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The Verdict: If you’re a member of Chicago-based Alliant Credit Union, you have access to two credit cards with low purchase interest rates, the Alliant Credit Union Visa Platinum and Visa Platinum Rewards credit cards. Either card will make a solid addition to your wallet. Problem is, you have to be a member of a participating Chicago-area employer or organization to gain access to the credit union and its Visa cards.
Overview: The Alliant Credit Union Visa Platinum card has a lower purchase interest rate than does the Platinum Rewards version. But the second card, as its name suggets, also comes with a solid rewards program, allowing you to earn rewards points with every purchase that you make. You’ll have to determine what is most important to you: the lower interest rate or the chance to earn rewards.
How This Card Works: The Alliant Credit Union Visa Platinum card is a standard no-frills credit card, albeit one with an enticingly low rate. The Platinum Rewards version, though, will provide you with rewards points every time you use the card to make a purchase. When you earn enough rewards points, you can redeem them for travel on most major airlines, name-brand electronics, gift cards, sports equipment, appliances and other items.
Travel & Shopping Benefits: The Alliant Platinum Rewards Visa card provides you with one rewards point for every dollar that you charge with your card. This card, along with the standard Alliant Visa Platinum card, also come with an introductory interest rate on new purchases and balance transfer that can be as low as 2.9 percent — depending on your credit — for the first nine months after you open your account.
Fees: The Alliant Platinum Visa card comes with purchase interest rate of 9.24 percent to 21.24 percent, depending on your credit. There is no annual fee with this card. The Alliant Platinum Rewards card comes with a purchase interest rate that ranges from 11.24 percent to 23.24 percent. Again, there is no annual fee.
- No annual fee with either card.
- Solid rewards program with Alliant Platinum Rewards Visa.
- Low interest rates with both card.
- Must be a member of Alliant Credit Union to apply for these cards.
- Interest rate can be high if your credit is weak.