Ally Financial has introduced its first credit card, as the online bank continues to add products to complement its staple car loans and online bank.
The $111 billion-asset Detroit company's CashBack Visa credit card pays users a cash reward of 2% on purchases of fuel or groceries, and 1% on other purchases, according to a Thursday news release. Users get an extra 10% if the reward is deposited into an Ally checking, savings or money market account. Toronto-Dominion Bank's TD Bank will issue the credit card.
Ally has indicated in the recent past that it
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The deal to buy TradeKing would allow the online-only bank to offer wealth-building products to its roughly 1.1 million depositors. The additional low-cost deposits could also help fund loan growth as it looks to expand beyond auto lending and into mortgages and credit cards.
April 6 -
The Detroit company is plowing ahead with its growth strategy at a time when some shareholders are agitating over its sagging share price.
February 11 -
Ally Financial in Detroit reached a truce with Lion Point Capital, as it agreed to appoint an independent director in consultation with the activist investor.
March 21
Ally is also expanding into wealth management by
