Ally Celebrates Ally CashBack Credit Card One-Year Anniversary by Asking Consumers How They'd Splurge this Summer with Extra Cash

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Jul 05, 2017, 10:00 ET

MIDVALE, Utah, July 5, 2017 /PRNewswire/ -- According to a recent survey conducted by Ally Bank, only 25 percent of consumers anticipate having a major spend, or splurge, this summer. Americans are or would be most likely to splurge on vacation travel (38 percent) followed by a big ticket item (23 percent), or home improvement (23 percent).

In addition to understanding if consumers are anticipating a summer splurge, Ally conducted the summer splurge study to ask how they would spend an additional $100 in money, which aligns to additional cash they might earn from credit card rewards.

One-third of survey respondents said if they were to find an extra $100 in their pocket, they would be likely to spend the cash on everyday purchases (35 percent), followed by depositing the money into a bank account (25 percent) or using it to pay off bills (24 percent). Only 11 percent said they would use the money to treat themselves.

"The Ally CashBack Credit Card celebrates its one-year anniversary this summer, and at Ally we understand that what appeals most to consumers when it comes to credit card rewards is simplicity and control," said Diane Morais, Ally Bank President, Consumer and Commercial Banking Products. "Our goal was to offer a consumer-centric card that allows customers to be in control of how they earn and redeem their rewards in a way that aligns to their personal finance goals."

With the Ally CashBack Credit Card, new customers are eligible to receive a $100 bonus when $500 in eligible purchases are made during the first 3 billing cycles. In addition, Ally CashBack Credit Card holders are eligible to earn the following rewards with their card:

2% cash back on eligible gas and grocery purchases
1% cash back on other purchases
Uncapped rewards that never expire for accounts that are open and in good standing

Ally CashBack Credit Card customers receive a 10% Ally Deposit Bonus when cash rewards are deposited into an eligible Ally Bank account, and also enjoy popular benefits, including 24/7 customer service as well as online and mobile access to their accounts.

Millennial key findings

Millennials are most likely to splurge this summer (32 percent) with nearly half indicating they are or would be most likely to splurge on travel. But when unexpected money comes their way, they aren't splurging: when asked what they would do if they found $100, 55% of the Millennials surveyed said they would either deposit the money in their savings account or pay off outstanding bills; only 10% would get themselves a treat.

"Millennials represented the largest generation segment at 50% of new Ally Bank customers in 2016, so those responses align with what we're seeing which is a group that is clearly focused on their personal finances," Morais added.

The Ally CashBack Credit Card, recognized by CardRates.com says as the Best New Cash Back offer for 2016 and 2017, is issued by TD Bank N.A. To learn more about the Ally CashBack Credit Card Program, visit www.ally.com/cashback.

Survey Methodology:

This survey was conducted by ORC International's Telephone CARAVAN® Omnibus on behalf of Ally from June 8-11, 2017 among 1,007 U.S. adults ages 18 and older. The margin of error for 1,007 respondents is +3.1% at the 95% confidence level.

About Ally Financial Inc.

Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers, businesses, automotive dealers and corporate clients. Ally's legacy dates back to 1919, and the company was redesigned in 2009 with a distinctive brand, innovative approach and relentless focus on its customers. Ally has an award-winning online bank (Ally Bank Member FDIC, Equal Housing Lender) offering deposits, credit card and home loan products, one of the largest full service auto finance operations in the country, a complementary auto-focused insurance business, a growing wealth management and online brokerage platform, and a trusted corporate finance business offering capital for equity sponsors and middle-market companies.

The company had approximately $162.1 billion in assets as of Mar. 31, 2017. For more information, visit the Ally press room at http://media.ally.com.

Media Contact:

Andrea Puchalsky
313-656-3798
[email protected]

SOURCE Ally Financial