Product: Credit card or prepaid card

Alliant Credit Union engaged in a bait and switch scheme which lured me to spend more money with their card and ultimately cost me ~ {$300.00} in cashback over the span of the last year. 

Several years ago they advertised a XXXX card with the following terms : 3 % unlimited cashback for 1 year then 2.5 % unlimited cashback in all years thereafter. When I signed up ( several years ago ) most Internet forums indicated that Alliant 's was the best unlimited Cashback rate in the nation ( the next best unlimited cashback card was 2 % ). Note : Alliant 's ( XXXX based credit union ) has been in business for many years but but this marketing campaign made them famous nationwide. Prior to this aggressive campaign I had never even heard of Alliant Credit Union. 

Then, in the summer of 2021, Alliant changed their rewards program and cut their Cashback rate ( by 40 % ) to 1.5 % unlimited. I did not discover/understand this policy change, until today and as a consequence I continued to make ALL of my purchases on Alliants credit card ( roughly $ XXXX in purchases ). Had I known I would have stopped using this card and used a different credit card with better unlimited rewards. ( I also have a 2 % unlimited card- XXXX XXXX XXXX which I would have used instead ) When I contacted Alliant today XXXX the representative confirmed the cashback rate had changed from 2.5 % to 1.5 %. They also stated that Alliant Credit Union had previously communicated changes to the rewards program to all customers by US mail and by email. They said that unfortunately I was not entitled to any additional cashback. 

I want CFBP to investigate Alliant Credit Union because I think that many customers are likely being deceived by this program change. I also think that Alliant is failing to perform due diligence and is profiting off of a bait and switch.

For example Alliant should have known that their original rewards program would ( specifically ) lure-in many customers with exemplary credit who were seeking the best unlimited rewards. They should know that 1.5 % is not nearly as competitive for cashback seeking customers with excellent credit and that they are effectively getting a windfall of additional profits from creditworthy customers without earning it. If any former customers simply continue their old spending habits without noticing the changes- as I did then Alliant nets an extra 40 % in profits related to their cashback. 

Customers who signed up ( when I did ) were likely only using this credit card due to the exemplary cashback rewards. Alliant should have expected that most of those customers would ( at least ) change their spending behaviors or possibly stop spending on the card altogether once they understood the impact of the changes. The fact is, that I signed up for this credit card when the cashback rate was far above the market average and I did not change my spending behavior when they moved the cashback rate 40 % lower. If the company was doing its due diligence, then it ought to have considered this as a potential red flag that I didn't understand the new terms and Alliant should have sought out my INFORMED consent. 

I am not suggesting that every change to credit card terms requires informed consent but I think that it should be required in certain cases when the changes are likely to have a significant impact on the consumers- such as a 40 % decrease in cashback on a card that was marketed as the nationwide leader in cashback.