The ABOC Platinum Rewards Mastercard is a popular rewards credit card designed for individuals with excellent credit scores. This card offers the opportunity to earn valuable rewards without the burden of an annual fee or foreign transaction fees. Catering to a wide range of consumers, the card is an attractive option for those who want to maximize their rewards in everyday spending categories such as dining, groceries, travel, and automotive.
One of the standout features of the ABOC Platinum Rewards Mastercard is the 5x rewards earning rate in revolving bonus categories. Cardholders can enjoy accelerated rewards when they use their card for eligible purchases within these categories. Additionally, the card offers competitive rewards for other everyday expenditures, making it a versatile option for reward-conscious consumers.
Apart from the rewards program, the ABOC Platinum Rewards Mastercard also boasts competitive interest rates and other useful benefits, such as fraud protection and extended warranty coverage. With these features in mind, the ABOC Platinum Rewards Mastercard is a strong contender for those who prioritize rewards and convenience in their credit card choices.
Aboc Platinum Rewards Credit Card Overview
Rewards
The ABOC Platinum Rewards Credit Card offers cardholders a generous rewards program. Cardholders can earn 5x rewards points on up to $1,500 spent each quarter on purchases from select merchant categories, such as dining, groceries, travel, and automotive. For all other purchases, the card offers 1x rewards point per dollar spent. Accumulated points can be redeemed for statement credits, gift cards, merchandise, or travel reservations, providing a versatile rewards program suitable for various spending habits.
Sign-Up Bonus
The sign-up bonus for the ABOC Platinum Rewards Credit Card is a $150 welcome offer. To avail of this bonus, new cardholders must meet a required spending threshold within a specific time period after account opening.
Overall, the ABOC Platinum Rewards Credit Card provides a competitive rewards program and an attractive sign-up bonus without charging an annual fee or foreign transaction fees. This card is designed primarily for individuals with excellent credit, aiming to maximize rewards potential on everyday spending categories.
Earning and Redeeming Rewards
Categories and Bonus Categories
The ABOC Platinum Rewards Mastercard allows cardholders to earn 1 point per dollar on all eligible purchases. In addition, they offer 5x reward points in certain bonus categories, which can include dining, groceries, travel, and automotive. This makes the card a flexible choice when it comes to earning rewards across various spending areas.
Rotating Categories
One aspect of the ABOC Platinum Rewards Mastercard to keep in mind is that the 5x bonus categories typically rotate each quarter, similar to credit cards like Chase Freedom Flex and Discover it. To maximize rewards, cardholders should stay informed about each quarter’s bonus categories and adjust their spending accordingly.
| Quarter | Categories Example |
|---|---|
| Q1 | Groceries, Amazon.com |
| Q2 | Dining, Travel |
| Q3 | Department stores, Travel |
| Q4 | Automotive, Groceries |
Redemption Options
When it comes time to redeem points earned with the ABOC Platinum Rewards Mastercard, there are several options available to cardholders. ABOC rewards members can redeem points for:
- Statement credits
- Travel (flights, hotels, car rentals)
- Gift cards
- Merchandise
Keep in mind that points redemption options may be limited compared to other credit card rewards programs, such as Chase Ultimate Rewards program.
Comparison With Competitors
When comparing the ABOC Platinum Rewards Mastercard to similar credit cards with rotating categories, such as the Chase Freedom Flex and Discover it, the ABOC card holds its own. All three cards offer no annual fee, and good credit is recommended for approval.
The main difference lies in the rewards structure. While the ABOC Platinum Rewards Mastercard offers 5x rewards in specific bonus categories each quarter, the Chase Freedom Flex also comes with a non-rotating 5% cash back on travel booked through Chase Ultimate Rewards, making it a better option for frequent travelers.
However, the ABOC Platinum Rewards Mastercard stands out with its attractive features like no foreign transaction fees and a generous sign-up bonus of $150 statement credit after spending $1,200 within 90 days of account opening. Therefore, it can still be an appealing choice for consumers looking to earn rewards in a variety of common spending categories without having to worry about foreign transaction fees.
Fees and Interest Rates
The ABOC Platinum Rewards Mastercard® offers competitive fee structures and rates, ensuring an appealing option for cardholders who pay attention to these factors.
Annual Fee
With the ABOC Platinum Rewards Mastercard®, there is no annual fee. This makes it an attractive option for those seeking rewards without the added expense of an annual fee.
Introductory APR
The card offers an Introductory APR of 0% on purchases for the first 12 months. This feature may be beneficial for cardholders looking to finance significant purchases over a year without incurring interest charges.
Balance Transfer Fee
When it comes to balance transfers, the ABOC Platinum Rewards Mastercard® charges a fee of 5% of the transfer amount or a minimum of $5, whichever is greater. This factor should be considered if you are planning to use the card for balance transfers.
Foreign Transaction Fee
One significant advantage of this credit card is that it does not charge foreign transaction fees. Users who frequently make international transactions or travel abroad can benefit from this feature and save on fees associated with foreign purchase transactions.
