Ally Bank launches three new credit cards, from cash back to credit building

In 2022, Ally Bank announced three new credit cards: Ally Unlimited Cash Back Mastercard®, Ally Everyday Cash Back Mastercard® and Ally Platinum Mastercard®. All three cards are currently available by invitation only.

Previously, Ally Bank offered a different cash back card that was discontinued in 2019.

Ally is now stepping up to the plate with cards to suit a variety of consumers, including two cash back cards — one a flat-rate card and the other a bonus-category card — and one credit-building option.

The details

Two of the three Ally credit cards charge no annual fee, and all have a regular variable APR between 17.99 percent and 28.99 percent. Here’s a closer look at what distinguishes them:

Ally Unlimited Cash Back Mastercard

• Rewards rate: Unlimited 2 percent cash back on every purchase
• Annual fee: $0

The Ally Unlimited Cash Back Mastercard offers a flat 2 percent cash back rate on all purchases, making it a good option for consumers who prefer a hassle-free rewards card. Further, Ally states there’s no expiration date on your rewards, as well as no minimum requirements in terms of redeeming your rewards.

Ally Everyday Cash Back Mastercard

• Rewards rate: 3 percent cash back at gas stations, grocery stores and drugstores; 1 percent cash back on everything else
• Annual fee: $0 to $39

Those looking for an everyday spending card with rewards specifically on groceries, filling up the tank and drugstore purchases will appreciate the Ally Everyday Cash Back Mastercard. And similar to the Unlimited Cash Back Mastercard, cardholders don’t need to worry about rewards expiring or accumulating a certain amount of rewards for redemption.

Ally Platinum Mastercard

• Rewards rate: None
• Annual fee: $0

Cardholders won’t earn rewards with the Ally Platinum Mastercard, but those looking to improve their credit and access a higher credit line will appreciate the card’s automatic credit line reviews. Additionally, according to the bank, cardholders can get access to a higher credit line after the first five on-time payments.

Shared card offerings

All three cards boast no “unnecessary fees,” including no foreign transaction fees, no over-the-limit fees (should you exceed your credit limit), no returned payment fees and no interest rate hike if you make a late payment.

There’s also free FICO Score access, helping cardholders stay on top of changes to their score. Additional benefits across all cards include:

• Zero fraud liability
• Fraud monitoring
• 24/7 customer service
• Card lock feature

Are the new Ally Bank credit cards worth it?

If you already bank with Ally and are looking to deepen your relationship by opening a credit card, you have a few good options to choose from. Plus, according to Ally, the cards may soon offer 0 percent intro APRs for up to 15 months on both purchases and balance transfers (17.99 percent to 28.99 percent variable APR after), which may sweeten the deal for consumers looking to pay off a large, upcoming purchase or pay off existing credit card debt without paying interest.

The Ally Unlimited Cash Back Mastercard’s unlimited 2 percent cash back for no annual fee puts it on par with cards like the Wells Fargo Active Cash® Card and Citi® Double Cash Card. But unlike these cards, the Ally card doesn’t advertise welcome bonuses nor guarantee a zero-interest introductory offer.

The same goes for the Ally Everyday Cash Back Mastercard, though it does offer a solid cash back rate on everyday purchases with no spending cap. Similar gas and grocery cards feature a limit on spending, after which you’ll earn 1 percent cash back or 1X points — such as the Bank of America® Customized Cash Rewards credit card. This may be enough to hook big spenders looking to earn as much as possible on their daily gas, grocery and drugstore purchases.

And if the Platinum Mastercard has piqued your interest, it may be worth applying for if your top priority is accessing a higher line of credit and you’re unable to qualify for better credit-building cards that offer ongoing rewards. The lack of fees, no rate hike after a late payment and free FICO credit score access are certainly perks, though.

The bottom line

Be on the lookout for more card launches from Ally, as the bank has noted consumers can expect more products in the future. Given the general lack of fees and impressive cash back rewards rates on two of the cards, we’re interested to see what else Ally has in store.