ABOC Platinum Rewards Card

April 20, 2020

By Martin Norris

The Amalgamated Bank of Chicago offers the Platinum Reward Credit Card. This is far from a bad card. The interest rate is acceptable, there's a grace period, and all of the fees are reasonable. The rewards program offers 1% of each eligible purchase in points and a redemption program that transfers these points into statement credits or allows them to be spent on a rotating selection of offers.

Beyond these basic stats, there are a few things that could make this an ideal card for those with “average” credit or an easy card to pick up if you have “great” credit. For the full details on the ABOC Platinum Reward Card, read the full review below. Demographics

The ABOC Platinum Reward Card is an average credit card with no outstanding features. It offers the least of everything it needs to stay current and somewhat competitive. Given that you'll need a credit score of at least 700 for great approval odds and to earn the advertised $0 annual fee, it's hard to recommend this card.

However, if you're in the very specific credit gray area of over 600 but under 700 and have been there for quite some time with no recent late or missed payments, this could be something worth taking a chance on. Yes, it will require a hard credit pull to apply, but it's a calculated risk that has a fairly high chance of paying off.

In short, the ABOC Platinum Reward Card is best for those who have high credit scores and need to quickly increase their credit limit. It also works well for those with great credit and that have run out of other options. It's also an okay choice if you have credit under 700 but over 650.

Interest for ABOC

The ABOC Platinum Reward Card has average interest for all cardmembers. At present, this means a variable rate APR of 14.4% to 24.4% for purchases and balance transfers. As with all variable interest, these numbers are subject to change with the Prime Rate. Cash advances have a set APR for all customers. This APR is presently 26.49% and will vary with the Prime Rate.

Purchases have a grace period of 25 days. Balance transfers and cash advances may have the same grace period for the majority of transactions. 

There is no penalty APR. There are, however, many other penalties for missing a payment or paying late. Promotional APR

There is a welcome or introductory offer with the ABOC Platinum Reward Card. This means that for 12 months you could have 0% APR on purchases if you qualify. For some, this also means up to 18 months 0% APR on balance transfers, if you qualify. However, if you miss a payment or pay late, you're likely to be dropped from this program and begin drawing interest right away.


  • Annual Fee – There is no official annual fee for the ABOC Platinum Reward Card. However, some cardmembers may be given an annual fee if their creditworthiness falls below the normally accepted threshold.
  • Cash Advance Fee –  The cash advance fee for the ABOC Platinum Reward Card is the greater of 5% of the total cash advance or $10.
  • Late Payment Fee – The late payment fee for the ABOC Platinum Reward Card is up to $35.
  • Return Payment Fee -  The return payment fee for the ABOC Platinum Reward Card is up to $25.
  • Authorized User Fees – There are no authorized user fees for the ABOC Platinum Reward Card.
  • Balance Transfer Fee – The balance transfer fee for the ABOC Platinum Reward Card is 3% of the total balance being transferred or a minimum charge of $5.

Rewards for

The ABOC Platinum Reward Card offers a rewards program. This program doesn't have a lot to offer beyond the standard 1% in points that can be redeemed for equal statement credit. Reward points have no expiration date and there is no limit on how many points you can bank up.

Reward points are earned on every purchase. You can earn 1 point per dollar spent on qualifying purchases. Purchases made through the Amalgamated Bank of Chicago rewards website are eligible to earn extra points up to a given cap.

Points may be redeemed for special offers, merchandise, or gift cards. There is no standard bonus on this type of redemption. As such, you may be better off taking the rewards as a statement credit and finding a better deal on these offers elsewhere. However, using rewards to fund a statement credit may result in a penalty redemption rate. This can bring the total average redemption rate for each point down to $.08 per point.

Missing a payment or making a late payment may mean forfeiting any reward points you have saved up with your ABOC Platinum Reward Card, outlined clearly at  Further, if an account is late, over limit, past due, or otherwise delinquent no further rewards points will be gained and it is possible to lose the rewards status of this card.

Pros – Advantages of the Amalgamated Bank of Chicago Platinum Reward Credit Card

The ABOC Platinum Reward Card does have its advantages for those that qualify.

  • No Annual Fee – There is no annual fee for having the ABOC Platinum Reward Card in the majority of cases. In case you are offered a card with an annual fee, it is possible to negotiate out of it.
  • A Reward Program – While not the best or the simplest, there is a rewards program that comes with the ABOC Platinum Reward Card.
  • Fair Interest – The APR for any activity is average for a card of this type.
  • Reasonable Fees – All fees associated with the ABOC Platinum Reward Card are reasonable to low.

Cons – Disadvantages of the Amalgamated Bank of Chicago Platinum Reward Credit Card

There are a few things to be mindful of when applying for or using the ABOC Platinum Reward Card.

  • Missed Payment or Late Payment Penalties – Losing rewards points, losing promotional APR, fees, and more are possible if you miss a single payment.
  • Points that Redeem for Less – With an average redemption rate of just $.08 per point and a complicated way to get this redemption rate, the ABOC Platinum Reward Card isn't the simplest rewards card on the market. is a decent place to get a card with unnecessary complications. The APR is reasonable, the fees are reasonable to low. However, the terms of use and disclosures point out that what is stated on the initial offer page may not be exactly what you end up with.

In summary, this isn't the kind of credit card you want to use long-term. It can be a short-term card for credit building if you need to get your score out of the 600s. It can provide a small amount of additional credit. Beyond these two cases, the ABOC Platinum Reward Card doesn't offer many competitive benefits.

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