Amalgamated Bank of Chicago Platinum Rewards Credit Card Review

Who is the ABOC Platinum Rewards Credit Card for?

The ABOC Platinum Rewards Credit Card, issued by the Amalgamated Bank of Chicago and running on the Mastercard network, is a highly rated credit card that combines the low fees of beginner credit cards with the rewards rate of premium credit cards. This winning combination, however, demands an excellent credit score (above 720) and a similarly excellent credit history. 

With no annual fees,  0% introductory APR, and a low purchase and balance transfer APR thereafter, the ABOC Platinum Rewards Credit Card has a fee structure similar to that of basic, low risk credit cards. But with a 5x rewards rate on rotating categories, and 1x on everything else, this credit card also awards every purchase heavily. 

It’s rare to see a credit card with the best of both worlds. If you have an excellent credit score and are looking for a no-hassle credit card that can be utilized anywhere and everywhere, the ABOC Platinum Rewards Credit Card is definitely a worthwhile investment. If managed wisely, you will never have to pay a dime in fees, but will be able to reap a ton of rewards in return.

Initial Bonus

The ABOC Platinum Rewards Credit Card has a welcome bonus of $150 in statement credit after spending $1,200 within the first 90 days after opening the account. Since this is a statement credit, you will not be able to use the $150 towards purchasing merchandise, travel credits, or redeeming for cash. It will simply be deducted from that month’s balance. This is definitely not the greatest welcome bonus out there, but all the other great perks this card provides makes up for this lackluster bonus.

Rewards

This card’s main feature is the ability to earn 5x rewards on up to $1,500 in combined purchases each quarter in revolving categories. The categories include dining, groceries, travel, and cash. If you maximize the 5x rewards rate every quarter for a year, you will receive an impressive grand total of 30,000 points. It’s extremely hard to find another card out there with such a rewarding point system.

The rewards don’t end there. All other purchases outside the specific categories earn unlimited point rewards, where 1 point is awarded for each dollar spent. In short, no matter what you buy with the ABOC Platinum Rewards Credit Card, you will still be receiving points. 

These points can then be redeemed towards travel, merchandise, statement credit, gift cards and more. Redemption values vary across the categories, but travel redeems for about 1 cent per point, gift cards between 0.7 cent and 1 cent per point, and statement credit for about 0.75 cents per point. Cash redemption value is definitely average compared to most other cards out there. 

It is important to note that your points will never expire. Thus, in the long run, the points can add up quickly. Smart card holders can maximize their points by taking advantage of the revolving categories every month, but for other card owners that just want a simple rewards structure, the points system can admittedly be rather confusing.

Other Benefits

As the name of the card suggests, the ABOC Platinum Rewards Credit Card is structured around its rewards system, but there are a few other benefits alongside it. For starters, by utilizing the Mastercard network, the ABOC Platinum Rewards Credit Card offers the Mastercard Zero Liability. No unauthorized purchases or transactions will be held against you. 

As mentioned previously, the points you earn also never expire. This allows you to save up for a big reward. Since there are a ton of ways to spend points to select rewards, you’re not limited to a simple cashback. Pick between travel, cash, gift cards, merchandise and more.

Lastly, there is absolutely no foregin fees associated with this card. No matter where you are in the world, you can continue to use this card without the worry of racking up fees. This makes the ABOC Platinum Rewards Credit Card a great card to carry on you at all times, as it can be used anywhere, but also rack up points anywhere.

Technology

Amalgamated Bank of Chicago offers chip and contactless technology with this credit card. These chips have enhanced security, leading to safer purchases, and wider acceptance of purchases at chip terminals around the world. 

The credit card can also be added to your smartphone’s digital wallet, allowing for easy purchases at millions of stores around the globe.

No Annual Fee

The main selling point of this card, besides the points, is definitely its zero annual fees. The ability to accumulate unlimited points to redeem for hundreds of items, travel, or cash back, all while paying zero dollars in annual fees, is a great deal. If used wisely, you will reap thousands of dollars in rewards and pay little to no fees in a single year alone.

APR

Of course, the credit card has a standard APR rate of between 12.90% - 22.90%, but as long as you pay on time, you will never have to pay any additional fees on this credit card. However, this card also provides a 0% introductory APR for 12 months after opening the account, which can be very useful to finance big purchases. Late payments will also never raise the APR rate. The card does have a APR rate of 12.90% - 22.90% for balance transfers, though, making it not ideal to spread out or pay off debt.

Conclusion

Overall, the ABOC Platinum Rewards Credit Card is a great option for those who want the fee structure from a basic card but the rewards system of a more premium card. However, if you’re looking for a card that offers cash back instead of points, this card is not for you. If you have an excellent credit score and want a card that can be used anywhere and still rack up major points to later be redeemed for rewards, this card is a great option to look at.