ABOC Platinum Rewards Review: Good Benefits for Average Credit

People with fair or average credit don’t have a lot of options in rewards credit cards, which is why the ABOC Platinum Rewards Card is worth a look. Offered by Amalgamated Bank of Chicago, the card is a decent option for people looking to strengthen their credit while earning rewards for their spending.

ABOC Platinum Rewards Card: Benefits

• $0 annual fee. When you’re working on your credit score, every point counts. Closing accounts can ding your score, so you want a card that won’t cost you anything to hold onto.
• A basic 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. If you’re looking to finance a big purchase, the 0% period on this card can help you out. You get a 0% Intro APR on Purchases and Balance Transfers for 12 months, and then the ongoing APR of 14.90% - 24.90% Variable APR. That’s a standout feature on a card for fair credit.

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

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.

There’s a balance transfer fee

The 0% period on this card also applies to balance transfers, but keep in mind that you’ll pay a fee of 3% of the amount transferred or $5, whichever is greater. That fee is in line with the industry standard, so it’s not necessarily a deal-breaker, but still worth keeping in mind.

It charges foreign transaction fees

Foreign transaction fees on 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. 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.

Do you actually have bad credit?

If your credit score is lower than 630, you may actually have bad credit rather than average. In that case, your best option might be a secured credit card. These cards require a cash security deposit — usually equal to your credit line — but otherwise function like a regular credit card. One of NerdWallet’s favorites is the Discover it® Secured. It offers cash-back rewards, a bonus for new cardholders and a clear path to an upgrade for responsible cardholders, all with an annual fee of $0.

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 decent option if you have an average credit score. Bigger spenders might want to look elsewhere for a higher rewards rate, though.