Ally Financial Inc. is a digital financial services company that provides a comprehensive range of products and services for its customers. The company started out as an auto financing service company for GM dealers called GMAC in 1919 and changed its name in 2009 to Ally Financial. Its current services include credit, lending, auto financing, and online banking. The company offers its customers an Ally CashBack card that rewards them for frequent gas and grocery purchases. According to the corporate website, this credit card is issued by TD Bank.

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The Good

Cash back rewards
24/7 banking
Financial education and resources

Cash Back Rewards

The Ally CashBack credit card provides 2 percent cash back on grocery and gas purchases and 1 percent back for all other eligible purchases. The card offers a 10 percent bonus for cardholders who deposit rewards into an Ally banking account and there is no annual fee or caps. There is a $100 bonus for new account holders who spend at least $500 on eligible purchases within the first three billing cycles. Cash back rewards may be redeemed as either deposits or statement credits. Consumers can apply only and will receive the card by mail within 7 to 10 days once approved.

24/7 Banking

Ally customers are able to access their accounts 24/7 through the company's online banking services and mobile apps. Account holders can make deposits, transfer funds, view statements, and make credit card payments from any location. Deposits can be made by simply snapping a picture of the check with the company's mobile app. Account holders are able to use any Allpoint ATM for free and up to a $10 reimbursement on their statement if they use any other company's ATM machine. Account holders can set up automatic recurring payments for their credit card balance and the company's mobile app is equipped to work with Apple Pay on any iPhone device.

Financial Education and Resources

Ally Financial provides numerous financial articles on a wide range of topics for consumers on its website. There are also financial calculators, quizzes, and other resources as well. The company also offers free courses on personal finance issues such as personal credit, budgeting, investments, and auto financing. Ally offers other lending options such as auto loans and mortgages as well. Customers can compare Ally's financial services to other similar companies directly on the website.

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The Bad

High APR rates
Additional fees
Redemption limitations

High APR Rates

The company offers a 0 percent introductory APR for the first 12 months. However, after that period expires, the variable APR rates range from 13.49 to 23.49 percent, depending on a person's credit history. The variable APR for cash advance is 23.74 percent. These rates are high for industry standards and are subject to change. Individuals with imperfect credit histories may want to consider alternative offerings with lower rates from similar industry competitors.

Additional Fees

There is a $35 fee assessed for late and returned payments and a three percent fee on foreign transactions. A minimum fee of one to two dollars is assessed when an account has a balance subject to interest. Balance transfer and cash advance fees are either $10 or four to five percent of the total transaction amount. These fees are also higher than what is charged by many other industry competitors. Frequent travelers and those looking to consolidate debt may want to consider an alternative credit card option.

Redemption Limitations

According to the company's terms and conditions, purchases made at warehouses and superstores do not qualify for the 2 percent cash back rewards. This includes stores such as Walmart, Target, and other similar type stores. Purchases made at these stores do qualify for the one percent cash back reward. The cash back balance must be $25 or more in order to be redeemed. If a cardholder's account is cancelled for any reason, the accrued cash back balance is immediately forfeited. Many credit card competitors offer a wider range of reward options with less restrictions. Customers should carefully read all terms and conditions that are fully disclosed on the corporate website.

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The Bottom Line

The Ally Financial credit card is best suited for Ally account holders with excellent credit who make frequent grocery and gas purchases. The card offers two percent back on gas and grocery purchases and one percent for everything else. The company also provides online banking services, auto loans, and a wide variety of financial education services for its customers. The company's high APR rates and interest fees are not suitable for those with less than perfect credit, looking to consolidate debt, or who are frequent travelers. These individuals may want to consider looking for alternative credit card options with lower rates. The financial services company also places restrictions on how rewards may redeemed.

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User Reviews

Star Rating

4.5

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37 Reviews

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62%

4 grade

27%

3 grade

2 grade

1 grade

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Funbi Atokose

Ally card is a good one, although they have to improve on their customer services. Apart from these I haven't quite had any major issues whatsoever. Initially that limits are low but with short period of time it increases. So far so good I love this card.

7 months ago Edited April 2, 2024

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Jlbflatx New Braunfels, TX

Company offers many services. Easy to use credit card. No monthly fees. Accepted card every where. Just started with then a year or two ago. I like the high interest rates I get with my IRA and their option to change your rate. Interest is calculated at end of year. Customer service has been great at answering my questions quickly and online. The website is easy to use and view exactly what you have going on. Interest rates have been higher than others. I find them to be creditable. I was able to set up account easy and fund in or out using my bank account. Happy with their service.

2 years ago Edited December 31, 2021

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Grace M. Columbia, MO

Ally has made keeping track of my finances actually fun! I was able to open an online account in a matter of minutes, and can control it straight from my cell phone too! They have amazing and quick customer service reps on the very unlikely chance that you even need them! I can rest easy knowing my money is in the best hands, and that I am getting the most out of it!

3 years ago

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Yivv Tunkhannock, PA

I like the simple interface of their website. It's easy to browse all my accounts and do tasks like check deposits and transfers. There's no overdraft fee for my Ally checking account that's linked to my Ally savings account. The savings interest rate is much higher than any other bank I've. I love the new "envelope" system for the savings account where you can allocate your money to different categories to help you organize your savings goals.

