Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card Review

By: Heather Hanks Apr. 08, 2020

The Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card gives you one point for every dollar you earn. There is no annual fee and your points never expire. Plus, you can cash in on 5x the points on select categories every quarter. This can help you save big on qualified purchases, such as grocery, gas, travel, and retail purchases. You’ll also like that this card comes with Mastercard benefits. This includes a zero liability policy for unauthorized charges, excellent customer service, and an extended warranty on items you buy.

Other notable features include an introductory APR of 0% for the first 12 months. You’ll also enjoy this rate for 18 months on balance transfers. After that, you can expect to see your APR increase to 12.90%-22.90%. This number is based on your creditworthiness and the prime rate. This card comes with a $0 annual fee and no foreign transaction fees. Check out our Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card review below.

What is the Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card?

The Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card is one of two cards offered by the Amalgamated Bank of Chicago. The Amalgamated Bank of Chicago (ABOC) is a full-service bank headquartered in Chicago dedicated to union workers. According to the website, the company focuses on building relationships. They have been in business for 100 years and have deep ties to the community. ABOC serves businesses, individuals, and institutions. They provide a deep understanding of finances and deliver services and products that you can trust. This includes cash management, trust services, checking and savings accounts, loans and credit cards.

ABOC states that they work with you to service your individual needs. They will create a tailor-made solution that’s just for you. The bank provides banking needs for major institutions to mom and pop shops, and everything in between. They currently service real estate lending customers, government entities, commercial clients, unions, small businesses, and corporate institutions. They are dedicated to serving unions and America’s working people. They pride themselves on being one of the only banks in the United States that are devoted to labor companies. ABOC also provides educational material and programs to the community on money management.

Here are some highlights of the Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card:

  • No annual fee or foreign transaction fees
  • 0% introductory APR for 12 months after account opening on purchases and 18 months on balance transfers
  • APR after the introductory rate is 12.90% to 22.90%, depending on your credit (these numbers are based on prime rate)
  • Welcome offer of $150 statement credit after the first $1,200 you spend within 90 days of account opening
  • Earn one point for every dollar you spend (Points are unlimited and never expire)
  • Mastercard benefits, including zero liability policy on unauthorized charges, extended warranty, and 60-day price protection
  • You can use your card at over 30 million merchants all over the world that accept Mastercard
  • New card holders will start earning with their very first purchase
  • 24/7 online account access
  • Your account works with Apple Pay, Masterpass, Android Pay and Samsung Pay

How Does ABOC Credit Card Work?

Expect to earn points back every time you use your Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card. It features great rates and several welcome offers. This includes a 0% APR on purchases for the first 12 months and balance transfers for 18 months. You also get a $150 credit statement when you spend $1,200 on purchases within the first 90 after opening an account. Your ongoing APR is influenced by your creditworthiness and the prime rate.

Here is what you need to know about the Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card:

Purchase APR: 0% for 12 months and then 12.90% to 22.90% after that

APR for balance transfers: 0% for 18 months and then 12.90% to 22.90% after that

APR for cash advances: 26.49% (depending on prime rate)

No annual fee or foreign transaction fee

Transaction fees: cash advance is 5% or $10 minimum; Quasi cash advance is 5% or $10 minimum; and balance transfers are 3% or $5 minimum

Late payments are up to $25 (your APR will not increase because of a late payment)

Returned payments are $15

You can avoid interest payments by paying your balance in full each month on your due date. Billing cycles are 25 days long. ABOC will charge you interest on cash advances and balance transfers on the days you use these services. When compared to other cards, the Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card offers low rates. They also offer a 25 day grace period and a generous rewards program.

What Does ABOC Credit Card Offer?

The Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card allows you to earn points every time you use it. You’ll get one point for every dollar you spend. The ABOC rewards points can be redeemed through the rewards website. You can use them to shop online or redeem them for promotions that the company offers from time to time.

Points can also be redeemed in the form of cash or statement credit, merchandise, cruise tickets, airfare, or gift cards. These terms may vary. Check with ABOC to learn more about what your points qualify for. Points never expire and there is no cap on them. However, you can lose your points if your account is not in good standing. This means you will need to pay your balance on time every month.

Here is a complete list of items that you can redeem your points for:

01.

Statement credit

You can automatically qualify for statement credit in the form of reward points anytime you use your card

02.

Travel rewards

These include airfare, cruise tickets, hotels, rental cars, and more

03.

Gift cards

You can redeem your points for gift cards that can be used at hotels, restaurants, and retailers nationwide

04.

Get extra points

You can earn extra points when you shop online through the ABOC Get Extra Points website (you can also shop special offers to get the most out of your reward points)

The ABOC rewards program also allows you to earn 5x the points throughout the year on your favorite purchases. You’ll get an extra 4 points on your first $1,500 in combined purchases on select categories each quarter. This is a unique spin on a traditional rewards program and a creative way to earn your points. Reward benefits rotate quarterly and are best utilized when you spend the most during one of four categories.

