The Ally CashBack credit card was a partnership between Ally and TD bank. Back in June of 2019, it was discontinued o new applications. If you still happen to have the card, there is some news on what will happen to your account.
If you happen to still have the Ally Cashback Credit Card, it will be product changed to the TD Bank Cash Credit card.
The TD Bank Cash Credit card will include a $0 annual fee and no foreign transaction fee. In addition to that, it will be set up as a 3-2-1 credit card as follows:
- 3%: restaurant s
- 2%: grocery stores
- 1: Everywhere else
As a comparison, the Ally Cashback card offers 2% back at grocery stores and gas. If you deposit your rewards into your Ally account, you’ll actually get 2.2%. Every other purchase would be 1%.
If we do a direct comparison, you’re in a better position with this new 3-2-1 setup. Even if you didn’t deposit the rewards into your Ally account, you would be in the same 2% boat for grocery stores. The main difference is that they are switching out gas, and giving you back 3% on restaurants instead. Of course, if you were using the card for gas, then you’re out of luck, only being able to earn 1%.
Still, I don’t think either option is particularly good. There’s much better cards out there that offer you more on your spend than either of these two cards. Either way though, it’s a $0 annual fee card, so if you’ve had the history for a while, I don’t think it makes sense to close it. I wonder if they would let you product change it to a different TD card?
What do you think about this change? Does it impact you in anyway? Let us know down in the comment section below.