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Ally Bank Credit Card Review: Awaiting Its Return



Ally bank credit card review

Credit cards are some of the most popular financial instruments in the world. While they used to represent a payment method and additional source of liquidity, they have evolved. Credit cards now offer benefits that allow millions of people to improve their quality of life.

Have you ever read of people who travel all around the world for free using miles? Or maybe about those who can buy a house before they can legally drink? Well, credit cards allow them to do this! 

Not only are credit cards a great way to improve your credit score, but they also can help you gain financial freedom.

That being said, it is not easy to achieve those levels of success when using credit cards. While it is certainly possible, you need to put in the effort. Choosing the right credit card for your financial objective is essential.

Fortunately for you, by reading this Ally Bank credit card review, you are already on the right track. 

Doing your research is the first step toward making the best out of a credit card. In this review, we will be taking a look at everything you need to know about the Ally Bank credit card. Without further ado, let’s jump straight to the topic!

What Is The Ally Bank Credit Card?

The Ally Bank credit card is a credit card that provides its users with unlimited cashback benefits for using it to pay for goods and services. Offered by Ally Bank, it was introduced back in June 2016 as a means to reward its customers.

The card was designed to be as straightforward and consumer-friendly as possible, making the earning of rewards second nature. 

With more than 58% of credit card users preferring cash back over other rewards, the decision to take this approach was pretty easy. The Ally Bank credit card allows its users to earn as much as 10% in cashback, which quickly made the card a favorite among credit card users.

Unfortunately, the Ally Bank credit card was officially discontinued back in 2019. This was the result of the end of the partnership between Ally and TD Bank. Ever since, Ally Bank has not offered this credit card to new users.

That being said, those who already had an Ally Bank credit card can continue to use it in the form of a TD Cash Credit Card. Looking at the bank’s knowledge base also suggests the card could make a comeback in the future. 

According to the bank’s website: “We don’t offer a credit card at this time. We’re always working on new ways to help you meet your financial goals, and we’ll send updates when we offer new services in the future.”

While the card is no longer available as the Ally Bank Credit Card, we have decided to review it for two reasons. First, many users still have and frequently use it to pay for goods and services. Secondly, the card could make a comeback in the near future with similar conditions.

That being said, this review won’t be as extensive as some of our other credit card reviews. If you are curious and want to keep an eye on the glorious comeback, continue reading. If not, we recommend you check some of our other reviews. Let’s get started!

What Rewards Does The Ally Bank Credit Card Offer?

As we said earlier in this Ally Bank credit card review, the Ally Bank credit card is a cashback credit card. This means that its primary rewards come in the form of receiving a percentage of your money back. 

Whereas other rewards such as miles might not benefit everyone, cashback is an incredible benefit for anyone.

The cashback rewards offered by the Ally Bank credit card could be as high as 2% with a 10% bonus. To receive this bonus, users could deposit their cash rewards in an eligible Ally Bank account.

The nature of the cashback reward is unlimited. This means users can use the card in as many purchases as they want and still receive the cashback benefit. However, the exact percentage could vary depending on what you are paying for:

  • 2% cashback when paying at gas stations or grocery stores
  • 1% cashback on all other purchases

While not the highest cash back percentage out there, the Ally Bank credit card still managed to stand out. 

Not only is 2% a good enough percentage, but the lack of rotating categories also made it pretty straightforward to use. After all, being able to plan is the most important aspect when improving your personal finances!

What Are The Financial Considerations Of The Ally Bank Credit Card?

Talking about interest rates, fees, and the like, is never interesting. However, this would not be a good Ally Bank credit card review if we didn’t mention those elements. As such, let’s get them out of the way.

The Ally Bank credit card was designed to be straightforward, which is why the fees and interest rates are pretty simple to understand. 

Let’s talk about Annual percentage rates (APR) first. While this interest rate was variable depending on your credit score, it would remain stable when you had the credit card. This APR could be 15.24%, 20.24%, or 25.25%.

With an annual fee of $0, it is easy to see why this credit card was a favorite for many. However, the 3% on foreign transactions and up to $35 in late payment fees were on the higher end.

This means that while the Ally Bank credit card shines for its rewards and benefits, the fees have the opposite effect. 

That being said, this credit card could still be pretty beneficial depending on your spending habits. With the credit card scene becoming more competitive, if this card were to return it would surely offer better rates. As such, we recommend keeping an eye open!

Does The Ally Bank Credit Card Have Other Benefits?

Yes, it does! Ally offered a $100 bonus during the first 90 days of use for those who just started using their card. This bonus was issued once the user had spent $500 or more, which means it was basically a 20% cashback… Quite a good deal.

Other benefits included the ability to use your credit card with apps like Apple Pay and Samsung Pay, as well as the security features we have come to expect of Visa cards. Speaking of which, you also gain access to the following Visa card benefits:

  • Lost luggage reimbursement
  • Travel insurance
  • Discounts with Visa partners
  • Purchase Protection
  • Extended warranty

A favorite of ours is the personal concierge benefit offered by visa. This is a personal assistant of sorts who can help you access curated services and privileges. Just let them know what you are interested in buying or doing and get instant recommendations and benefits!

Besides these and the 10% ally deposit bonus we already mentioned earlier in this Ally Bank credit card review, the credit card doesn’t offer any other benefits. However, when you consider that there is no annual fee, these benefits are already good enough.

Is the Ally Bank Credit Card Right For You?

Well, let’s start by saying that if you already had this card, the answer is a straight yes. Now, if you were not lucky enough to get the Ally Bank credit card when it was available, you might be wondering why we are even discussing this. 

The truth is that we are fans of this credit card and are crossing our fingers for it to return, which it will probably do in an improved form.

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If you are an Ally Bank customer and receive a notification about a new credit card being offered, make sure to check it out. It is highly likely that the approach will be similar to the Ally Bank credit card of the old days. If this is the case, the credit card will be right for you and anyone.

This is because the card has essentially no drawbacks. You apply for it, don’t pay an annual fee, and get to enjoy the benefits by using it to pay. As long as you pay your bill on time, it’s free real estate.


There is not much we can say in this Ally Bank credit card review except that this credit card was one of the best deals in the market at the time. While it might not be available for new users any longer, the truth is that this was due to bureaucracy more than a lack of features or benefits.

For now, we recommend that you check out some of our other reviews to look for another credit card to use. Fortunately, there are a lot of great options out there you can take advantage of at least while our beloved Ally Bank credit card makes a return!

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