ABOC Platinum Rewards Mastercard®
Earn a $150 Statement Credit and Enjoy 0% Intro APR
- Regular Purchase APR 12.9% to 22.9% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 12.9% to 22.9% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 24.99% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent
- Intro Purchase APR 0% for 12 months from account opening date
- Processing Network Mastercard
- No annual fee
- No foreign transaction fees
- 1X points per dollar spent
- 0% intro APR on purchases for 12 months
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 12.9% to 22.9% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 12.9% to 22.9% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each balance transfer, whichever is greater
- Cash Advance APR: 24.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $25
At a Glance
The ABOC Platinum Rewards Mastercard is an excellent rewards credit card that also benefits from a lengthy 0% intro APR period on purchases. The card earns 5X points per dollar spent on a rotating selection of categories each quarter and an unlimited 1% cash back (1X points) on all other purchases.
Ideal for Those Who:
- Have excellent credit and want a great rewards card
- Don’t mind adjusting their spending to match changing categories each quarter
- Don’t want to pay an annual fee
- Prefer to use points towards travel
ABOC Platinum Rewards Mastercard® Review
The ABOC Platinum Rewards Mastercard® is a well-rounded reward and cash back credit card for those with excellent credit. It grants flexibility in earning rewards, redeeming them, and in cutting costs via no foreign transaction fees and no annual fee.
0% Intro APR
Amalgamated Bank of Chicago doesn’t waste any time with the Platinum Rewards card when it comes to perks, giving new accounts a 0% intro APR on purchases. This promotion, which is in effect for 12 months from the date of account opening, provides cardholders an excellent opportunity to finance a large purchase over time without the worry of accumulating interest charges.
Whether it’s a splurge or an unexpected emergency, a 12-month cushion is welcome for all customers. As an added bonus, consumers can earn ample rewards points on any transactions they plan to finance over their initial year.
Earn Rewards with Every Purchase
The ABOC Platinum Rewards Mastercard earns 5X points per dollar spent in select categories which rotate every quarter, much in the same way as holders earn 5% cash back rewards with the Discover It Cash Back and the Chase Freedom Flex Card. The 5X points apply to the first $1,500 in combined spending on the set categories each quarter, with the 5% calendar categories breaking down as follows:
ABOC Rewards Mastercard 2021 5X Calendar
Health and wellness
Earn 5X points on qualifying groceries, fitness clubs, hospitals, and pharmacies.
MCC codes:
- 5411 – Groceries
- 5451 – Dairy product stores
- 5462 – Bakeries
- 5499 – Misc. food/convenience
- 5441 – Candy/nut
- 5422 – Freezer/locker meat
- 7997 – Fitness clubs
- 8062 – Hospitals
- 8041 – Chiropractors
- 8042, 8043, 8044 – Vision services
- 7298 – Beauty/health spas
- 5912 – Pharmacy
- 5499 – Vitamins
- 8011, 8021, 5047, 8099 – Medical providers & medical supply
- 0742 – Veterinary services
“Spring Spuce-Up”
Earn 5X points on qualifying home improvement, gardening, Amazon.com, and other major online retailers.
MCC codes:
- 5531, 5713, 5722, 5200, 5211 – Home improvement
5261 – Gardening and nurseries
5712, 5719 – Home furnishings
5300 – Warehouse clubs
5399 – Costco.com, Target.com, Walmart.com
Travel
Earn 5X points on qualifying airline, cruise, car rental, hotel, travel agency purchases, gas, tolls, and ride share purchases.
MCC codes:
3000 – 3299 – Airlines
3355, 3357, 3359, 3366, 3387, 3389, 3390, 3393, 3395, 3405, 3412, 3441 – Car Rental
5812, 5813 – Dining
5814 – Fast Food
7032, 7832, 7922, 7929, 7991, 7996, 7998, 7999 – Movies, Concerts, Theme Parks, and Other Ent.
5541, 5542 – Gas
3501 – 3779; 7011 -Hotels, Motels, Inns, and Resorts
4131, 4411, 4722 – Bus Lines, Tours, and Travel Agencies
4787 – Tolls
4121 – Ride Shares
4111 – Mass Transit
4112 – Passenger Railways
“Enjoy the Holidays”
Earn 5X points on qualifying dining and groceries, food delivery services, liquor stores, and Amazon.com.
MCC codes:
- 5812, 5814 – Dining
5812, 5814 – Food delivery services (GrubHub, DoorDash)
5441 – Groceries
5921 – Liquor stores
5818, 5735, 5942, 5968, 5192 – Amazon.com
Once again, cardholders earn 5X rewards on up to $1,500 in purchases each quarter, which is on par with other comparable credit card offers. Every other purchase with the card earns a flat rate 1X points (equal to 1% cash back), which was the previous earning rate for every purchase.
How to Redeem Points
As with other rewards cards, the ABOC rewards points are redeemable for a variety of awards, including travel, merchandise, statement credits, and more. The value of ABOC points is one cent per point, though the exact value fluctuates depending on the type of reward and the current going rate for that award. Flights and travel, for example, vary considerably in value, but offer much better value for money than statement credits and should be the preferred option when redeeming.
Points never expire, which is a great perk.
Get a $150 Statement Credit
The Discover Cards, as well as many other similar cards, also don’t come with the opportunity to earn a sign-up bonus after meeting a minimum spend requirement. The ABOC Mastercard Rewards Card offers the chance at a $150 statement credit for spending $1,200 on purchases within the first 90 days from account opening.
Given that every dollar spent on purchases (outside of the rotating categories) earns a rewards point, and the card also comes with no interest on purchases for the first year, a $400 spend for each of the first three months with the ABOC Platinum Rewards Mastercard isn’t a tall order.
Of course, part of building credit is ensuring you keep your credit utilization ratio down (ideally below 10% but at least to 30% or lower), so running a big bill isn’t great. Paying down the balance as you go is one solution, but failing that option, the hit to your credit score in the short-term won’t be too painful.
Normal APR Varies Widely
Those with the very best credit can expect a highly competitive interest rate, but those with great credit scores probably won’t be applying for the ABOC Platinum Rewards Mastercard. For everyone else, the APR can range from around the national average of 17% to as high as the mid ’20s. Fortunately, paying the balance in full each month can alleviate some of these worries.
Should You Apply for the ABOC Platinum Rewards Mastercard®?
The ABOC Platinum Rewards Mastercard® benefits greatly from the 5X points on select categories every quarter. Not only does the card earn 5X points on the first $1,500 in spending in select categories every quarter, but it also offers 0% intro APR on purchases.
Overall, the ABOC Platinum Rewards Mastercard is a very enticing proposition, placing it on par with the Chase Freedom Card and the U.S. Bank Cash+ Visa Signature. If you have very good or excellent credit and are looking to maximize ample rewards-earning opportunities, this is a tantalizing offer that is tough to pass up.
