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ABOC Platinum Rewards Review: Good Benefits for Average Credit

Aug. 8, 2018
Credit Cards, Credit Cards for Average or Fair Credit
ABOC Platinum Rewards
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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

ABOC Platinum Rewards Card

Apply Now on Amalgamated Bank of Chicago's secure site
  • Recommended Credit Score
  • 630
    850
    Average - Excellent
  • Card Details
  • Pros

    • 0% APR period on purchases
    • No Annual Fee
    • Qualify with average credit or better

    Cons

    • Low rewards rate
    • Has foreign transaction fees
    • 3% of each balance transfer (minimum $5)

    Annual Fees

    $0

    APR

    • APR: 14.65% - 24.65% Variable APR
    • Cash Advance APR: 26.74%, Variable

    Bonus Offers

    Earn a $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening

    Intro APR

    • 0% Intro APR for 12 months on Purchase and Balance Transfers
  • Additional Information
    • 0% Intro APR on Purchases and Balance Transfers for 12 months; after that the variable APR will be 14.65% - 24.65%, based on your creditworthiness
    • Earn a $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening
    • Unlimited Points That Don’t Expire
    • Earn Points on Every Purchase! It’s simple: $1 = 1 Point
    • No Annual Fee
    • Select Your Rewards Your Way

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.
  • 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 14.65% - 24.65% 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 a perfect solution for balance transfers

You can find longer 0% intro APR periods, 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 NerdWallet’s recommended low-interest and 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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