Coming soon by invitation only, the Ally credit card suite are three products, each with their own fee and rewards structure.
Ally Bank is selling its credit card unit to CardWorks. But in the meantime, nothing is being altered on any of Ally’s credit cards.
All three cards are continuing to take applications, and current card members can continue to utilize their cards and make payments in the same manner as before.
The bank indicates that they will notify consumers of any changes that need action, if any. Ally Bank offers a three-member family of credit cards by invitation only regardless of whether you are already a customer of Ally Bank.
They are competitive with similarly sized credit card products from other large institutions in certain ways. However, the lack of a sign-up bonus on any of the Ally credit card products may be a lost opportunity for rewards.
How do I Apply for an Ally Credit Card?
Ally Bank credit cards are by invitation only. The sole way to apply for and receive an Ally Bank credit card is through an invitation or prescreened offer.
You will receive your Ally Platinum Mastercard® within 7-10 business days of approval. You can call Ally Bank customer service at 1-888-366-2559 and request more information about your card’s status.
You can only apply for and get an Ally Bank credit card by invitation or prescreened offer. Ally Bank sends the offers by mail and on the website, and you don’t have to be currently doing business with Ally to receive an invitation.
But you will need to apply for any of Ally’s cards using the access code off the offer. If approved, you have a great chance of qualifying, but not a complete certainty.
One of the downsides to the offer-only feature of Ally’s cards is that an offer is only valid for a specific card. You can’t choose between Ally’s cards unless you also have an offer for a different card.
How Much is an Ally Credit Card Offer?
The Ally Everyday Cash Back Mastercard is a tiered-rewards card that offers an unlimited 3% cash back on grocery, drugstore, and gas station purchases and 1% back on all else.
This card may have a $0-$39 annual fee, depending on the applicant’s credit history. Ally Bank has no minimum to open an account, and we don’t have a minimum daily balance.
What is the Minimum Charge on Ally Bank credit card?
Otherwise, the Minimum Payment Due for each billing cycle will be the greater of $27 or the amount of (1) 1% of the New Statement Balance, plus any Interest Charges, plus any late fee.
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Are Ally Bank Cards Worth it?
It depends on your credit situation. If your credit isn’t great, these cards make a lot of sense. The Platinum Mastercard could be a simple way to build or restore credit with sound use.
The Everyday Cash Back and Unlimited Cash Back cards enable you to earn rewards that you would otherwise not be qualified for using other cards.
If you must have a lower barrier to overcome in order to qualify, then these are good alternatives. There are better credit or better yet, they’re not worth it. Compare these cards to other cards that you qualify for.
While the Everyday Cash Back and Unlimited Cash Back cards have competitive earning rates, they both miss out on sign-up bonuses and intro APR promotions, which is disappointing considering their comparable cash back sibling cards.
You can typically locate these same rates with incentives and extra benefits, even on cards that are not annual fee cards.
The Bottom Line
Ally Bank’s invitation-only cards present rewards and convenient credit building to people who are unable to get cards from other issuers, so they can establish credit and reap the rewards. Convenient credit building and competitive earning rates are the benchmarks for Ally’s card products.
Nevertheless, if your credit is good and you have good approval prospects with the best cash back cards, there are additional opportunities for reward maximization.
While Ally tracks with the competition on the earning aspect, the cards fall short by not offering welcome bonuses or additional rewards, which the majority of its competition offers. Ultimately, your credit history will determine whether these cards are worth it to you.
