ABOC Platinum Rewards Review: No Longer Available
The Bottom Line
4.6
This card offered decent benefits, if you're OK with varying point values and are willing to put in a little work to track bonus categories.
Rates, fees and offers
Annual fee
$0
Rewards rate
1x-5x
Bonus offer
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 on Purchases for 12 months
Ongoing APR
APR: 12.90%-22.90% Variable APR
Cash Advance APR: 24.99%, Variable
Balance transfer fee
3% of each balance transfer; $5 minimum
Foreign transaction fee
0%
More details from Amalgamated Bank of Chicago
- 0% Intro APR on Purchases for 12 months; after that the variable APR will be 12.90% – 22.90% (V), based on your creditworthiness
- Earn $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening
- Earn 5x rewards on up to $1,500 in combined purchases each quarter in popular categories such as dining, groceries, travel, and automotive
- No upper limit on the points you can accumulate, and since points never expire, you can save up for a big award!
- Earn Points on Every Purchase! It's simple: $1 = 1 Point
- No Annual Fee or Foreign Transaction Fee
- Select Your Rewards Your Way
Pros and Cons
Pros
No annual fee
High rewards rate
Intro APR period
Cons
Requires excellent credit
Rewards have limited flexibility
Complicated rewards
Detailed Review
» This card is no longer available
ABOC stopped accepting applications for this card in 2021 and sold its credit card business to TCM Bank. Existing cardholders were shifted to a new rewards program that did not have the 5X rotating categories described in this review. The new rewards program for the card earns just 1 point per $1 on all purchases. See our best rewards credit cards for other options. Below is our review from when the ABOC Platinum Rewards Mastercard® Credit Card was still available with the 5X rewards program.
• • •
The ABOC Platinum Rewards Mastercard® Credit Card earns bonus rewards in popular spending categories that change each quarter. Plus, there's a sign-up bonus, as well as a 0% intro APR period for purchases, all for an annual fee of $0.
One big caution, however: While you'll get good value from your rewards if you redeem them for travel, points are worth significantly less if you redeem for cash back. Other 5X-bonus-category cards don't have that problem, allowing you to redeem for travel or cash back (or other options) at the same rate of a penny per point no matter what.
Plus, those cards are also largely available to those with only good credit (FICO scores of 690 or higher). The ABOC Platinum Rewards Mastercard® Credit Card requires excellent credit (FICO scores of at least 720).
ABOC also issued the ABOC Union Strong Mastercard® Credit Card. It shared many of the same features, but it was designed for union members or supporters.
ABOC Platinum Rewards Mastercard® Credit Card: Basics
Card type: Rewards.
Annual fee: $0.
Sign-up bonus: Earn a $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening.
Rewards: Earn 5 points per $1 spent on up to $1,500 in combined spending on categories that change each quarter. All other spending earns 1 point per dollar. Those 5X categories are:
ABOC bonus rewards categories for 2021 | |
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Q1 (Jan. 1 – March 31) |
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Q2 (April 1 – June 30) |
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Q3 (July 1 – Sept. 30) |
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Q4 (Oct. 1 – Dec. 31) |
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Unlike with other rotating-bonus-category cards, the ABOC Platinum Rewards Mastercard® Credit Card doesn't require you to keep "opting in" or "activating" your bonus categories every quarter. After a one-time registration at ABOCRewards.com, you'll be eligible to earn the 5X bonus going forward. Set it and forget it.
Redemption options: Points can be redeemed for travel, statement credits, merchandise and gift cards. You can also gift points to other ABOC Rewards members. Points don’t expire as long as your account is open and in good standing.
Redemption values vary, but travel (including flights, hotels, car rentals and vacation packages) generally offers the best value at about 1 cent per point. (If you don’t have enough points for a particular travel redemption, you may use a combination of rewards and charges to your card to cover it. But in those cases, minimum redemption thresholds apply.)
Statement credit and merchandise redeem for about 0.75 cent per point; gift card rates vary between 0.7 cent and 1 cent per point.
APR: 0% intro APR on Purchases for 12 months, and then the ongoing APR of 12.90%-22.90% Variable APR.
Balance transfer fee: 3% of each balance transfer (minimum $5).
Foreign transaction fee: None.
Additional perks: Mastercard benefits such as extended warranty and price protection — offerings that have become harder to find in recent years.
Compare to Other Cards
Benefits and Perks
Rotating 5X bonus categories
If you're in the market for a rotating-bonus-category card, you may have heard of two big names in that space: the Chase Freedom Flex® and select Discover cards like the Discover it® Cash Back. Like the ABOC Platinum Rewards Mastercard® Credit Card, those cards also feature 5X-back rewards, up to a quarterly maximum, on categories that change each quarter (1% back on all else). But you must activate those bonus categories every quarter, unlike with the ABOC card.
Sign-up bonus, 0% intro APR period
Earn a $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening. Plus, you'll get an intro APR of 0% intro APR on Purchases for 12 months, and then the ongoing APR of 12.90%-22.90% Variable APR. That's a solid time frame.
$0 annual fee
Cards with high reward-earning potential often charge high annual fees. But the ABOC Platinum Rewards Mastercard® Credit Card is an easy card to hold onto for a long time, given its $0 annual fee.
It travels well
As a Mastercard with worldwide acceptance and no foreign transaction fees, the ABOC Platinum Rewards Mastercard® Credit Card makes a good travel companion.
Drawbacks and Considerations
Cash redemption value is poor
If you're not interested in travel, this card isn't the best choice because all its other redemption values are poor. A cash-back card like the Citi Double Cash® Card could be a better pick. It earns 2% cash back on every purchase — 1% back as you make purchases, and 1% back as you pay your bill. The annual fee is $0 and you’ll pay 0% intro APR on balance transfers for 18 months, and then the ongoing APR of 18.49%-28.49% Variable APR.
It requires excellent credit
While previously an option for consumers with fair and good credit scores, the ABOC Platinum Rewards Mastercard® Credit Card now requires applicants to have excellent credit to qualify. Other similar-earning cards require only average to good credit, and rewards you earn with those cards are often worth 1 cent each when redeemed for cash back or travel.
There’s no 0% intro APR period for balance transfers
The ABOC Platinum Rewards Mastercard® Credit Card has eliminated its 0% intro APR offer on balance transfers, though ABOC indicates this may be temporary, explaining it this way: “Please note: Amalgamated Bank of Chicago has temporarily suspended its balance transfer offer for new accounts due to the current economic environment. ABOC expects to reinstate this benefit in late 2020; in the meantime, new cardmembers can still receive a 0% intro APR on purchases for 12 months and have the opportunity to earn a $150 statement credit when they spend $1,200 within 90 days after account opening."
Rotating rewards create complexity
With the ABOC Platinum Rewards Mastercard® Credit Card, you'll have to keep track of its rotating bonus categories every three months. If you would prefer to keep things simple, a flat-rate cash-back card like the above-mentioned Citi Double Cash® Card will be more your speed.
How To Decide If It's Right For You
The ABOC Platinum Rewards Mastercard® Credit Card features rich rewards. If, however, you're not interested in keeping track of bonus categories — or if you want cash back — consider other options.
Visit our best credit card deals page to find the right card for you.
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Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
