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ABOC Platinum Rewards Mastercard® Review

ABOC Platinum Rewards Mastercard® Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Oct 17, 2019. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

The information related to the ABOC Platinum Rewards Mastercard® has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

The ABOC Platinum Rewards Mastercard® is a decent rewards card. It’s outclassed by some of the more popular rewards credit cards on the market, but it does offer OK rewards, a good 0% intro APR deal and a sign-up bonus.

In this article:

Where the ABOC Platinum Rewards Mastercard® stands out

Generous intro APRs. Get 0% Intro APR for 12 months from account opening on purchases (after, 14.90% to 24.90% variable) and 0% Intro APR for 12 months from account opening on balance transfers (after, 14.90% to 24.90% variable).

Read: Longest 0% APR Credit Card Offers

While there are credit cards offering longer 0% APR introductory periods, this is a solid offer and can give you the opportunity to pay off a large purchase — such as furniture or electronics — or debt from another card without accruing interest charges during the introductory promotion period. Do note that if you use the card for a balance transfer, there is a fee of 3% of each balance transfer (minimum $5).

Decent sign-up bonus. Earn a $150 statement credit after you spend $1,200 on purchases within the first 90 days from account opening. The spending requirement is a little on the high side, but if you break it down to $400 a month, that should be achievable if you’re putting the bulk of your spending on this card.

Upped rewards. The base rewards on this card are just OK — earn 1 rewards point on every $1 spent, every time..

However, in 2019, Amalgamated Bank of Chicago upped the rewards bonus where cardholders have the chance to earn 5X rewards points for every $1 spent on rotating rewards categories throughout the year (on the first $1,500 spent per category, then 1X). Categories in 2019 include:

  • January-March: Dining and grocery purchases
  • April-June: Home improvement purchases
  • July-September: Travel purchases
  • October-December: Automotive purchases

There’s no limit to how many rewards points you can earn, and points don’t expire as long as your credit card account is in good standing.

Additional benefits

No annual fee. The annual fee on this card is $0, which means you have the chance to earn net rewards or take advantage of the intro APR offers without worrying about an annual fee.

No foreign transaction fee. Don’t worry about paying a foreign transaction fee on each purchase when you use this card outside the United States — there is none.

Where the ABOC Platinum Rewards Mastercard® falls short

There are a variety of ways to redeem your rewards points, but the value of those points may vary depending on how you redeem them. There is a rewards site where you can register and view details once you have a card. Ways to redeem points include:

  • Cash in the form of statement credits
  • Gift cards
  • Merchandise
  • Cruises
  • Airfare

Since points can be worth less than 1 cent per point, depending on how you choose to redeem, this card isn’t quite up to par with an actual 5% cashback card that offers a set value for rewards regardless of how you choose to redeem them.

Compare it with the Discover it® Cash Back

The Discover it® Cash Back offers 5% cash back for rotating categories every quarter and charges a $0 annual fee. From its sign-up bonus to its ongoing rewards, it offers cardholders an excellent value.

Here’s how the ABOC Platinum Rewards Mastercard® and the Discover it® Cash Back stack up:

ABOC Platinum Rewards Mastercard® Discover it® Cash Back
Sign-up bonus Earn a $150 statement credit after you spend $1,200 on purchases within the first 90 days from account opening. For new Cardmembers, Discover will automatically match all the cash back you earn at the end of your first year.*
Rewards Earn 1 Rewards Point on every $1 spent, every time. 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate, 1% unlimited cash back on all other purchases - automatically.
Regular purchase APR 14.90% to 24.90% Variable 13.49% - 24.49% Variable
Annual fee $0 $0
Foreign transaction fee None None

With both of these being no-annual-fee cards, the Discover it® Cash Back comes out the clear winner. The sign-up bonus has the potential to be worth a significant amount if you use this card for most of your spending during the first year of having it, and there’s no need to worry about what your rewards are worth — you earn cash back rather than points of varying value. The only potential downside is that Discover is still not as widely accepted in some places as Mastercard. While it’s not likely to present a big problem in the United States, cardholders might find it to be more of a factor if traveling outside the country.

  • Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically*

  • Earn 5% cash back at different places each quarter up to the quarterly maximum, when you activate*

  • Any amount, any time. Cash back rewards never expire*

Highlights
  • INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
  • Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
  • Plus, earn unlimited 1% cash back on all other purchases - automatically.
  • Redeem cash back any amount, any time. Rewards never expire.
  • Use your rewards at Amazon.com checkout.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • No annual fee.
  • See Rates & Fees

See additional details for Discover it® Cash Back

More Info

Another 5% card with rotating cashback categories worth considering is the Chase Freedom®. For more details, check out our evaluation of how the Chase Freedom® and the Discover it® Cash Back compare to each other.

  • Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

  • 0% Intro APR on purchases and balance transfers for 15 months

  • 16.74% - 25.49% Variable

Highlights
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • Unlimited 1% cash back on all other purchases - it's automatic
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.74-25.49%.
  • 3% intro balance transfer fee when you transfer a balance during the first 60 days your account is open, with a minimum of $5.
  • No annual fee
  • Cash Back rewards do not expire as long as your account is open and there is no minimum to redeem for cash back.
  • Free credit score, updated weekly with Credit JourneySM

See additional details for Chase Freedom®

More Info

The bottom line

The ABOC Platinum Rewards Mastercard® is a decent choice if you’re looking for a card that offers rewards and charges a $0 annual fee. However, its limited base rewards program means it can’t complete with the Chase Freedom® and Discover it® Cash Back, both of which offer 5% cash back in rotating quarterly categories.


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