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Ally Credit Card: How to Apply & Who can Apply? (Guide)

Published On January 5, 2024

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Many people find it hard to accept things that are exclusive and invitation only. You might have heard of a black card, which is considered to be the most exclusive one. It is just a fancy card that offers luxurious services and benefits. This card will cost you an entire fortune.

On the other hand, Ally Bank has come up with an invitation-only Ally credit card. You will get options to choose from the various credit cards Ally Bank offers.

We are going to explain what you need to know about the Ally bank credit card and which one will be suitable for you.

What is an Ally?

To be exact, Ally is a brand of credit cards that was started in 2017 by Fair Square Financial Holdings. They make credit cards to help people who are in financial need and when major financial banks don’t help them.

Ally promises to do always right for the people who use their credit cards and banking services. The aim is to be a top digital bank that will help people, small businesses, and large corporations.

ally creditcard
source: twitter

List of Ally Bank Cashback Credit Cards:

Now let us take a look at the credit cards that Ally has to offer. We will look into detailed information about its special offers and features individually.

Ally Everyday Cash Back Mastercard

Ally everyday cash back credit card gives you rewards whenever you use it. You will get 3% cash back when you buy things at grocery stores, pharma stores, and gas stations.

Apart from these stores, you will get 1 % off other things you buy. This card offers no special rewards when you first receive the card.

Features: 

  1. Your rewards will never be expired and you can use them whenever you want. 
  2. You don’t need to have a particular amount to use these rewards. 
  3. If there is a fraudulent charge on your card, the bank will take care of it. 
  4. You can reach their customer service 24/7. 
  5. They will also provide the information to use this credit card.

Have a look at this: Best Capital One Credit Cards

Ally Cash Back Credit Card®

Apply Now: Ally Cash Back Credit Card®

Ally bank cash back credit card card gives you rewards for everything you buy. You will instantly get 2% cash back on all of your purchases. You will receive a special offer when you first receive this card. You don’t have to pay interest on new purchases.

You don’t need to pay interest on transferring your money to another card for the first 15 months. After that, the interest rate will be 19.99%, but there is a chance of fluctuation of the rates.

Features: 

  1. Your rewards will never expire and you can use them as and when required.
  2. If you lose your card, you can instantly lock it with a tool.
  3. If anyone uses your card without your knowledge, the bank will take care of it.
  4. You will also get 24/7 customer service for this card too.
  5. The bank will provide detailed information about how to use this credit card.

Ally Platinum Mastercard

This card is for people with fair or good credit. Although it doesn’t offer any rewards on your spending, it is a good choice if you want a card with fewer charges.

You can use this card in other countries for shopping and it won’t cost you anything.

Features: 

  1. Ally will check and keep track of your account regularly and there is a chance to increase the amount of credit apart from what you received. 
  2. They will provide you with a free credit score online.
  3. If there is a fraudulent activity on your card, the bank will take necessary action.
  4. You can connect with their 24/7 customer service anytime and anywhere.
  5. They will also provide you with additional information about how to use this credit card.

How to Get an Ally Credit Card?

You can’t just simply apply for Ally Credit Card like other credit cards. It is exclusive and invite-only cards. That means you will get a special offer through email or you may be matched with this card through CardMatch. To qualify for an invite, your credit score needs to meet up with Ally’s criteria.

And if you get an invitation and you decide to apply for it, there is a chance that you will get approved. But there are no guarantees of getting approved.

Pros and Cons of Ally Credit Cards

ProsCons
Automatic credit line reviews after 6 monthsHigh APR of 28.99% variable
No penalty APR on missed paymentsInvitation-only – need a special offer to apply
Approval possible for fair to good creditLimited rewards redemption option (only statement credit)

Concerning for negative effect on your credit score, are you aware of any effect free card? Barclays Credit Cards are excellent and won’t have a negative effect on your credit score.

So is it worth trying?

It will depend upon your financial situation, goals and how good is your credit score. If your credit score is not good, you can choose other cards, but Ally Platinum Mastercard won’t be a good choice for you.

If you spend a lot on gas, groceries, and medicines, then Ally’s Everyday Cash Back card will be suitable for you. You can even consider other credit card options available in the market such as Discover secured credit card, Visa Credit card, and Citi Double cash card for more benefits.

Conclusion

So wrapping this up, Ally Bank made credit cards for people who didn’t get what they wanted from corporate banks. One of the best Credit card that Ally offer is the Ally Unlimited Cash Back Mastercard. This card offers you 2% cash back as a reward when you buy anything. But remember these cards are exclusive and maybe through special invitation. It doesn’t mean that this card is suitable for the rich class or high-spending groups. The concept of this card is to keep things as transparent as possible and not to cost extra fees.

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FAQs

No, Ally Credit Cards are designed to be accessible to individuals with fair to good credit. They are not exclusive to high-net-worth individuals and are intended to be straightforward, transparent, and suitable for those who may not be served adequately by major financial institutions.

The Ally Platinum Mastercard, although lacking rewards, offers benefits such as automatic account reviews for potential credit line increases, free online FICO score access, zero fraud liability, and 24/7 customer service. It is designed for individuals with fair or good credit who prefer a card with fewer fees and simple features.

The Ally Platinum Mastercard is a basic option from Ally, intended for those with decent credit. Although it doesn’t give rewards for spending, the Platinum card’s simple fees give it an edge compared to other cards that help build credit.

Well, the latest buzz, according to Banking Dive, is that Ally Financial closed down their credit card operations, which they were doing in collaboration with TD Bank. The reason? It just wasn’t doing well. Ally’s credit card partnership with TD Bank fell short of their hopes, with a loan portfolio of less than $100 million.

You can’t deposit cash Ally doesn’t take regular cash deposits. Your only choices are depositing a check remotely, transferring money online, using direct deposit, wire transfers, or sending a check by mail.

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