Unique features include no cap on rewards for accounts in good standing and an additional bonus when cash rewards are redeemed into an eligible Ally Bank account
Ally Bank, the direct banking subsidiary of Ally Financial Inc., today announced the launch of the Ally CashBack Credit Card program. Consistent with its philosophy to offer products and services that are straightforward and consumer-friendly, the Ally CashBack Credit Card features an additional ten percent bonus if cash back rewards are redeemed into an Ally Bank non-IRA Online Savings, Interest Checking or Money Market Account.
Ally CashBack Credit Card holders will be eligible to earn the following rewards with their new card:
- 2% cash back on eligible gas and grocery purchases
- 1% cash back on other purchases
- Uncapped rewards that never expire for accounts that are open and in good standing
Ally CashBack Credit Card customers will also enjoy popular benefits, including 24/7 customer service as well as online and mobile access to their accounts.
“As we evaluated options to expand our product offerings, adding a credit card to our portfolio was a logical move since it has been a frequent request of our Ally Bank customers,” said Diane Morais, chief executive officer and president of Ally Bank. “We are confident the Ally CashBack Credit Card’s rewards structure will resonate with customers, and the ten percent bonus feature for rewards deposited in an eligible Ally Bank account is consistent with our philosophy to help them maximize their savings opportunities.”
Increasingly, rewards programs have become an important element of the overall value proposition for credit cards, and a video news release by Ally underscores that smart consumers do their homework before selecting a product. Ally Bank focused on a rewards program that would provide value to all consumers, as opposed to limiting rewards to specific uses.
Based on a recent survey conducted by Ally Bank, 58 percent of respondents who have a credit card said they preferred cash back rewards, topping interest in travel rewards, store promotions and introductory interest rates or bonus rewards.
In addition, 80 percent of consumers with credit cards said they would prefer to have multiple financial products, (such as a bank account, loan or credit card) with the same bank if they earned rewards for doing so.
“The savviest consumers not only know what cards to pick, but how to maximize their rewards,” Morais added. “When stacked against all the credit cards available to consumers, the Ally CashBack Credit Card is a highly competitive product.”