ABOC Moves Credit Card Accounts to TCM Bank, Slashes Rewards Rate
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The Amalgamated Bank of Chicago — issuer of the ABOC Platinum Rewards Mastercard® Credit Card and ABOC Union Strong Mastercard® Credit Card — is selling its credit card portfolio to TCM Bank. All other ABOC products and services remain the same.
While this change was in the works, ABOC closed its cards to new applicants.
Current cardholders can continue to use the cards they already carry, but notable changes went into effect as of Aug. 27, 2021:
The biggest change: No more rotating 5X rewards categories. Going forward, your card will earn 1 point per $1 on all purchases. Previously, you could earn 5 points per $1 on up to $1,500 in combined quarterly spending on bonus categories that rotated every three months.
A new rewards redemption platform. ABOC’s former rewards program will move to cRewards, where you can redeem points for travel, gift cards, merchandise and more.
Discounts at specific merchants. Cardholders will be able to get discounts in the form of statement credits for using their card at participating merchants listed on the cRewards website.
Cell phone protection benefit. This is valued at up to $200 per claim, on up to $400 per 12-month period. There is a $50 deductible.
What’s staying the same
Card account numbers will not change. Your existing rewards balance will automatically transfer to cRewards, and your payment due date will remain unchanged. If you have questions about your account, you can continue to call the number on the back of your ABOC card. You can also call 1-800-365-6464 if you have questions about the transition to TCM Bank.
If you have an ABOC credit card, keep an eye on your mailbox (as well as aboc.com) for more information about these changes.
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