Posted by William Charles on June 19, 2019
Credit Cards

Published on June 19th, 2019 | by William Charles

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Ally Bank Credit Card Discontinued

Back in June of 2016 Ally Bank & TD Bank teamed up to offer the Ally CashBack credit card. As of June 17th, 2019 the relationship between Ally & TD has ended and no new sign ups are being accepted. Existing customers can continue to use their cards as normal for now, but from what I’ve heard unofficially TD Bank has no plans to maintain this customer base going forward and doesn’t plan to product change them to other TD Bank products. It’s not immediately clear if this is because the cardholder base is small or if doing so would result in Ally receiving considerable enough compensation that TD Bank feels it’s not worth perusing.



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James SunTrust
James SunTrust

It was not very competitive

JV
JV

RIP – that card didn’t last long. Love Ally as a checking and savings, but the credit card expedition was not very competitive.

Mj
Mj

You’d think with a mortgage and auto financing arm, they could write their own credit card loans.

Albrecht
Albrecht

There’s a lot of overhead to that type of operations. Not worth it for a small bank.

Zach
Zach

they are larger than a lot of institutions that write their own credit card loans.

Kergmann
Kergmann

For context, Ally Bank is currently the 19th largest bank in the U.S. with over $180 billion in assets, so it isn’t a small bank. But you’re correct about overhead. Any financial institution has to choose what it is going to specialize in, and Ally has never seemed particularly interested in building its credit card lineup and has instead focused on automotive loans. This makes sense since Ally came from the ashes of GMAC.

Tyler
Tyler

As I was perusing this article I wondered whether it was worth pursuing a change to an apparent typo. I decided against it since DOC provides great content and I didn’t feel it was worth their time to correct.

Ann
Ann

Will has said before that he’s happy to have corrections pointed out when needed, as long as you’re not rude about it.

Jeff
Jeff

I got the card for it’s sign-up bonus. $150 and 10% added to cashback earned with linked Ally Account. With 2% back on groceries, actually makes it fairly competitive 2.2% back with 10% added in. After maxing out Amex Gold and Blue Cash Preferred, it’s my preferred card for grocery spend.

kcihtred2
kcihtred2

BBVA CP or Penfed has better options

Matt
Matt

And nothing of value was lost.

edmund
edmund

Only my $10 cash back that’s to small to redeem 🙁

Charlie
Charlie

I was always suspicious of this card because it involved two separate financial institutions (Ally and TD). I have the same reservations about the Fidelity card at Elan.

Ann
Ann

I don’t recall hearing anything bad about the Fidelity one, what are your concerns?

Mj
Mj

Does TD still issue the aeroplan Card? I noticed it’s been removed from the TD site for over a month now.

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