"We’ve been trying to figure this out for years and years," Ally CFO Jennifer LaClair told Bloomberg.įair Square Financial offers a digital-first credit card platform, and boasts 658,000 cardholders and $763 million in loan balances. The companies pointed to " the unprecedented economic and market conditions resulting from the COVID-19 global pandemic." Through that partnership, it eyed installment loans on purchases between $500 and $40,000 with interest rates ranging from 9.99% to 26.99%.īetween the two deals, Ally sought to merge with subprime credit card lender CardWorks in a $2.7 billion transaction that never materialized. The card offered cash rewards between 1% and 2% and limited Ally's risk - TD took on the credit losses - but Ally also had less of an opportunity to earn money from the card, it said.Īlly abandoned credit cards in favor of point-of-sale lending - a maneuver it bolstered first with a $190 million deal to buy Charlotte, North Carolina-based Health Credit Services in 2019.Īlly then linked up with Mastercard’s Vyze last year to enter the retail point-of-sale lending space. The Ally-TD credit card launched in June 2016 to sell additional products to Ally's auto loan customers. Ally ended its credit-card partnership with TD Bank in 2019, when the Detroit-based lender determined the $100 million loan portfolio wasn't meeting expectations.
The Contactless Symbol and Contactless Indicator are trademarks owned by and used with permission of EMVCo, LLC.The Fair Square deal marks Ally's return to the credit-card space after a couple of years away.
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