The ABOC Platinum Rewards Credit Card is an outstanding card for those who want to control and eliminate their credit card debt. The card comes with a 0% intro APR on purchases for 12 months and balance transfers for 18 months. These are excellent rates to help manage previous credit card debt along with upcoming purchases. Once the intro period has passed, the APR will be , based on your creditworthiness.
- On Amalgamated Bank of Chicago's Secure Website
ABOC Platinum Rewards Credit Card
- On Amalgamated Bank of Chicago's Secure Website
- 0% Intro APR on Purchases for 12 months and Balance Transfers for 18 months, after that the variable APR will be 14.40% – 24.40%, 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 Transaction Fee
- Select Your Rewards Your Way
- 0% Intro APR on Purchases for 12 months and Balance Transfers for 18 months, after that the variable APR will be 14.40% – 24.40%, 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 Transaction Fee
- Select Your Rewards Your Way
Review: ABOC Platinum Rewards Credit Card is a great tool for eliminating credit card debt
ABOC, short for the Amalgamated Bank of Chicago, has introduced the ABOC Platinum Rewards Credit Card — with hopes to become a larger player in the credit card space. And while ABOC isn’t as recognizable as American Express or Chase, this card has great features that many consumers can utilize.
The ABOC Platinum Rewards Credit Card is a great pick if you have a revolving balance on another card that is accruing interest. The 0% intro APR period on purchases and balance transfers gives you the flexibility to pay down your debt without racking up interest concurrently. Additionally, this card is a great option for making large purchases. With a 0% intro APR over 12 months on purchases ( thereafter), you can use that entire period to pay down purchases like a home renovation project or new home appliances without pesky interest racking up.
The one area where this card could use improvement is its rewards program. If you plan on using this card for consistent purchases, you may want to consider other cards as the points you will earn aren’t incredibly valuable. Points can be redeemed for items, such as statement credits, flights, hotels, car rentals, vacation packages, gift cards and merchandise. Reports online indicate that flights will be the best redemption as you will earn 1 cent per point. The other items will earn you less than 1 cent per point.
Bottom line: The ABOC Platinum Rewards Credit Card is one of the best balance transfer credit cards for paying down credit card debt. However, if you are able to pay off your credit card bill in full each month, you will want to consider other reward credit cards to earn more valuable rewards.
ABOC Platinum Rewards Credit Card benefits & features
The core benefit of the ABOC Platinum Rewards Credit Card is its introductory balance transfer offer, although the card comes with other valuable features — including a travel-based rewards program and no foreign transaction fees — that make it a fair option as a travel card.
Balance transfer offer
The ABOC Platinum Rewards Credit Card offers a 0% intro APR for 12 months on purchases made with the card and 18 months on balance transfers. When you utilize the intro APR on balance transfers, you will need to pay a fee of 3% on each balance transfer, or $5 — whichever is higher. After the promotional APR period ends, your APR will be between , based on your creditworthiness.
Sign-up bonus
Once you are approved for the card, you will be eligible to earn the sign-up bonus. You will Balance transfers do not count toward meeting the spending requirement.
No foreign transaction fees
In addition, there is and no foreign transaction fees. So if you use the card while traveling outside of the United States, you will not incur any additional fees.
And as long as you hold the card, you will enjoy benefits, such as extended warranty and 60-day price protection. These benefits help protect your purchases and ensure you get the best price possible.
Rewards
Lastly, you will earn reward points as you use the ABOC Platinum Rewards Credit Card for spending. For every dollar you spend, you will earn one point that can be used for a long list of items including travel, statement credits and gift cards. And similar to the Chase Freedom® card, there are quarterly categories where you can earn up to 5 points per dollar, up to $1,500 in spending. In 2020, the categories are the following:
- January-March: Monthly bills such as utilities, cellphone or Amazon Prime
- April-June: Dining and transportation
- July-September: Travel
- October-December: Department stores
How does the ABOC Platinum Rewards Credit Card compare to other credit cards?