4 years ago

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Deanna Greco Murphy, NC

I have been a client at Ally for over 5 years. The service is top notch. The mobile app is very easy to use. The detail of information available without having to talk to a representative is great. They stay current and adjust interest rates with the market.

2 years ago

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Michael Ard IL

Ally Bank has proven to be a superior bank to those that build multi-million dollar locations. They do not charge for overdrafts and offer overdraft protection. They are always available quickly when you need to reach them by phone, email, or online chat. I love Ally Bank!

2 years ago

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Erica Reynolds

Our newest car is financed through Ally. We've had a better experience with Ally than we have with other companies in the past. Customer service is good and they are willing to work with you if you need to make a payment arrangement or change your payment dates. Ally also has an app! You can make your payments quick and easy.

2 years ago

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Lovemore Saint Cloud, FL

I like that the company call you as soon as you miss payment to find out what happen but I don’t like that when you settle and take care is you financial part they accept payment immediate but companies they work with don’t see that notification until 24 hours later.

4 years ago Edited September 14, 2021

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Nicole Jones Sandy, UT

I have the CashBack Credit Card from Ally. I got this card because I have a savings account with Ally and love learning cash back! When you elect to deposit your rewards into your savings, they actually give you extra cash back! An opportunity you just can't pass up.

4 years ago

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Sherran Nutson Atlanta, GA

Ally approved my windows by Anderson and provided a pretty decent interest rate. The customer service has been great and they keep me abreast of other financial products to help me handle my money.

1 year ago

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Zac Cannon Long Beach, MS

I used Ally to finance my Hyundai Tucson. They were super easy to work with and their interest for the vehicle was reasonable!

4 years ago

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Hope Miami, FL

I like their credit card. Because it's easy and fast when am withdrawing money. I use use credit card to purchase goods.

9 months ago

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Joe White Dallas, TX

Ally helped with my car note payments on a couple of cars. Their bank account / online banking has a long way to go and is less mature than the larger competitors, so I closed that account and opened up a new account with Wells Fargo. Great for cars/financing, but I am not sure about their other financial products...

1 year ago

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Jewelleah Kempers Los Angeles, CA

Ally is a great online company and really curs down on the overhead costs so their cards are offered at lower interest rates with still the quality of customer service of the top rated banks out there

2 years ago

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Can't complain about anything wrong with this company, so far everything has been good with customer service

7 months ago

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Mary Lou Scott Spring, TX

We purchased three vehicle through Ally. If you have a problem or having hard time there Customer service personnel is very helpful.

2 years ago

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Danial Beck Missouri City, TX

Not the cheapest and quite risk averse but outstanding in how they manage their customers. They also consider their situation too...

4 years ago

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Anne Sainsbury Payson, UT

I was super hesitant about a bank that didn't have a brick and mortar store, but I've loved Ally! Great customer service, and great perks!

5 years ago

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Alfred Arnaud Rocklin, CA

Great customer service when calling into their contact center. Easy and quick to transfer funds between accounts.

2 years ago

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Sabrina Richardson San Leandro, CA

Great customer service. Website was very easy to navigate. If there was any issues, they helped to resolve it as quickly as possible.

4 years ago

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Al Cormier Rockford, IL

Very supportive when I have a question about my loan. Very easy to work with when applying for a lone.

4 years ago

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MBA Dallas, TX

Great card. No international transaction fee. The card works for in your favor.

1 year ago

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Maya My McDonough, GA

Pros: really good credit card builder Cons: they weren't the best company to deal with but they gave a chance when not many others would

1 year ago

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Brittany Flammer Logan, UT

I use them for an online savings account. It’s easy to use and very simple. I recommend them!

4 years ago

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Caytee Wankier Idaho Falls, ID

Been a member of Ally since the beginning. Great customer service. Amazing rates.

4 years ago

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Arben Gjeka Macomb, MI

Great company to do business with Exceptional customer service Exceptional app do you payments

4 years ago

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Joshua Thomas-Castro Bakersfield, CA

Great friendly service very understanding of all financial situations would recommend

4 years ago

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Graymalkin626 Crown Point, IN

Great people. Awesome customer service. Great help during this pandemic. Awesome loans.

4 years ago

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Ashlee Matthews , IL

They were great to work with. Always easy and quick answers. Nice friendly customer service.

4 years ago Edited September 14, 2021

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Marquita Southfield, MI

I had an account with them for a short time, during that time it was kinda pricey but the customer service was good.

4 years ago

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Cam McClellan Magna, UT

I opened a CD savings at Ally to get higher interest. The customer service wasn’t amazing though so I switched after the CD came due.

4 years ago

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Abby Driggs Provo, UT

We tried to apply for a credit and debit card and they wouldn’t approve us. This was weird because it’s always been an easy, simple process with other banks.

5 years ago

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Rocio Diaz Tallahassee, FL

Very low monthly rates when compared to competitors. Do not offer many rewards and perks however.

3 years ago

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Nicole Johnson Portland, OR

We have enjoyed having this card for a few years now. The online interface is very easy to use.

3 years ago Edited September 14, 2021

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Sean Zernickow Monument, CO

Great interest rates, and great company to work with.

2 years ago

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DyevencaM Tallahassee, FL

Great company that helps customers with loans.

3 years ago

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NanaAfia Marfo Tallahassee, FL

Pretty great company with really good customer service

3 years ago