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Ally Platinum Mastercard® review: A chance to build credit, if you can get it

Updated:

image_174db3Image: image_174db3

508 reviews from Intuit Credit Karma members

4.6

Rating: 4.6 out of 5.

Great for no annual fee

Annual Fee: $0

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their Ally Platinum Mastercard® or similar cards.

% of members by credit limit range

$0-$3K $3K-$5K $5K-$10K $10K-$20K $20K+ 0% 10% 20% 30% 40% 50% 60% 70% 80% 78% 11% 8% 2% 1%
$0-$3K $3K-$5K $5K-$10K $10K-$20K $20K+ 0% 10% 20% 30% 40% 50% 60% 70% 80% 78% 11% 8% 2% 1%
$0-$3K $3K-$5K $5K-$10K $10K-$20K $20K+ 0% 10% 20% 30% 40% 50% 60% 70% 80% 78% 11% 8% 2% 1%

The average credit limit for members who have matched with this card or similar cards is $2,268, with $300 being the most common.

Here’s the average credit score of members who matched their Ally Platinum Mastercard® or similar cards.

% of members by credit score range

Thin file Poor Fair Good Excellent 0% 10% 20% 30% 40% 50% 2% 47% 24% 24% 3%
Thin file Poor Fair Good Excellent 0% 10% 20% 30% 40% 50% 2% 47% 24% 24% 3%
Thin file Poor Fair Good Excellent 0% 10% 20% 30% 40% 50% 2% 47% 24% 24% 3%

The average credit score for members who have matched with this card or similar cards is 609, with 572 being the most common. Note this is just one of the deciding factors when it comes to getting approved.


Member stats

Updated daily

54.9%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

43 years

Average age of members who matched this card or similar cards.

$74,276

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.


Pros and cons

yesImage: yes

No security deposit required

yesImage: yes

No annual fee

yesImage: yes

No penalty APR


ConImage: Con

Card offered by invitation only, so you might not be able to apply

ConImage: Con

High variable APR for both purchases and balance transfers

ConImage: Con

No rewards program


Ally Platinum Mastercard® review

Updated November 4, 2024

This date may not reflect recent changes in individual terms.

Written by: Ben Luthi


Core features of the Ally Platinum Mastercard®

The Ally Platinum Mastercard® could be an option for people who want to build their credit without having to worry about a security deposit or an annual fee. But there are some things to know before you decide if this card is right for you.

Not everyone can apply

Unlike many credit cards, applications for the Ally Platinum Mastercard® aren’t open to everyone. You need an invitation offer from the issuer to apply for Ally’s credit cards.

If you have an offer, you can respond to it on Ally’s website. But keep in mind that your offer isn’t a guarantee of getting the card — you still need to go through the application process to determine whether you’re approved for the Ally Platinum Mastercard®.

Light on fees … 

The Ally Platinum Mastercard® doesn’t charge an annual fee, a foreign transaction fee or fees for going over your credit limit or having a payment returned. Also, Ally doesn’t charge a penalty APR if you miss a payment.

Not having to worry about these fees can bring peace of mind to anyone who’s looking to continue building credit, especially if you’ve struggled with some of these issues in the past.

… But you might get hit with interest

On the other hand, the Ally Platinum Mastercard® has a high variable 29.99% APR for purchases, balance transfers and cash advances (you might see different terms on Credit Karma). If you get the Ally Platinum Mastercard®, it’s a good idea to prioritize paying your statement balance on time and in full every month, and not take out any cash advances, to avoid having to pay that higher standard interest rate.

Keep in mind that there’s a balance transfer fee of 4% (minimum $5) of the transfer amount. If you’re thinking about a balance transfer, consider the many risks of balance transfers, too.

Other card details to know

The Ally Platinum Mastercard® provides eligible consumers with a relatively straightforward way to build or rebuild credit. Here are some other details that could add value, too.

Who this card is good for

Unfortunately, you can’t apply for the Ally Platinum Mastercard® unless you’ve received an invitation offer from the card issuer. But you can still consider the card’s offerings and whether it could be a good choice for you in case you ever do receive that invitation.

If you’ve received an invitation from Ally, the card could be a good option if you’re looking to continue building credit without the potential distractions of a rewards program or security deposit.

Not sure this card is for you? Consider these alternatives.

The Ally Platinum Mastercard® could be a decent option for people with fair credit looking to establish a solid credit history. But it’s not the only credit card out there that considers people with fair credit histories.


Member reviews

Overall rating:

4.6

Rating: 4.6 out of 5.

508 reviews from Intuit Credit Karma members

Most helpful positive review

March 8, 2023

5

Rating: 5 out of 5.

Over draft because of monthly service charge.

Credit Karma Member

I call today because I received a text that I'm over my limit, I asked the lady if she could help me with that I told her I'm never late always early in fact never missed a payment, well she said I'm not going to fix it for you well by that comment I was pretty ticked off so I hung up. I decided I wasn't happy with her response and called back the 2nd time spoke to a wonderful woman who not only listend to me but helped me, moving forward I'm going to pay special attention that my billing for service charge is the end of the first week of the month. Cudos to the woman that helped me.. really wish I new both of there names so that the 2nd woman get the recognition she deserves.

Most helpful negative review

April 3, 2023

1

Rating: 1 out of 5.

Very rude customer service!

Credit Karma Member

Very disappointed with customer service. I deposit money on my account on March 29 and money on my account would be available on April 5.

All member reviews