Ally Bank to buy Ollo Cards

[TattnallTrio]

This might be old news, I don't think anyone mentioned this on here. I heard this tonight on Youtube... that Ally Bank is buying a company called Fair Square that currently operates the Ollo Credit Cards.

Ally Financial to enter credit card space with $750M acquisition of Fair Square - Charlotte Business...

[RehabbingANDBlabbing]

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@TattnallTrio wrote:

This might be old news, I don't think anyone mentioned this on here. I heard this tonight on Youtube... that Ally Bank is buying a company called Fair Square that currently operates the Ollo Credit Cards.

Ally Financial to enter credit card space with $750M acquisition of Fair Square - Charlotte Business...

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Ally was trying to buy Merrick Bank during 2020, but that fell through due to the pandemic. It looks to me like they are going to Target more subprime customers since these were the two card operations they were interested in. To

me, their banking products seem to cater to more wealthy people, so this is interesting. They do offer subprime auto loans, so maybe they have more of a mixed business, similar to Cap1.

[Anonymalous]

With their emphasis on low or no fees and no minimum balances, and their complete lack of tiers like Chase or Bank or America, I'm not sure why you'd come to the conclusion that Ally caters to the wealthy. If anything, with the minor barrier imposed by being an online bank, they cater to the relatively young and tech saavy. With that in mind, the Ollo purchase could make sense. They might want cards for those without a deep credit history.

[SouthJamaica]

Article is paywalled.

[BearsCubsOtters]

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@TattnallTrio wrote:

This might be old news, I don't think anyone mentioned this on here. I heard this tonight on Youtube... that Ally Bank is buying a company called Fair Square that currently operates the Ollo Credit Cards.

Ally Financial to enter credit card space with $750M acquisition of Fair Square - Charlotte Business...

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Thank you. I was reading about this just last night but could not figure out which cards Fair Square Financial opperated. I wonder if they will continue the Ollo name or slap Ally on the cards. 

[Space_Daddy]

I was wondering when Ally was going to get into the credit card game.

[FinStar]

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@Space_Daddy wrote:

I was wondering when Ally was going to get into the credit card game.

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They used to issue CCs in partnership with TD Bank so it's not their first time in the CC rodeo.

[Anonymous]

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@FinStar wrote:

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@Space_Daddy wrote:

I was wondering when Ally was going to get into the credit card game.

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They used to issue CCs in partnership with TD Bank so it's not their first time in the CC rodeo.

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I have been an Ally customer ever since they changed their name from General Motors. They tried to fool the public with their new name since they never re paid the US government over 3 billion dollars. They went into a BK as well and we tax payers are left holding the bag.

I have a checking account with Ally , I had a car loan about 5 years ago. The going rate was 4% and they charged me 8%. My back was against the wall as it was the only 2017 Corvette with auto transmission around. It was a Sunday. I took the deal and car, the day the 1st  payment coupon arrived I paid off the loan in full. I am not sure who was more crooked the car dealer or Ally or it was probably both.

Thanks

Mark

[Nomad3]

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@BearsCubsOtters wrote:

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@TattnallTrio wrote:

This might be old news, I don't think anyone mentioned this on here. I heard this tonight on Youtube... that Ally Bank is buying a company called Fair Square that currently operates the Ollo Credit Cards.

Ally Financial to enter credit card space with $750M acquisition of Fair Square - Charlotte Business...

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Thank you. I was reading about this just last night but could not figure out which cards Fair Square Financial opperated. I wonder if they will continue the Ollo name or slap Ally on the cards. 

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In my notices they are making it sound like they will be getting rid of the Ollo name, so I'm going to need a new app possibly......

[rosco75]

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@Anonymous wrote:

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@FinStar wrote:

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@Space_Daddy wrote:

I was wondering when Ally was going to get into the credit card game.

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They used to issue CCs in partnership with TD Bank so it's not their first time in the CC rodeo.

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I have been an Ally customer ever since they changed their name from General Motors. They tried to fool the public with their new name since they never re paid the US government over 3 billion dollars. They went into a BK as well and we tax payers are left holding the bag.

I have a checking account with Ally , I had a car loan about 5 years ago. The going rate was 4% and they charged me 8%. My back was against the wall as it was the only 2017 Corvette with auto transmission around. It was a Sunday. I took the deal and car, the day the 1st  payment coupon arrived I paid off the loan in full. I am not sure who was more crooked the car dealer or Ally or it was probably both.

Thanks

Mark

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I know this poster is gone, but my god man - an AUTOMATIC corvette?!?! I would have charged you double the going rate as well for the indecency of wanting to drive such an abomination.