Ally Bank, the direct banking subsidiary of Ally Financial, has introduced the Ally CashBack Credit Card program.
The new credit card features an additional 10% 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 members will be eligible to earn 2% cash back on eligible gas and grocery purchases, 1% cash back on other purchases as well as uncapped rewards that never expire for accounts that are open and in good standing.
Issued by TD Bank, the cardholders will also enjoy other benefits, including 24/7 customer service as well as online and mobile access to their accounts.
The new credit card has been launched after a survey by the bank revealed that 58% customers who have a credit card prefer cash back rewards, topping interest in travel rewards, store promotions and introductory interest rates or bonus rewards.
Furthermore, 80% 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.
Ally Bank CEO and president Diane Morais said: "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.
"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."