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Ally Bank offers three credit cards, available by invitation only: the Ally Platinum Mastercard®*, Ally Everyday Cash Back Mastercard®* and Ally Unlimited Cash Back Mastercard®*.
These cards are available to people who might not have the best credit, making them a valuable option for people who struggle to get approved for other rewards cards. While two of its cards offer decent cash back rates, the lack of welcome offers on cards diminishes their upfront value. If you’re eligible and considering an Ally Bank credit card, here’s what you need to know.
Top Ally Bank cards
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The Ally Platinum Mastercard is a valuable tool for people who want to build or rebuild their credit. It doesn’t have any rewards or welcome offers, but Ally automatically reviews your account periodically to see if you qualify for credit line increases.
It’s a possible choice for a first credit card since it’s available to people with bad credit, doesn’t require a deposit and has no annual fee.
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Pros
- Automatic reviews of your account provide a straightforward way to build your credit and get credit line increases.
- No security deposit requirements, giving it lower upfront costs than secured credit cards.
Cons
- This card is available by invitation only, so you might not be able to apply for it.
- It has no rewards, intro APR or welcome offers, which makes it fall short compared to others in its category.
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The Ally Everyday Cash Back Mastercard is a solid option for people with fair credit who want to earn cash back on everyday spending. With a 3 percent cash back bonus at gas stations, grocery stores and drugstores, this card provides an extra boost in typical spending categories.
While it’s an invitation-only card, this could be a good fit if your credit score has prevented you from getting other rewards cards. Depending on your credit, an annual fee of up to $39 may apply.
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Pros
- Offers modest cash back rewards in popular spending categories.
- Available to customers with fair credit.
Cons
- This card is available by invitation only, so you might not be able to apply for it.
- Base rewards rate is low for a cash back card.
- You have to pay an annual fee, but won’t know until you apply.
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The Ally Unlimited Cash Back Mastercard provides a simple earning structure with a flat rate of 2 percent cash back on all purchases. For people who don’t have the best credit, this is a competitive cash back rate.
Although you need a prescreened offer to apply, it’s an easy-to-use card with no limits on rewards and no annual fees, making it a decent option for everyday spending.
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Pros
- It has a high flat cash back rate.
- No minimum redemption requirements, meaning you can access your cash back rewards whenever.
Cons
- This card is available by invitation only, so you might not be able to apply for it.
- You may be able to earn more cash back with a card that has bonus categories, depending on your spending.
Comparing Ally Bank credit cards
| Card Name | Best for | Annual fee | Recommended credit score | Highlights |
|---|---|---|---|---|
| Ally Platinum Mastercard®* | Building credit | $0 | Bad to Fair | Automatic review for credit line increases |
| Ally Everyday Cash Back Mastercard®* | Bonus categories | $0 to $39 | Fair to Good | 3% cash back at gas stations, grocery stores and drugstores; 1% on all other purchases |
| Ally Unlimited Cash Back* | Flat-rate cash back | $0 | Fair to Good | 2% cash back on all purchases |
How to get an Ally Bank credit card
Ally Bank cards are only available by invitation.
The only way to apply for and get an Ally Bank credit card is with an invitation or prescreened offer. Ally Bank sends these offers via mail and online, and you don’t have to be a current Ally customer to receive an invitation. But you need the access code from the offer to apply for any of Ally’s cards. If you’re eligible, your approval odds are good, but still not guaranteed.
A drawback of the invitation-only nature of Ally’s cards is that an offer is only valid for a specific card. You can’t choose among Ally’s cards unless you also have an offer for a different card.
Are Ally Bank cards worth it?
The answer to this question depends on your credit situation. If your credit isn’t great, these cards make a lot of sense. The Platinum Mastercard could be a straightforward way to build or rebuild your credit through responsible use. The Everyday Cash Back and Unlimited Cash Back cards give you access to rewards you may not be eligible for with other cards. If having a lower bar to clear for approval is necessary, then these are solid options.
If you have good credit or better, they’re not worthwhile. Compare these options to other cards you can get approved for. While the Everyday Cash Back and Unlimited Cash Back cards have competitive earning rates, they don’t come with sign-up bonuses or intro APR offers, which falls short compared to similar cash back cards. You can often get these same rates with additional benefits and incentives, even for cards with no annual fee.
What’s next?
Bankrate’s resources can help you find a credit card that matches your profile.
The bottom line
Ally Bank’s invitation-only cards provide access to rewards and simple ways to build credit for people who can’t get cards with other issuers, giving them a chance to grow their credit while reaping the benefits. Competitive earning rates and simple credit building are the benchmarks for Ally’s card lineup.
However, if your credit is good and you have solid approval odds with the best cash back cards, better opportunities to maximize your rewards are available. While Ally matches the competition from an earning standpoint, these cards fall short by not offering welcome offers or additional benefits, which many competitors do. Ultimately, your credit situation will determine whether these cards are worth it for you.
Frequently asked questions
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If you get an offer, getting an Ally credit card isn’t difficult. These cards are available to people with bad to good credit. Other approval factors are income, debt, number of open accounts, recent credit inquiries and employment.
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You only qualify for an Ally Bank credit card with an invitation or prescreened offer. While having an invitation to apply increases your approval odds, it doesn’t guarantee approval.
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While the Platinum card doesn’t earn rewards, Ally automatically reviews your account periodically for credit line increases, which helps quickly build credit. The Everyday Cash Back card offers 3 percent cash back at gas stations, grocery stores and drugstores and 1 percent on all other purchases. The Unlimited Cash Back card offers a flat cash back rate of 2 percent on all purchases.
*Information about the Ally Platinum Mastercard®, Ally Everyday Cash Back Mastercard® and Ally Unlimited Cash Back Mastercard® has been collected independently by Bankrate.com. The issuer did not provide the content, nor is it responsible for its accuracy.
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