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ABOC Platinum Rewards Review: Good Benefits for Average Credit

Updated April 23, 2018
Credit Cards, Credit Cards for Average or Fair Credit
ABOC Platinum Rewards
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This page is out of date

Amalgamated Bank of Chicago changed the eligibility criteria for the ABOC Platinum Rewards Card in April 2018, so that it is now marketed only to those with good or excellent credit. As a result, this page is out of date. See our ABOC Platinum Rewards Card details page for the current offer.
» For options for average credit, see our roundup of the best credit cards for average credit.

The ABOC Platinum Rewards Card offers solid features that can be helpful for people looking to build their credit scores while earning rewards. The card, which is offered by the Amalgamated Bank of Chicago, is recommended for those with average credit or better.

ABOC Platinum Rewards Card: Benefits

  • Rewards program. The ABOC Platinum Rewards Card gives 1 rewards point for every $1 spent. Rewards points can be redeemed online for gift cards, statement credits, merchandise and travel. Redemption values vary by method. There’s no point cap, and the points don’t expire.
  • Sign-up bonus. Earn a $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening. Think of it as 10X rewards on the first $1,000 spent.
  • 0% intro APR period. The annual percentage rate is 0% Intro APR on Purchases and Balance Transfers for 12 months, and then the ongoing APR of 14.40% - 24.40% Variable APR. If you’re looking to finance a big purchase, the introductory APR on this card can help you out.
  • Integration with digital wallets. If you have Masterpass by Mastercard, Apple Pay, Samsung Pay or Android Pay digital wallets, you can add your ABOC Platinum Rewards Card to your payment options and pay by taping your phone at registers enabled with near-field communication technology, or NFC.

ABOC Platinum Rewards Card: Drawbacks and other options

The ABOC Platinum Rewards Card is a good card for average credit, but depending on what you’re looking for, there might be a better option for you.

You can get a higher rewards rate elsewhere

The Capital One® QuicksilverOne® Cash Rewards Credit Card gives you 1.5% cash back on every purchase — the same rate you’ll find on many cards for people with good or excellent credit. Cash-back rewards are also more versatile than points-based systems such as the one ABOC offers. However, this card does have an annual fee of $39. You’ll have to spend at least $2,600 a year to make up for the annual fee.

It’s not great for balance transfers

The 0% intro annual percentage rate on the ABOC Platinum Rewards Card applies only to purchases, and the card charges a balance transfer fee of 3% of the amount transferred (minimum fee is $5).

If you have high-interest debt to pay off, consider the Chase Slate®. It has a $0 balance transfer fee for transfers made within the first 60 days of account opening. The annual fee is $0, and you get an introductory APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 16.49% - 25.24% Variable APR. But there’s no rewards program, which is usually the case with balance transfer cards.

It charges foreign transaction fees

Foreign transaction fees charged by credit cards are the bane of any international traveler. Like many cards, the ABOC Platinum Rewards Card charges a fee of 3% of each transaction in a foreign country.

The Capital One® Platinum Credit Card, however, doesn’t charge such fees. It has a $0 annual fee. There are no rewards on this card, either. However, it does come with a benefit of particular interest to those with average credit: Make your first five payments on time, and you could gain access to a higher credit line.

Is the ABOC Platinum Rewards Card the best option for you?

The ABOC Platinum Rewards Card offers flexible rewards and minimal fees, making it a suitable option if you have an average credit score. If you’re looking to transfer a balance, want a longer 0% introductory APR period or want a higher flat-rate rewards fee, however, other cards may be more appealing.

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