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.
Does TD still issue the aeroplan Card? I noticed it’s been removed from the TD site for over a month now.
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.
I don’t recall hearing anything bad about the Fidelity one, what are your concerns?
And nothing of value was lost.
Only my $10 cash back that’s to small to redeem 🙁
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.
BBVA CP or Penfed has better options
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.
Will has said before that he’s happy to have corrections pointed out when needed, as long as you’re not rude about it.
=), pretty much this. We don’t really proof read so there are a lot of errors. I know it bugs some people so always happy to be corrected but try to focus on quality content (and lots of it) at the cost of not making everything perfect
You’d think with a mortgage and auto financing arm, they could write their own credit card loans.
There’s a lot of overhead to that type of operations. Not worth it for a small bank.
they are larger than a lot of institutions that write their own credit card loans.
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.
RIP – that card didn’t last long. Love Ally as a checking and savings, but the credit card expedition was not very competitive.
It was not very competitive