Late Payment and Returned Payment Fees
When it comes to late payments, the ABOC Platinum Rewards Mastercard® imposes a fee of up to $40. Returned payment fees are also charged up to $25. It is crucial to make timely payments and avoid such charges to maintain good credit standing and minimize additional costs.
Remember the information presented here about fees and interest rates, as it can help you make an informed decision about whether the ABOC Platinum Rewards Mastercard® from the Amalgamated Bank of Chicago is the right fit for your financial needs.
Additional Card Benefits
Price Protection
ABOC Platinum Rewards Mastercard offers 60-day price protection, ensuring that if the price of a purchased item drops within 60 days, you can get a refund for the difference. This benefit is particularly useful for shopping and helps you save money on purchases made with the card.
Extended Warranty
As an added perk, this credit card offers extended warranty coverage for eligible items. The extended warranty provides extra coverage beyond the manufacturer’s warranty, assuring you that your purchases are protected for a longer time.
Travel Benefits
The ABOC Platinum Rewards credit card includes several travel benefits:
- Travel assistance services: When you plan a trip, make your travel reservations with the card to take advantage of these services.
- Car rentals: Use your card to rent a car and enjoy insurance coverage for damage or theft.
- Hotels: Earn rewards points for hotel stays and redeem them for statement credits, gift cards, or even vacation packages.
- Airline bookings: Book flights and airlines tickets with your card to earn rewards points that can be redeemed for statement credits, among other things.
Cell Phone Protection
Although the ABOC Platinum Rewards Mastercard does not offer a specific cell phone protection feature, it provides other benefits that help safeguard your purchases and identity:
- Mastercard ID Theft Protection: This service includes identity monitoring, alerts, and assistance in restoring your identity in case of identity theft.
- Fraud protection: The card comes equipped with fraud protection measures to ensure your account’s security and peace of mind.
Remember that to maximize these additional benefits, it’s essential to use your ABOC Platinum Rewards credit card for the relevant purchases and services. By doing so, you can take full advantage of the rewards points, extended warranty, travel benefits, and other valuable perks the card offers.
Pros and Cons of the Aboc Platinum Rewards Credit Card
The Aboc Platinum Rewards Credit Card comes with a variety of pros and cons that potential cardholders should consider before making a decision. This section will discuss both the beneficial and the less favorable aspects of the card.
Pros
- Generous rewards program: Cardholders can earn 5x points per dollar on up to $1,500 spent each quarter on purchases from select merchant categories, and one point per dollar on all other purchases.
- Welcome offer: New cardholders can benefit from a $150 welcome offer, providing an initial boost to their rewards.
- 0% intro APR: ABOC Platinum Rewards Credit Card offers a 0% introductory APR period for purchases for 12 months.
- No annual fee: The card has no annual fee, making it more appealing for those who don’t want to worry about an additional yearly cost.
- No foreign transaction fees: This feature is beneficial for frequent travelers, as they won’t be charged extra fees for transactions made outside of the United States.
Cons
- Limited points redemption options: The card’s proprietary rewards program limits the ways in which points can be redeemed. Cardholders can only redeem points for statement credits, gift cards, merchandise, or travel reservations.
- Recommended credit: The ABOC Platinum Rewards Credit Card is best suited for people with excellent credit (a FICO score of 720 or above). Those with lower credit scores may not be eligible or might be offered less favorable terms.
- Variable APR: After the introductory 0% APR period, the regular APR ranges from 12.90% to 22.90%, which could be a drawback for those who tend to carry a balance.
In summary, the ABOC Platinum Rewards Credit Card provides several attractive features, such as its generous rewards program, welcome offer, 0% intro APR, and no annual or foreign transaction fees. However, it also comes with a few limitations, including limited points redemption options, the requirement of an excellent credit score, and a variable APR following the introductory period.
Frequently Asked Questions
What are the rewards offered?
The ABOC Platinum Rewards Mastercard offers a rewards rate of 1x to 5x points for every dollar spent. Cardholders can earn 5x rewards in common spending categories such as dining, groceries, travel, and automotive.
How to redeem rewards?
Rewards points can be redeemed for various options, including statement credits, travel bookings, gift cards, or merchandise. You can do this by logging in to your online account and viewing your rewards balance and redemption options.
What is the APR?
The ABOC Platinum Rewards Mastercard has a variable APR range of 12.90% – 22.90% on purchases and balance transfers. The specific APR you receive will be based on your creditworthiness at the time of application.
Any annual fee?
No, the ABOC Platinum Rewards Mastercard does not charge an annual fee, making it an attractive option for those looking for a rewards card without incurring extra costs.
What are its benefits?
Some benefits of the ABOC Platinum Rewards Mastercard include no annual fee, the potential to earn 5x rewards in various spending categories, and no foreign transaction fees. Additionally, new cardholders can earn a $150 intro bonus after meeting certain spending requirements.
How is customer service?
While specific customer service experiences can vary, the ABOC Platinum Rewards Mastercard is backed by a responsive and helpful customer support team. Cardholders can reach out to them for any questions or concerns regarding their card and account.
