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Home > RIP Ally Cashback Credit Card

RIP Ally Cashback Credit Card

January 6th, 2020 at 09:57 pm

For a year or so I've carried an Ally cashback CC. It had a $100 bonus for spending $500 when I got it but best of all the cashback rewards could be deposited directly in my Ally online savings account (in amounts of $25 or more) with a 10% bonus on those rewards added. It was a good arrangement for me - the rewards were free, the bonus on the rewards was free, and then it earned interest once it hit my savings account. Win-win-win.

Well, nothing good last forever does it? Now TD Bank has informed me that the Ally cards will be discontinued and replaced with a card of their own with more standard rewards. The last day to redeem Ally rewards is February 13th.

Today I redeemed all but $25 of the rewards (since that's the minimum to redeem). I'll stop using the card at the end of the month and then redeem the rest. I don't know if I'll even take the new card - I have others with similar reward structures.

It was nice while it lasted.

Posted in Personal Finance | 4 Comments »

4 Responses to “RIP Ally Cashback Credit Card”

  1. disneysteve Says:
    January 7th, 2020 at 01:42 am 1578361354
    1578361354

    That's too bad. At least you got to take advantage of the deal while it lasted.

  2. CB in the City Says:
    January 7th, 2020 at 02:14 pm 1578406496
    1578406496

    BOA cards had that arrangement for a while, but it went away. I didn't have much time to take advantage of it before it was discontinued.

  3. creditcardfree Says:
    January 7th, 2020 at 08:04 pm 1578427441
    1578427441

    It's always sad to see the good deals go! We've been paying our rent with a Southwest Credit card for over a year and now the management company will not longer accept credit cards as payment without charge a large fee.

  4. rob62521 Says:
    January 7th, 2020 at 09:12 pm 1578431561
    1578431561

    At least you got something for awhile. I don't blame you, I would really think long and hard about getting a traditional card.

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