The ABOC Platinum Rewards Mastercard is no longer accepting applications for new accounts. You can review our list of the best rewards credit cards for what we think are the best options.
Full Review of ABOC Platinum Rewards Mastercard
Strong rewards on rotating categories
Subpar redemption value
- 5% Rewards on Some Everyday Spending Categories: With the ABOC Platinum Rewards Mastercard, you’ll earn 5% cash back on purchases in spending categories, up to a quarterly maximum. The categories rotate, but typically include purchases made at grocery stores, gas stations, and online retailers. While you must register every quarter to receive these rewards, the 5% cash back rate beats what you can earn on everyday purchases with most other cards.
- Spending Limit on Bonus Rewards: While you can earn up to 5% cash back on select purchases, there’s a quarterly spending limit of $1,500 for such rewards. After that, further purchases will earn only the 1% rate that applies for all other spending. While the limit may often suffice, households that spend heavily in some categories reach it fairly easily. For example, health and wellness is the 5% rewards in the first quarter of 2021. ABOC includes groceries, drugstores, fitness clubs, and hospitals. Using data from the Bureau of Labor Statistics, the average family might spend about $2,655.50 in these categories each quarter. This exceeds the $1,500 limit so on the additional $1,155.50 in spending you will earn 1% cash back. Other categories may be harder to reach the limit through.
- Few Benefits: You don’t expect a no-fee credit card to be loaded with additional features. But the ABOC Platinum Rewards Mastercard has fewer than many competitors. It provides the customary security protections, along with an extended warranty provision and protection against price drops after you buy. But it lacks pluses such as auto-rental coverage and travel accident insurance.
This Card is Best For
Resists or refuses an annual fee on principle or due to cost
Seeks to maximize points or miles earnings across spending categories
The ABOC Platinum Rewards Mastercard is for people willing to keep track of rotating spending categories in order to maximize their credit card rewards. Without activation every quarter of the category or categories eligible for 5% cash back rewards, the card earns a meager 1% in cash back.
This card could also appeal to those who want to take advantage of the 0% APR provision for purchases for the first year of card membership that can used for making larger purchases and paying off the outstanding balances without the burden of interest payments.
ABOC Platinum Rewards Mastercard One-Time Offer
The card offers a $150 statement credit after you spend $1,200 in the first 90 days. While the bonus represents a strong 12.5% return on your spending, some other cards require you to spend just $500 for the same incentive.
Rewards Earning Details
The card offers 5 points per dollar on up to $1,500 spent each quarter in rotating categories. For 2021, those categories include:
- January–March: Health And Wellness which includes hospitals, pharmacies, grocery stores, and fitness clubs
- April–June: Spring Spruce-Up which includes home improvement, gardening, Amazon.com, and other major online retailers
- July–September: Travel which includes airlines, cruises, car rentals, hotels, travel agencies, gas, tolls, and ride shares
- October–December: Enjoy The Holidays which includes dining, groceries, food delivery, liquor stores, and Amazon.com
You’ll earn 1 point per dollar on all other purchases you make with the card.
Rewards Redemption Details
The card offers a handful of redemption options, but the value you get from your points can vary based on how you use them. According to online reports, here’s what to expect:
- Travel: Up to 1 cent per point
- Gift cards: Up to 0.93 cents per point
- Statement credit: 0.75 cents per point
- Merchandise: 0.75 cents per point
It’s pretty typical with most rewards programs to get less than 1 cent per point on merchandise. But with statement credits (and other forms of cash back), gift cards and travel, it’s standard to get at least 1 cent per point with most major rewards programs. Keep that in mind as you determine how much value you can get with the card.
For example, if you’re in it for the 5X rewards rate and prefer cash back, your effective rewards rate is just 3.75% with statement credits. In comparison, the Chase Freedom and Discover it offer a true 5% rewards rate, up to $1,500 in spending, on rotating bonus categories.
How to Maximize Your Rewards
The card’s bonus rewards rate is among the best in the business, so make sure you know what the current and upcoming bonus categories are so you can plan spending accordingly. Just be careful of spending money on something you don’t need for the sake of bonus rewards—the value you get back pales in comparison to the cost of the unnecessary purchase.
