Ally and CardWorks, Inc (and its wholly-owned bank subsidiary, Merrick Bank) have entered into a definitive agreement to for CardWorks to acquire Ally’s credit card portfolio that includes a total of 1.3 million active cardholders and $2.3 billion in credit card receivables. The deal is expected to close in 2025.
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Wonder what will happen to the Ollo Opitmum , which features a 2.5% cash back rate on all purchases and no annual fee I always wanted that card I know ally acquired it a few years ago never heard anything about it since
I know it was swept into the ally unlimited cash back MasterCard, while keeping the same terms and cash back rate as the ollo optimum. Hope that stays the same
I've been suddenly getting a ton of pre-approved credit card emails from Ally in the past couple months. Guess they really wanted up the cc users before selling their portfolio.
it's not that easy to make money on credit cards for banks
I guess Ally abandoned their half assed attempt at being a credit card issuer for the second time.
I believe Ally just churning this business - create and grow credit cards portfolio and sell. Repeat.
To churn the CC churners into a sellable package (assuming people churn Ally CCs?)... Thats what you might call super-churning right... or maybe hyper-churning?
NeoChurning
Meta churning
Not much of an Ally when it comes to credit cards.
I'll have to disagree as the targeted bonus that I rec'd from them was easy-peasy and they offered me 0% on purchases for several months.
I thought they had already sold to TD?
That previous credit card was specifically in partnership with TD Bank.
TD Bank was the issuer of Ally Financial’s credit card. And when Ally Financial no longer wanted to continue the partnership, TD Bank took over that credit card fully.
That was before Ally started issuing its own credit card.