- 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
Reviewing The ABOC Platinum Rewards Mastercard
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.
Main Benefits Of The ABOC Platinum Rewards Mastercard
If you pay off your balance each month on time and in full, you should get some type of rewards card so you can earn money from using your credit card. The ABOC Platinum Rewards Mastercard is a good rewards card. There is a significant early spend bonus: you’ll earn a $150 statement credit after spending $1,200 on purchases with your card in the first 90 days from opening the account.
In addition, the card’s ongoing rewards program is very easy to understand. For every dollar spent, you earn one ABOC Rewards Point. The points never expire and you can earn an unlimited number of points.
ABOC also offers ongoing quarterly promotions where cardholders can earn significant bonus points. ABOC gives five points per $1 spent on the first $1,500 in combined purchases each quarter on these categories:
First Quarter: Monthly Bills (qualifying utilities, cell, cable, Amazon Prime and streaming subscription services)
Second Quarter: Dining and Transportation (grocery, restaurant, several forms of transportation)
Third Quarter: Travel (airline, cruise, car rental, hotel, travel agency, gas, tolls, rideshare)
Fourth Quarter: Department Stores (qualifying department and electronics stores, superstores, Amazon.com, and other major online retailers)
Cardholders must have a registered account at ABOCRewards.com to take advantage of these bonus points.
Extra points can be earned by shopping at featured retailers through ABOC’s shopping portal. Points can be redeemed for cash in the form of statement credits, gift cards, merchandise, car rentals, hotels, cruises and airfare.
The ABOC Platinum Rewards Mastercard offers new cardholders 0% APR for 12 months on purchases. After the introductory rate ends, the standard rate for purchases and balance transfers will be 12.90% - 22.90% (variable) based on your creditworthiness when you applied. Cash advances have a rate of 24.99% (variable).
The card does not have an annual fee, and you will not incur a penalty interest rate if you are late with or miss a monthly payment, although a one-time fee will apply per missed payment. It offers extended warranty and price protection coverage and is compatible with most mobile wallet apps, including Masterpass, Apple Pay, Samsung Pay, and Android Pay.
Even though it is offered by a community bank, it is a Mastercard, so it is accepted by over 30 million merchants around the world.
Main Drawbacks Of The ABOC Platinum Rewards Mastercard
While this card does have a rewards program, there are credit cards with more attractive rewards, especially for consumers who have excellent credit. Cardholders receive one point for every dollar spent or a 1% return. There are a number of rewards cards that pay the equivalent of 1.5% rewards, or enhanced rewards for purchases made in certain categories.
Who The ABOC Platinum Rewards Mastercard Is Right For
This is an attractive rewards card for those that may not have excellent credit. Consumers with fair or good credit scores have relatively few options when it comes to cards that have rewards and benefits, yet come with no annual fee. Those consumers should definitely take a hard look at the ABOC Platinum Rewards Mastercard.