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Ally Platinum Mastercard® Review: A Solid Choice for Building Credit
What Is the Ally Platinum Mastercard?
The Ally Platinum Mastercard is a credit card offered by Ally Bank, designed for individuals looking to build or rebuild their credit. This card stands out for its simplicity and lack of annual fees, making it an attractive option for those with fair credit scores. As a Mastercard, it's widely accepted at millions of locations worldwide, providing convenience for everyday spending.
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Ally Platinum Mastercard Pros & Cons
Pros:
- No annual fee
- Potential for automatic credit line increases
- Access to free FICO® Score
- $0 fraud liability protection
- Widely accepted Mastercard network
Cons:
- No rewards program
- Higher APR compared to some competitors
- Requires fair credit for approval
Who Is the Ally Platinum Mastercard For?
The Ally Platinum Mastercard is ideal for:
- Credit builders: Those with fair credit looking to improve their credit scores.
- Fee-conscious consumers: People who want a no-annual-fee card for everyday spending.
- Existing Ally customers: Individuals who already have deposit or investment accounts with Ally Bank.
- Simple card seekers: Those who prefer a straightforward credit card without complicated rewards programs.
Comparing the Ally Platinum Mastercard With Other Credit Cards
When considering the Ally Platinum Mastercard, it's helpful to compare it with other popular options in the credit builder card category:
Chime Credit Builder Secured Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Credit Builder account
- Key features: No credit check to apply, reports to all three major credit bureaus
- Standout feature: No minimum security deposit required
Capital One Quicksilver Secured Cash Rewards Credit Card (rate & fees):
- Annual fee: $0
- Security deposit: Minimum $200, which becomes your credit limit
- Key features: 1.5% cash back on all purchases, automatic credit line reviews
- Standout feature: Earn rewards while building credit
Current Build Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Build account
- Key features: No credit check required, reports to all three major credit bureaus
- Standout feature: Linked to Current banking app for easy fund transfers
Each card offers unique benefits tailored to different spending habits and preferences. Consider your personal financial goals when choosing the best card for you.
Key Takeaways:
- Ally Platinum Mastercard is designed for individuals looking to build or rebuild their credit
- Chime Credit Builder offers flexibility with no minimum deposit
- Capital One Quicksilver Secured provides cash back rewards
- Current Build integrates with banking app for convenient use
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Consider Using Kudos
While the Ally Platinum Mastercard is a solid choice for building credit, it's essential to maximize the benefits of any credit card you use. This is where Kudos comes in handy. Kudos is a free AI-powered browser extension that helps you get the most out of your credit cards when shopping online.
With Kudos, you can:
- Receive personalized credit card recommendations for each purchase
- Earn rewards from over 15,000 stores
- Multiply your rewards up to 5X during exclusive "Flash Boost" events
- Discover new credit cards that align with your spending habits
If you're looking to get more out of your credit cards, Kudos is the best free shopping app to use when you shop online. And, they're currently offering $20 back after your first eligible purchase — just sign-up for free with code "GET20" and make a purchase at a Boost merchant.
Our Expert Takeaway
The Ally Platinum Mastercard is a solid choice for individuals with fair credit who are looking to build or rebuild their credit history. Its no-annual-fee structure and potential for automatic credit line increases make it an attractive option for those focused on improving their creditworthiness.
However, the lack of a rewards program may be a drawback for some consumers. If you're in a position to qualify for cards with rewards, you might want to explore other options. Nonetheless, for its intended purpose of credit building, the Ally Platinum Mastercard® serves its role well.
Remember, responsible credit use is key to improving your credit score. Always pay your bills on time and try to keep your credit utilization low. As your credit improves, you may become eligible for cards with more attractive features and rewards programs.
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Ally Platinum Mastercard® FAQ
What credit score do I need for the Ally Platinum Mastercard®?
While Ally doesn't disclose a specific credit score requirement, this card is generally targeted at consumers with fair credit, typically in the 580-669 range.
Does the Ally Platinum Mastercard® offer rewards?
No, this card doesn't offer a rewards program. It's primarily designed for building credit.
Is there an annual fee for the Ally Platinum Mastercard®?
No, there's no annual fee for this card.
Can I get an automatic credit line increase with the Ally Platinum Mastercard®?
Yes, Ally periodically reviews accounts for automatic credit line increases, although these are not guaranteed.
Is the Ally Platinum Mastercard® a secured credit card?
No, it's an unsecured credit card, meaning no security deposit is required.
Can I use the Ally Platinum Mastercard® internationally?
Yes, as a Mastercard, it's widely accepted internationally. However, be aware of potential foreign transaction fees.
How do I apply for the Ally Platinum Mastercard®?
You can apply online through Ally's website. Some consumers may receive pre-approved offers in the mail with an invitation code.
Remember, while the Ally Platinum Mastercard® can be a useful tool for building credit, pairing it with a smart shopping extension like Kudos can help you maximize your overall credit card strategy and savings potential.
Supercharge Your Credit Cards
Experience smarter spending with Kudos and unlock more from your credit cards. Earn $20.00 when you sign up for Kudos with "GET20" and make an eligible Kudos Boost purchase.
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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