Also, plan to hold onto your points for travel redemptions only. That way, you’re not leaving money on the table with less valuable redemption options.
And again, it’s best to avoid the card’s base rewards rate of just 1 point per dollar.
- Extended warranty coverage
- Price protection
- Zero-liability fraud protection
- Mastercard ID theft protection
Amalgamated Bank of Chicago (ABOC) wasn’t included in the 2021 J.D. Power Credit Card Satisfaction Study.
According to one of the bank’s representatives, its customer service team is available Monday through Friday from 7:30 a.m. to 4:30 p.m. Central time, but you can reach someone outside of those hours if you’ve lost your credit card. With most national card issuers, 24/7 customer service is standard.
Also, unlike many major card issuers, ABOC doesn’t offer free access to your FICO or VantageScore credit cards.
The ABOC Platinum Rewards Mastercard doesn’t offer any security features beyond the industry standard fraud protection.
Fees to Watch Out For
For the most part, the card’s fees are in line with credit card industry standards. One exception is that it doesn’t charge a foreign transaction fee. Some similar cards that offer rotating bonus categories or an introductory 0% APR promotion on purchases charge 3% on each purchase made abroad.
The ABOC Platinum Rewards Mastercard has a lot of promise with its 5X bonus categories, but the card’s subpar redemption value with statement credits and gift cards should give you pause—especially considering you can expect this card’s maximum redemption value as a minimum with many other rewards credit cards.
That said, if you like the card’s combination of bonus rewards and 0% APR promotion, and plan to use your rewards strictly for travel, you can avoid some of its drawbacks. Just plan to use the card in tandem with another one, so you’re not stuck with a lowly 1% rewards rate (or less) on most of your purchases.This setup isn’t out of the ordinary for cards with rotating bonus categories or a tiered rewards structure. But it may be best to pair it with a card that offers 1.5% or even 2% back on everything so you can take advantage of this card’s 5X bonus category without leaving money on the table with its low base rate. Consider getting another card, such as the Citi Double Cash card, which offers unlimited 1% + 1% cash back on everything—that’s 1% back on each purchase and another 1% back as you pay them off. Use the ABOC Platinum Rewards Mastercard for its bonus categories only and the Citi Double Cash card for everything If that’s your reason to get the card, though, consider also getting a credit card that offers more than 1 point per dollar as a base rewards rate. That way, you can use the ABOC Platinum Rewards Mastercard for its bonus categories and the other card for everything else.
Low Base Rewards Rate
You’ll earn 5 points per dollar on select bonus categories, but all of your other purchases will earn just 1 point per dollar. So unless you’re using the card only for its bonus categories, you’ll likely earn a mediocre rewards rate on most of your purchases.
The ABOC Platinum Rewards Mastercard is designed for people who want to take advantage of its bonus rewards categories. Earning 5 points per dollar on everyday expenses can be very appealing, especially if typical spending matches up well with the new categories every quarter.
Subpar Redemption Value
It’s pretty typical with most rewards programs to get less than 1 cent per point on merchandise. But with statement credits (and other forms of cash back), gift cards and travel, its standard to get at least 1 cent per point with most major rewards programs. Keep that in mind as you determine how much value you can get with the card.
For example, if you’re in it for the 5X rewards rate and prefer cash back, your effective rewards rate is just 3.75% with statement credits. In comparison, the Chase Freedom and Discover it offer a true 5% rewards rate, up to $1,500 in spending, on rotating bonus categories. The best way to redeem your rewards is on travel, which offers up to 1 cent per point in value. But that rate is the standard minimum for most top rewards credit cards. And if you want gift cards, a statement credit or merchandise, you’ll get even less value out of your rewards.
Great Rewards on Rotating Categories
The card offers a whopping 5 points per dollar on everyday spending categories that rotate every quarter. There aren’t many credit cards that offer this rewards structure—the Chase Freedom and Discover it are two notable alternatives. If you’re looking for an opportunity to maximize your rewards on different areas of your budget, this card may be a solid choice. The only drawback is that bonus spending capped at $1,500 per quarter, and all purchases after that net you just 1 point per dollar.Points are worth up to 1 cent apiece on travel redemptions and 0.75 cents each for statement credits