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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 Nov 15, 2019. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

The ABOC Platinum Rewards Mastercard® Credit Card is a solid card offering 5x rewards points in rotating categories. While not a cashback card, it faces competition from a couple of the most popular 5% cashback cards on the market.

In this article:

Where the ABOC Platinum Rewards Mastercard® Credit Card stands out

Rewards. 5x rewards on up to $1,500 in combined purchases each quarter in popular categories such as dining, groceries, travel, and automotive. 1x unlimited points on all other purchases. The 5x categories for 2020 are:

  • January-March: Monthly bills, including qualifying utilities, cell, cable, Amazon Prime and streaming subscription services purchases.
  • April-June: Dining and transportation, including grocery stores, restaurants, and several forms of transportation.
  • July-September: Travel purchases, including qualifying airline, cruise, car rental, hotel, travel agency purchases, as well as gas, tolls, and rideshares.
  • October-December: Department stores, including Amazon.com and other major online retailers.

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.

One unique feature of this card is that you only have to activate 5x rewards once compared to competing cash back cards, such as the Discover it® Cash Back and Chase Freedom®, where you must remember to activate a new category each quarter.

Points earned with the ABOC Platinum Rewards Mastercard® Credit Card are worth varying amounts depending on how you choose to redeem them:

  • Travel = $.01 per point
  • Statement credits = $.0075 per point
  • Gift cards = $.008 per point

Good intro APR offer. Get an intro 0% on purchases for 12 months on purchases (after that, a 12.90% - 22.90% Variable APR applies).

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 — without accruing interest charges during the introductory promotion period.

Decent sign-up bonus. $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 for the size of the bonus, but if you break it your spending to $400 a month, that should be achievable if you’re putting the bulk of your purchases on this card.

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.

Chance to earn extra points. ABOC provides a portal where you can shop online with participating retailers and earn extra rewards points.

No penalty APR. If you pay late, you’ll be charged a late fee, but your APR won’t go up because of your late payment. However, you should always make sure to pay on time, because that’s the most important factor for maintaining a good credit score.

Where the ABOC Platinum Rewards Mastercard® Credit Card falls short

There are a variety of ways to redeem your rewards points, but the value of those points varies 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

Points are worth 1 cent each if you redeem them for travel — but are worth a smaller amount if you choose a different redemption option. This means that even though the ABOC Platinum Rewards Mastercard® Credit Card earns 5x rewards on certain purchases, it’s not quite up to par with an actual 5% cashback card that offers a set value for rewards regardless of how you redeem them.

Compare it with the Discover it® Cash Back

With the Discover it® Cash Back, Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically. The annual fee is $0. From its sign-up bonus to its ongoing rewards, it offers cardholders an excellent value.

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

ABOC Platinum Rewards Mastercard® Credit Card Discover it® Cash Back
Sign-up bonus $150 statement credit after you spend $1,200 on purchases within the first 90 days from account opening. For new cardmembers, 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. Just a dollar-for-dollar match.
Rewards 5x rewards on up to $1,500 in combined purchases each quarter in popular categories such as dining, groceries, travel, and automotive. 1x unlimited points on all other purchases. Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
Purchase APR Introductory 0% on Purchases for 12 months. After that, a 12.90% - 22.90% Variable APR applies. Introductory 0% for 14 months. After that, an APR of 11.99% - 22.99% variable applies.
Balance transfer APR N/A Introductory 0% for 14 months. After that, an APR of 11.99% - 22.99% variable applies.
Annual fee $0 $0
Foreign transaction fee None None

With both of these being no-annual-fee cards, the Discover it® Cash Back has an edge on the ABOC Platinum Rewards Mastercard® Credit Card. The Discover it® Cash Back’s 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.

  • 0% for 14 months on purchases and Balance Transfers, then 11.99% - 22.99% Variable.

  • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically. *

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

Highlights
  • 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. Just a dollar-for-dollar match.
  • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when 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 (each quarter you activate) 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.

Plus, if you don’t like having to remember to activate new categories each quarter, the ABOC Platinum Rewards Mastercard® Credit Card offers the convenience of registering for an ABOC Rewards account one time, and automatically getting 5x rewards in rotating categories going forward.

The bottom line

The ABOC Platinum Rewards Mastercard® Credit Card is a decent choice if you’re looking for a card that offers 5x rewards and charges a $0 annual fee. However, because points are worth varying amounts depending on how you redeem them, the Discover it® Cash Back and the Chase Freedom® could provide better value overall

The information related to the Chase Freedom® has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.


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