The Ally CashBack Credit Card has an introductory offer of: $100 bonus cash when at least $500 is spent in the first 90 days of opening your account. Even though this isn’t the best welcome bonus there is to offer, it’s still a good card to have with no annual fees attached. The Chase Freedom® card will also give you a similar welcome bonus with their spending qualifications.
WIth this Ally brand, the Ally CashBack credit card is simple and easy to use for their clients. They will offer you a 2% cash back for gas and groceries and 1% cash back for all other expenses. When you deposit your rewards to the Ally Bank account, you will receive an extra 10% bonus for the redemption you’ve made.
However, if you’re not one to spend much on gas and groceries, or if you don’t have a bank account with Ally, then you should consider getting a different credit card.
Table of Contents
Ally CashBack Card Quick Facts
|Bonus Available||Receive a $100 cash bonus when at least $500 is spent on qualifying expenses in the first 90 days of opening your account.|
|Ongoing Rewards/Benefits||Gain 2% cash back at gas stations and grocery stores, and 1% cash back on any other expenses.
Get a 10% bonus when you deposit your cash rewards into a qualifying Ally Bank account.
|Foreign Transaction Fees?||3%|
*If interested see our list of Ally Bank online Checking & Savings accounts.*
- No annual fee
- Welcome bonus
- Ally deposit bonus
- Simple rewards
- Good-Excellent credit needed to qualify
- Minimum redemption requirement
- Foreign transaction fees
Editor’s Alternate Pick
The Chase Freedom FlexSM offers a $200 bonus after you spend $500 on purchases in your first 3 months from account opening.
• 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
• 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate.
• 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1% on all other purchases.
You cash back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back. You'll be able to new 5% categories each quarter!
This card has no annual fee.
Ally CashBack Card $100 Bonus Cash Offer
Make use of the Ally CashBack card’s introductory bonus offer of: $100 cash. You must charge your card with a minimum of $500 in the first 90 days of having your account open to be able to qualify for this credit card offer.
Here are some ideas on meeting the spending requirement:
|• Plastiq: Plastiq allows you to pay for expenses that you generally won’t be able to with your card like rent, tuition, auto lease, mortgage payment, and more. There’s a 2.5% processing fee for using your credit card. However, this’ll be worth the card bonus you’ll get. There’s also a referral program where you can earn “Fee-Free Dollars” to use towards processing fees. See our Plastiq review.|
|• Fund Checking accounts with your card: Many banks will allow you to fund the opening deposit with a credit card. Consider opening Checking accounts that also offer a sign-up bonus. This way, you can work towards bonuses from two different sources. Big banks like Chase, HSBC, Huntington, and TD Bank have great offers and allow credit card funding. You can generally fund anywhere from $50 to $1,000 towards the opening deposit with a credit card, depending on the bank.|
|• Buy gift cards: Consider buying gift cards with your credit card that you can then spend later at your leisure. Individual merchant cards (restaurants, gas stations, supermarkets, etc.) generally don’t have purchase fees, so this is a plus. On the other hand, American Express and Visa gift cards will have purchase fees. Amazon gift cards are a great idea as you can shop for almost anything there with no purchase fees either. Unfortunately, Citi credit cards tend to code gift card purchases as Cash Advances and there’ll be a fee. Call in to customer service and lower your Cash Advance limit to $0 before purchasing gift cards. You can also buy discounted gift cards as well from Raise or find gift cards on eBay.|
|• Everyday spending & bills: Always using your credit card for everyday spending, such as for dining, gas, groceries, etc. You can also use your credit card to pay for things like insurance bills, property taxes and income taxes. However, you’ll have to consider the convenience fees.|
Earning Ally CashBack Rewards
Gain 2% cash back for gas and grocery expenses, and 1% cash back for any other expenses. However, there are certain places such as: discount stores, superstores, and warehouses that will not qualify as a “grocery store.” Going to these places will not allow you to get 2% cash back for your purchases. In other words, this would mean places like: Target, Walmart, BJ’s, and Sam’s Club.
But there will be no spending caps or expiry date for your rewards so long as your account has no problems with it.
Redeeming Ally CashBack Rewards
You will need to log into your Ally online account to be able to keep up with your cash rewards. When redeeming your rewards, you’ll be able to redeem $25 at a time, which can be used towards:
- Statement credits
- Electronic deposits into an eligible Ally Bank account
To receive the best value for your rewards, you should deposit your cash back to your Ally account (more on that below).
Ally Deposit Bonus
Receive an additional 10% bonus when you deposit your cash back into your Ally Bank account. Doing this will be able to get you to increase your rewards rates to 2.2% for gas and groceries, and 1.1% on other purchases. In other words, your welcome bonus will also receive an extra 10% bonus when you deposit into your Ally Bank account. In the end, this would mean that you will be able to make $110 instead of $100.
If you want to be able to qualify for this redemption bonus, then you will have to create a new bank account if you aren’t an Ally client. Using the Ally account will come with no additional fees, so you won’t have to pay a charge when you open an account for your deposit bonus. You will even be able to gain interest when using an Ally account.
The Ally CashBack card is an amazing credit card to own for people who already bank with Ally. Even though they don’t offer the best rates, they do make up for that by giving you a good return on gas and grocery purchases.
While the rewards rate for other expenses is alright, you would need to spend quite a decent amount of money on gas and grocery shopping to be able to get the most out of this card. In other words, if you aren’t a big spender on these categories, then you should consider other credit card offers that will give you a bigger return rate for your purchases.
(Visit Ally Bank for more information)
What’s the Competition?
There are some of Ally CashBack credit card’s top competitors listed below.
The Capital One® SavorOne® Cash Rewards Credit Card offers a one-time $200 cash bonus after spending $500 on purchases within the first 3 months from account opening.
You'll earn an unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases with no rotating categories or sign-ups needed to earn cash rewards.
This card comes with no annual fee and no foreign transaction fees.
The Capital One® Quicksilver® Cash Rewards Card offers a one-time $200 cash bonus after spending $500 on purchases within 3 months from account opening.
You'll be able to earn an unlimited 1.5% cash back on every purchase, every day with no rotating categories or sign-ups needed to earn cash rewards.
This card comes with no annual fee and no foreign transaction fees which makes this card a viable option for your go-to everyday card.
BONUS LINK OFFER REVIEW
Chase Business Checking $300 Cash Review
Chase Total Checking® $200 Cash Review
Chase SavingsSM $150 Cash Review
Chase Private Client $2,000 Cash Review
HSBC Premier Checking Member FDIC $450 Cash Review
HSBC Premier Checking Member FDIC Up To $600 Review
HSBC Advance Checking Member FDIC $200 Cash Review
HSBC Advance Checking Member FDIC Up To $240 Review
Aspiration $100 Cash Review
TD Bank Beyond Checking $300 Cash Review
TD Bank Convenience CheckingSM $150 Cash Review
Huntington 25 Checking $500 Cash Review
Huntington 5 Checking $200 Cash Review
Huntington Asterisk-Free Checking® $150 Cash Review
Huntington Bank Unlimited Plus Business Checking $750 Cash Review
Huntington Bank Unlimited Business Checking $400 Cash Review
Huntington Bank Business Checking 100 $200 Cash Review
Axos Bank Basic Business Checking $100 Cash Review
Ally Invest Up to $3,500 Cash Review
Simple 0.60% APY Review