ABOC Platinum Rewards Review: No Longer Available; Current Cardholders Moving to TCM Bank

You'll earn 5 points per $1 spent in bonus categories that change quarterly — but point values vary depending on what you redeem rewards for.

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Our Take

4.6

NerdWallet rating 

The bottom line: This card offers decent benefits, if you're OK with varying point values and are willing to put in a little work to track bonus categories.

ABOC Platinum Rewards

ABOC Platinum Rewards Mastercard® Credit Card

Annual fee

$0

Regular APR

12.90% - 22.90% Variable APR

Intro APR

0% on Purchases for 12 months

Recommended Credit Score

Quick Facts

Pros & Cons

Pros

  • No annual fee
  • High rewards rate
  • Intro APR period

Cons

  • Requires excellent credit
  • Rewards have limited flexibility
  • Complicated rewards

Alternate Pick: Cash-back rewards

Discover it® Cash Back
NerdWallet rating 

Discover it® Cash Back

Unique bonus

Earn 5% cash back on activated rotating bonus categories on up to $1,500 in spending per quarter, plus 1% back on all other purchases. INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300. The annual fee is $0. Pay 0% intro APR for 14 months on purchases and balance transfers, and then the ongoing APR of 11.99% - 22.99% Variable APR.

Read our review

Compare to Other Cards

ABOC Platinum Rewards

ABOC Platinum Rewards Mastercard® Credit Card

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee

$0

Annual fee

$0

Annual fee

$0

Regular APR

12.90% - 22.90% Variable APR

Regular APR

13.99% - 23.99% Variable APR

Regular APR

11.99% - 22.99% Variable APR

Rates & Fees

Intro APR

0% on Purchases for 12 months

Intro APR

0% intro APR on Balance Transfers for 18 months

Intro APR

0% intro APR for 14 months on purchases and balance transfers

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score

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Full Review

As of August 2021, ABOC closed this card to new applicants and  to TCM Bank. This card no longer has 5X rotating categories and earns 1 point per $1 on all purchases, so this article is out of date. 

The 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 .

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. 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  requires excellent credit (FICO scores of at least 720).

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Card type: .

Annual fee: .

Sign-up bonus:

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:

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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, )

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: .

Balance transfer fee: 3% of each balance transfer (minimum $5).

Foreign transaction fee: None.

Additional perks: Mastercard benefits such as and — offerings that have become .

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If you're in the market for a rotating-bonus-category card, you may have heard of two big names in that space: the and select Discover cards like the. Like the , 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.

Plus, you'll get an intro APR of . That's a solid time frame.

Cards with high reward-earning potential often charge high annual fees. But the is an easy card to hold onto for a long time, given its annual fee.

As a Mastercard with worldwide acceptance and no foreign transaction fees, the makes a good travel companion.

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 could be a better pick. It's also aimed at those with higher credit scores, but 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 and you’ll pay . However, the card doesn’t have a sign-up bonus.

While previously an option for consumers with fair and good credit scores, the now requires applicants to have excellent credit to qualify. The aforementioned and  require only good credit, and rewards you earn with those cards are worth 1 cent each when redeemed for cash back or travel.

The 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."

With the , 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 will be more your speed.

The features rich rewards. If, however, you're not interested in keeping track of bonus categories — or if you want cash back — consider other options.