult tiers or revolving classes, no overseas transaction charges and a low annual payment waived within the first 12 months,” Goeppner stated.

» MORE: NerdWallet’s greatest credit score union bank cards

What it means for cardholders

Though these adjustments definitely aren’t an enchancment for cardholders, the cardboard’s ongoing price of two.5% remains to be greatest in school for a flat-rate money again card. Even if you happen to hit that sky-high $10,000 restrict each billing cycle, you’ll nonetheless earn $250 a month, which interprets to $three,000 a 12 months.

Many who maintain the Alliant Cashback Visa® Signature Credit score Card in all probability received’t really feel the influence of the brand new rewards construction, Goeppner stated.

“Most of our members won’t be affected by this alteration as our analysis exhibits that greater than 80% of our cardholders spend lower than $10,000 per billing cycle,” Goeppner stated.

Should you’re contemplating getting the Alliant Cashback Visa® Signature Credit score Card for its still-high ongoing rewards price, remember the fact that making use of for the cardboard additionally means becoming a member of the Alliant Credit score Union (which you are able to do once you apply). And also you’ll must spend a minimum of $three,960 yearly on the cardboard in 12 months two and past to interrupt even on the annual payment.

» MORE: How to decide on a cash-back bank card


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