To help you determine whether the ABOC Platinum Rewards Credit Card is a good fit, we analyze how it matches up against its competition. In this section, we highlight the strengths and weaknesses of each matchup.
ABOC Platinum Rewards Credit Card vs. Chase Slate®
The Chase Slate® is a unique card as it waives the fees on balance transfers for the first 60 days of card membership. After the 60 days, the fee increases to 5% of the amount transferred with a minimum of $5. However, the ABOC Platinum Rewards Credit Card charges 3% of the balance as a fee, or $5 — starting from Day One.
In addition, keep in mind the length of the intro APR offer. The intro APR on balance transfers lasts 15 months with the Chase Slate®, which is three months less than the ABOC Platinum Rewards Credit Card at 18 months. After that, the APR will be . In this situation, it will be helpful to do a bit of math. If you are able to pay off the balance in 15 months, the Chase Slate® may work for you. But if you need that extra three months, calculate how much your balance transfer fee will be. It could be more fruitful to use that money to pay toward the principal rather than use it for the 3% fee for the ABOC Platinum Rewards Credit Card.
When it comes to purchases, the Chase Slate® is a bit stronger as you will have 15 months with a 0% intro APR — where you will only have 12 months with the ABOC Platinum Rewards Credit Card. The caveat to spending with the Chase Slate® is the lack of spending rewards. You will earn no rewards for spending with the card. With the ABOC Platinum Rewards Credit Card, you will earn rewards that can be redeemed for various items, such as travel, gift cards or statement credits.
ABOC Platinum Rewards Credit Card vs. Citi® Diamond Preferred® Card
- On Citi's Secure Website
The Citi® Diamond Preferred® Card is a great competitor for its balance transfer offer. The Citi® Diamond Preferred® Card offers a 0% intro APR for 21 months on balance transfers and a 0% intro APR for 12 months on purchases ( thereafter). These rates are very competitive among balance transfer credit cards.
If you want to take advantage of the nearly 2-year interest-free balance transfer offer, there is a 5% or $5 balance transfer fee. It is best practice to measure how much this fee will be before applying for the card. Keep in mind that all transfers must be completed in the first four months, and the 21 months will start from the date of the first balance transfer.
As for purchases, the ABOC Platinum Rewards Credit Card is far superior as you will earn rewards for your purchases. If you use the Citi® Diamond Preferred® Card, there are no rewards to be earned. With identical 12-month interest-free periods between the two cards, the ABOC Platinum Rewards Credit Card is superior.
ABOC Platinum Rewards Credit Card vs. Citi Simplicity® Card
- On Citi's Secure Website
The Citi Simplicity® Card is a strong contender for the best balance transfer credit card on the market. The Citi Simplicity® Card offers a 0% intro APR for 21 months on balance transfers and for 12 months on purchases. After the intro APR is complete, the APR will be based on your creditworthiness.
Since the ABOC Platinum Rewards Credit Card offers a 0% intro APR for 18 months on balance transfers and 12 months on purchases, the Citi Simplicity® Card has a small edge. However, the Citi Simplicity® Card comes with a 5% balance transfer fee while the ABOC Platinum Rewards Credit Card comes with a 3% balance transfer fee. So if you need the extra three months of 0% offered by the Citi Simplicity® Card, it will cost you an extra 2% in fees.
Lastly, the Citi Simplicity® Card pales in comparison to the ABOC Platinum Rewards Credit Card in spending rewards. The Citi Simplicity® Card will not earn you any rewards, while the ABOC Platinum Rewards Credit Card will earn rewards that can be redeemed for travel, statement credits and gift cards.
Comparison tool
If you’re still unsure which card is best for you, our interactive tool can assist you in your decision. By inputting your current outstanding debt, APR and minimum monthly payments, our comparison tool will calculate the estimated savings that each balance transfer credit card can offer you.