So you’re in the market for a cashback credit card and the Ally CashBack Credit Card caught your eye. Before you apply, you want to know the pros and cons to see if it’s the right card for you.
You’ve come to the right place. We’ve thoroughly reviewed the Ally CashBack card and are breaking down everything you need to know.
We’ll give it to you straight – the rewards rates, fees, perks and potential downsides. By the end of this, you’ll know if the Ally CashBack card deserves a spot in your wallet or if you’re better off continuing your search.
The choice is yours, but we’re here to provide all the details to help you decide.
Ally CashBack Credit Card: How It Works
The Ally CashBack Credit Card is all about earning money back on your everyday purchases. For every dollar you spend, you earn 2% cash back. It’s that simple.
How do you earn cash back?
- Make purchases with your Ally CashBack card
- Earn 2% cash back on all eligible purchases
- Your cash back is automatically redeemed for statement credits, gift cards or deposited into an Ally Bank account
What can you redeem your cash back for?
(1.) Statement credits to lower your bill
(2.) Gift cards to your favorite stores and restaurants
(3.) Have the cash deposited into an Ally Bank account
Are there any bonus offers?
Currently, new cardmembers can earn a $150 bonus after spending $500 on purchases in the first 3 months. That’s a 30% return – not too shabby! The bonus offer does change frequently though, so check for the latest when you apply.
With no annual fee, 2% unlimited cash back and a nice sign-up bonus, the Ally CashBack Credit Card is a simple yet rewarding choice for savvy spenders looking to earn easy money back on their everyday expenses. Why not put a little extra cash in your pocket for the things you buy anyway?
Benefits of the Ally CashBack Credit Card
One of the best perks of the Ally CashBack Credit Card is the unlimited 2% cash back on all purchases. That’s right, every dollar you spend earns 2 cents back. No category restrictions, no quarterly activations – just simple, unlimited 2% cash back on everything.
Another benefit is the generous intro APR offer. You get 0% APR for 15 months on both new purchases and balance transfers. This gives you over a year to pay off big-ticket items interest-free. After the intro period, the regular APR is 14.99%-23.99% variable.
Redeeming Your Cash Back
Your earned cash back is simple to reclaim. Any quantity of bill credits, cash transferred into an Ally Bank account, or a check request of $25 or more are all options. As long as your account is active, your cash back never expires.
No Annual Fee
Unlike some other cash back cards, the Ally CashBack Credit Card has no annual fee. You earn great rewards without paying a cent. They also don’t charge foreign transaction fees, so you can use your card internationally without worrying about extra charges.
Overall, if you’re looking for a straightforward cash back credit card with valuable benefits and no annual fee, the Ally CashBack Credit Card is an excellent choice.
The unlimited 2% back on all purchases and 15-month 0% APR intro offer can really pay off, especially if you do a lot of spending or have any big purchases coming up. Why not take advantage of such a rewarding card?
Drawbacks of the Ally CashBack Credit Card
While the Ally CashBack Credit Card offers some nice rewards, there are a few potential downsides to keep in mind.
Fees
Although the card has no annual fee, Ally charges fees for certain transactions like cash advances, late payments, and returned payments. Cash advance fees are $10 or 5% of the amount, whichever is greater.
Late fees are $39 and returned payment fees are $39. Make sure you pay your bill on time each month to avoid these unnecessary charges.
Limited Rewards
The Ally CashBack Credit Card offers simple cash back rewards, but if you prefer travel rewards or merchandise, this card may not appeal to you.
The cash back you earn can only be redeemed as a statement credit, direct deposit to an Ally account or a gift card. You can’t transfer the rewards to travel partners or redeem them for merchandise.
Foreign Transaction Fees
If you frequently make purchases outside the U.S., the Ally CashBack Credit Card may not be the best choice. Ally charges 3% foreign transaction fees on all purchases processed outside the United States.
These fees can really add up if you travel abroad often or shop at international retailers. Look for a card with no foreign transaction fees to avoid these charges.
While the Ally CashBack Credit Card can be a great option for domestic spending and earning simple cash back rewards, be aware of the potential fees and downsides. Make sure the card fits with how you spend and the types of rewards you want to earn before applying.
Conclusion
So there you have it, the pros and cons of the Ally CashBack Credit Card. By now you should have a good sense of whether or not this card is right for you. If you’re looking for a simple cash back card with no annual fee and decent bonus categories, the Ally CashBack card could be a great choice.
On the other hand, if you want premium travel rewards or more bonus categories, you’ll likely want to look elsewhere. At the end of the day, you know your needs and spending habits best.
Compare the details of this card with other options and go with whatever helps you keep more cash in your wallet.