ABOC Platinum Rewards Review: Good Benefits for Average Credit

The ABOC Platinum Rewards Mastercard® Credit Card is a hidden gem.

It's available to those with average credit, also known as fair credit, which typically means applicants with FICO scores between 630 and 689. But it also packs several valuable features that are rarely offered on those kinds of cards. For starters, it 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 both purchases and balance transfers (the latter of which is quite lengthy), all for an annual fee of $0.

These kinds of benefits are normally found on cards requiring good to excellent credit — FICO scores of 690 or higher — and they make this card worth keeping around even if your credit scores improve.

One big caution: You'll get good value from your rewards when you redeem them for travel. But if you want cash back, this may not be the best card for you, as points are worth significantly less when you choose that option.

» MORE: NerdWallet's best credit cards for fair credit

ABOC Platinum Rewards Mastercard® Credit Card: Key features

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:

» MORE: Which 5% rotating bonus category card should you choose?

Redemption options: Points can be redeemed for travel, statement credit, gift cards and merchandise. You can also gift points to other ABOC Rewards members. Points don’t expire.

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% on Purchases for 12 months and Balance Transfers for 18 months, and then the ongoing APR of 14.40% - 24.40% 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.

» MORE: The 3 levels of Mastercard benefits

Why you might want the ABOC Platinum Rewards Mastercard® Credit Card

Good rewards for fair credit

If you're in the market for a rotating-bonus-category card, you've likely heard of two of the biggest names in that space: the Chase Freedom® 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 opt in to those bonus categories every quarter, unlike with the ABOC card. And the Chase and Discover products require good to excellent credit scores to qualify.

Sign-up bonus, 0% intro APR period

You get perks that aren't typical of cards designed for fair credit. Earn a $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening. Plus, you'll get a 0% on Purchases for 12 months and Balance Transfers for 18 months, and then the ongoing APR of 14.40% - 24.40% Variable APR. That's a lengthy timeframe. The 18-month offer on balance transfers is far more typical of cards designed for good to excellent credit.

$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 on to.

It travels well

As a Mastercard with worldwide acceptance and no foreign transation fees, the ABOC Platinum Rewards Mastercard® Credit Card makes a good travel companion.

Why you might want a different credit card

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 Capital One® QuicksilverOne® Cash Rewards Credit Card could be a better pick. It's aimed at those with fair credit, but it earns 1.5% cash back on every purchase — the same rate you'll find on many cards for people with good or excellent credit. However, this card does have an annual fee of $39.

» MORE: NerdWallet's best cash-back credit cards

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 aforementioned Capital One® QuicksilverOne® Cash Rewards Credit Card will be more your speed.

Your favorite store offers a rewards credit card

Store credit cards can also be an option for those with fair or average credit, and some of them are quite rewarding. For example, the Capital One® Walmart Rewards™ Mastercard® is open to those with average credit as long as they meet other application requirements. It earns 5% back on Walmart.com and Walmart app purchases; 2% back on in-store purchases at Walmart (including at Murphy USA and Walmart fuel stations); 2% back on travel and at restaurants; and 1% back on everything else. Those bonus categories make the card a decent choice even for certain everyday, non-store-specific spending. It has a $0 annual fee.

Is the ABOC Platinum Rewards Mastercard® Credit Card right for you?