ABOC Platinum Rewards Mastercard Credit Card Review

Editor’s Note: This offer is no longer accepting applications. See your cardholder agreement for current offer terms.

The Amalgamated Bank of Chicago (ABOC) was founded in 1922 by the Amalgamated Clothing Workers Union to support its members. Though the bank has primarily built relationships within the union community, it has recently expanded its scope to include the general public. It now offers the ABOC Platinum Rewards Mastercard, which carries rewards on par with the cards of the largest nationwide banks.

The card charges no annual fee or foreign transaction fees, which is relatively uncommon among its no-annual-fee competitors.

• Earn 1 point per dollar on all eligible purchases
• No annual fee
• No foreign transaction fees

Earning Rewards

All eligible purchases on the card earn 1 ABOC Rewards Point per dollar spent. There is no cap to the amount of rewards that can be earned.

Redeeming Rewards

ABOC Rewards points can be redeemed in a few ways:

• Statement credit (0.75 cents per point)
• Gift cards (0.77 to 0.93 cents per point, depending on the denomination)
• Travel (1 cent per point on airline flights booked via their portal, slightly less for other travel redemptions)

The best value for points can be found by redeeming for flights through the ABOC portal. For those who don’t have enough points to cover the full cost of a redemption, it’s possible to supplement with cash. That said, flight redemptions have a minimum of 15,000 ABOC Rewards Points while other travel redemptions have a 5,000 point minimum.

Rewards Potential

Forbes Advisor uses official consumer data from various government agencies to estimate the spending patterns of typical cardholders and their families. The 70th percentile of households earn $100,172 annually and has $52,820 in expenses. Assuming 50% of such expenses could be charged to this card, total annual card spending would be $26,410.

The $26,410 in spending that we estimate could be charged to a credit card will result in 26,410 points earned. If all of these points are redeemed for flights, they would be worth just over $250.

The ABOC Platinum Rewards Card does not offer an introductory APR.

• No Foreign Transaction Fee: No additional fees are charged when the card is used outside of the U.S.
• Extended Warranty: When using the card to purchase an item that comes with a manufacturer’s warranty of 12 months or more, the card doubles the coverage by a maximum of 12 months. This coverage is limited to certain items (doesn’t include cars or boats, for example). Full details are included in the benefit guide.
• 60-day Price Protection: If an item is found with a lower price within 60 days of purchase with the card, the card will refund the difference, up to $250. Certain items are excluded, but most consumer goods are eligible.
• Zero Fraud Liability: Cardholders are not held liable when your card is used to make fraudulent purchases.

See your cardholder agreement for current rates and fees.

Chase Freedom Flex℠

The Chase Freedom Flex℠ is one of this card’s most direct competitors. The Freedom Flex meets or beats the ABOC Platinum Rewards in almost every regard, with a better intro APR, more robust welcome bonus and more bonus categories. It offers 5% cash back on up to $1,500 in combined purchases in categories that rotate quarterly (requires activation), 5% cash back on travel purchased through Chase Travel℠, 3% cash back on dining and drugstores and 1% cash back on all other purchases.

It’s also worth considering that Chase Ultimate Rewards Points are more flexible than ABOC rewards. Both can be redeemed for cash back and gift cards at various values, but when combined with a premium Chase card like the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®, Ultimate Rewards can be transferred directly to airline partners or redeemed at a preferential rate, unlocking greater value. Even without a premium Chase card, Chase Freedom points can be redeemed for 1 cent of cash back apiece, while ABOC points only net 0.75 cents each when redeemed for a statement credit.

Discover it® Cash Back

The Discover it® Cash Back is another close competitor, offering 5% cash back on everyday purchases at different places each quarter up to a quarterly maximum of $1,500 in spending when activated. Plus, earn unlimited 1% cash back on all other purchases – automatically.

Discover has an unusual style of welcome bonus, which they call Cashback Match™. Discover will automatically match all the cash back earned at the end of the first year as a cardmember. There's no minimum spending or maximum rewards. This applies to all cash back, not just spending in the rotating bonus category. This benefit makes the Discover it® Cash Back a tough card to beat in the first year.

For folks who prefer to earn true cash back, the Discover it® Cash Back is a better choice.

Citi Double Cash® Card

Cardholders intent on cash back may be better off with a flat-rate 2% cash back card like the Citi Double Cash. The Double Cash earns 1% cash back when you make a purchase and another 1% when you pay the balance, for a total of 2% cash back on all purchases.

While the Citi Double Cash doesn’t have the larger rewards rate in quarterly categories—or any elevated categories for that matter—the ability to earn 2% cash back on everything might be better both for those who prefer to have one credit card and those who don’t spend significantly in any one category over the other.

Alternatively, the Citi Double Cash card is a good option to pair with another card that does offer elevated rewards in some categories—use the card that offers bonus points in the bonus categories and the Citi Double Cash for all other purchases.

For those looking for a no-annual-fee rewards credit card that doesn’t charge foreign transaction fees, the ABOC Platinum Rewards Mastercard is a solid choice. It could be a useful first rewards card for building credit or a way to support a union-affiliated regional bank instead of a larger national lender. But for those chasing cash back or more flexible rewards, there are some strong competitors worth considering.