Here is a breakdown of the 2020 5x points rewards calendar:

Amalgamated Bank of Chicago Personal Credit Cards

January, February, and March (Monthly Bills)

You can earn 5x the points on your monthly bills. This includes your cell phone, cable bill, Amazon Prime, streaming subscriptions and services, and other qualifying utility bills. This offer is valid from 1/1/20 to 3/31/20.

April, May, and June (Dining and Transportation)

You can earn 5x the points on restaurants, grocery, and many forms of transportation. This offer is valid from 4/1/20 to 6/30/20.

July, August, and September (Travel)

During these months, you can earn 5x the points on qualifying airline tickets, cruise tickets, car rentals, hotels, gas, tolls, ride-sharing services, and travel agency purchases. This offer is valid from 7/31/20 to 9/30/20.

October, November, and December (Department Stores)

This offer allows you to earn 5x the points on department store purchases from 10/1/20 to 12/31/20. This includes qualifying department and electronic stores, Amazon.com, superstores, and many more.

If you utilize your card properly, you can save big during these incentives. However, if you need to earn the most cash back on certain rewards throughout the year (such as grocery or gas), then you may be disappointed when your quarterly incentive is up. The Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card is a great everyday card. You’ll earn rewards for things you already buy. Use these points to pay for bills, redeem gift cards to stores, or book a trip.

Managing your account online is easy and can be done anytime of day or night. You can use your account to make payments or redeem points. Your Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card works with your digital wallet to make life easier. You can pair it with your MasterPass, Apple Pay, Samsung Pay, or Google Pay accounts. Plus, you can use your card to get money from ATMs all over the world. Your card can be used to make payments on your bills. This includes utilities, cable, television, and health club memberships.

Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card: Pros and Cons

The Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card comes from a trusted bank that has been in business for over 100 years. For many people, this is more reassuring than taking out a line of credit from a newer bank. The card offers a wide range of various perks. This includes no annual or foreign transaction fee. Plus, your APR won’t go up if you miss a payment. However, you will still need to pay a late fee.

ABOC encourages potential customers to sign up by offering welcome benefits. You’ll get a $150 statement credit when you spend $1,200 within the first three months of membership. Plus, you’ll get 0% APR on balance transfers for 18 months and purchases for 12 months. After that, your APR will largely depend on your credit history. For this reason, we recommend having good credit before applying. Your rates will range from 12.90% to 22.90%, depending on several factors.

Here are some pros and cons to consider before applying:

ABOC Credit Card PROS

  • You’ll get one reward point for every dollar you spend
  • Earn 5x the reward points each quarter when you use your card on qualifying purchases
  • Enjoy a 0% APR for 18 months on balance transfers and 12 months for purchases (APR is 12.90% to 22.90% after that)
  • You can redeem your reward points for merchandise, statement credit or cash, gift cards, and travel benefits
  • Earn $150 in statement credit when you spend $1,200 within the first three months of membership
  • There are no annual or foreign transaction fees
  • Your APR will not increase if you miss a payment (However, you will still be charged a late fee)
  • You can avoid paying interest by paying your balance in full each month on your due date
  • Your points never expire and there is no cap
  • Enjoy Mastercard’s zero liability policy (you can’t be held responsible for fraudulent charges) and excellent customer service
  • Your card is accepted anywhere Mastercard is accepted
  • Manage your account online 24/7 to pay bills, redeem points, and more
  • Your card works with MasterPass, Apple Pay, Samsung Pay, and Android Pay (you can make payments or transfer money from these sources)
  • The card comes with a 25-day grace period
  • You can use your card to get cash at ATMs worldwide
  • Functions as a great everyday rewards card
  • Travel perks include airfare, cruise tickets, hotels, rental cars, and more

ABOC Credit Card CONS

  • If you don’t have good credit, then you may have to pay a high interest rate. ABOC will base your APR on the prime rate and your creditworthiness. They will look at your credit history, income, and other financial information to determine your APR. Someone with bad credit may need to look elsewhere for a rewards card. This card may not be ideal for a first time credit card holder. You will likely need to have established credit to apply.
  • Other cards may offer better cash back rewards, such as 1.5% or 2% back. Keep in mind that the Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card offers 5x the points at certain points in the year. You will need to maximize your spending during these times, but they won’t help you if you continue to rack up in these areas after the quarter is up. For example, you may be able to get 5x the points on gas purchases for three months of the year, but you’ll only get 1 point for the remaining months.

How To Apply ABOC Credit Card

The Amalgamated Bank of Chicago Platinum Rewards Mastercard® Credit Card is best suited for new card holders. This is because you’ll become eligible for the maximum amount of benefits. When you’re ready to apply, gather your documents and visit the website. You will need to provide your personal information, such as your full name, physical address, email and phone number. You may also be asked for your bank account information, social security number, and job information.

ABOC will likely need to check your credit score before approving you. This may result in a hard inquiry on your credit. Having too many of these on your report can hurt your credit. For this reason, you will need to make sure you’re certain about applying before handing over your information. You will likely need to have good credit to secure the best rate and make sure this card is worth your time. It would be well suited for someone with a large balance from another card who hopes to save on interest for 18 months.

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