Ally Bank Launches New Cash Back Credit Card
Ally Bank has launched its first cash back credit card, the Ally CashBack Credit Card.
The card offers 2% cash back on eligible fuel and grocery purchases, along with 1% cash back on everything else. Consumers who choose to deposit their rewards into an Ally Bank non-IRA savings account, money market account, or interest checking account can earn an extra 10% cash back.
Cardholders receive a $100 bonus cash back after spending $500 on the card within the first three billing cycles.
There is no limit to the amount of cash back a person can earn in the program, and no expiration date for rewards as long as an account remains open and in good standing. Accountholders can have access to their accounts through mobile and online banking tools at any time.
The Ally CashBack Credit Card has no annual fee, and it can be used on both Samsung Pay and Apple Pay. There is a 3% foreign transaction fee and a $35 late payment fee on the card, but those are similar to other rewards programs on the market.
Interested applicants may apply for a card on the online application page. This page also features a rewards calculator, which allows potential users to see how much money they could earn back each year based on their average fuel, grocery, and other purchases.
Ally created their credit card rewards program in response to findings of a recent survey. The bank discovered that 58% of respondents said that they preferred cash back rewards, and 80% said that they preferred to hold all accounts, including bank accounts, loans and credit cards, with the same bank if they earned rewards for doing so.