Last updated on September 21st, 2023
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Ally CashBack Credit Card
Ally CashBack Credit Card
Ally CashBack Credit Card
- 14.74%,19.74%or 24.74%, variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.74%,19.74% or 24.74% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 24.99% variable based on the Prime Rate Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn a $100 bonus when you spend $500 in the first 90 days
- Receive a 10% deposit bonus when you deposit into an eligible Ally account
- Regular Purchase APR: 14.74%,19.74%or 24.74%, variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months
- Balance Transfer APR: 14.74%,19.74% or 24.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, which ever is greater
- Cash Advance APR: 24.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of each transaction in U.S.dollars.
- Late Payment Penalty Fee: Up to $35
- N/A
At a Glance
The Ally CashBack Credit Card from TD Bank is a cash back rewards card that saves you money on everyday purchases. The card earns 2% back on both gas and grocery purchases, and 1% back on all other purchases. This 2% savings, however, may be reduced for fill ups or grocery buys at warehouse stores like Costco or Sam’s Club. The card also features no annual fee, as well as 0% introductory APR on balance transfers for the first 12 months.
Ideal for Those Who:
- Don’t want to pay an annual fee
- Plan to use Ally Bank for other savings or checking products
- Want to earn 2% cash back on both gas and groceries
- Don’t shop at warehouse stores
Ally CashBack Card Review
The Ally CashBack Credit Card is a decent cash back rewards card from trendy online bank Ally. The card, a Visa cash back card issued through TD Bank, offers a lovely 2% back on purchases at both gas station and grocery stores, as well as 1% back for all other purchases. While 2% cash back on gas and groceries sounds great, however, purchases of both reward categories made at warehouse clubs may only earn 1% – a huge drawback. Still, for those who shop at local grocery stores and get their gas from your typical stations, the rewards earning for everyday purchases is solid.
For new Ally account holders, Ally offers a $100 bonus when they make just $500 in purchases with their Ally CashBack Credit Card in the first 90 days. While this is a very easy to reach goal, the reward may not reach the account for up to eight weeks once the initial 90-day window has closed. Still, this $100 reward is virtually free money, since it only requires a spend of around $165 per month. Ally also offers a 10% Ally Deposit Bonus when cardholders deposit any eligible Ally money market, checking, or non-IRA savings account.
The Ally CashBack Credit Card features a great introductory offer for balance transfers. New accounts receive 0% introductory APR for the first 12 months, followed by a competitive interest rate for both purchases and balance transfers after that. For those with excellent credit scores, the typical APR starts at around 15% – a full 2% APR lower than the national average. Many newer online banks pride themselves on charging no annual fee, and Ally is no different. Unfortunately, however, the bank does charge fees for balance transfers, cash advances, and foreign transactions.
Should You Apply for the Ally CashBack Card?
Overall, the Ally CashBack Credit Card is designed for those who want a hassle-free cash back rewards card. Unfortunately, however, it is let down by just that -hassle. While cardholders earn 2% back on gas and groceries, this may be limited – by Ally’s admission – to those who purchase these items at warehouse stores like Costco or Sam’s Club. Fortunately, this drawback is countered by an easy-to-reach reward for a minimum spend in the first 90 days, as well as a 10% bonus on deposits into eligible Ally accounts.
