- Annual percentage rate (APR): 12.90% to 22.90%;
- Purchase intro APR: 0% for 12 months;
- Rewards: 1 point per $1 spent;
- Annual fee: $0;
- Late fee: Up to $35;
- Credit score: Good to Excellent (700 or higher).
- Compare other rewards cards here.
Table of Contents
Benefits
- There are significant rewards points available for the given categories. Cardholders receive five times the rewards points on rotating categories, which often include travel, groceries, and gas.
- There is no annual fee. You do not have to pay a yearly fee to hold this card.
- There is an introductory APR on purchases. You will pay a 0% APR for the first year that you hold this card.
- Points don’t expire. In addition to having no expiration, points are also unlimited.
Drawbacks
- This card is only available to those with a good credit score. You will need a credit score of 700 or more to qualify for this card. If your credit score currently isn’t high enough to qualify, you can take some simple steps like reviewing and paying off debts, or first using a card with a lower credit score requirement to build your credit.
- Additional benefits are limited. The rewards rate is so significant that this card provides few side benefits. Many similar cards offer perks such as auto rental coverage and travel accident insurance, while the ABOC Platinum Rewards card does not.
- The points redemption options aren’t as good as other rewards the card offers. The points redemption options aren’t as good as you might find with some other cards. The benefits of this card come with rewards in the designated categories.
What Can You Expect From the ABOC Platinum Rewards Card?
If you are interested in becoming an ABOC Platinum Reward cardholder, it may be helpful to consider the following:
- Points can be redeemed for travel, statement credits, merchandise, and gift cards. However, you will usually get the most value from using your points on travel. You can also gift points to other members.
- You will have to keep track of rotating categories, and how you use your rewards points. This card may require a bit more strategy than other cards to maximize your value, but it can really pay off when you earn the five rewards points per dollar spent.
- Security options for this card are fairly standard. They include extended warranty coverage, price protection, zero liability fraud protection, and theft protection.
- You can receive a $150 statement credit in the first 90 days. You must spend at least $1,200 within that time period to receive this reward.
- The rewards rate outside of the designated rotating categories is fairly low. The base rate is one point per dollar spent.
- This card is very focused on providing significant rewards in limited, rotating categories, and therefore this card works best when paired with another more broadly useful card.
- Unlike many other rewards cards, this card does not charge a foreign transaction fee. Additionally, the ABOC Platinum is accepted worldwide.
- You can use the online portal to manage your rewards.
Rotating Rewards Categories
The following table lists the rotating rewards categories for 2020:
| Quarter 1 (January 1 through March 31) |
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| Quarter 2 (April 1 through June 30) |
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| Quarter 3 (July 1 through Sept. 30) |
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| Quarter 4 (October 1 through December 31) |
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Who Should Get the ABOC Platinum Rewards Card?
The ABOC Platinum Rewards card is ideal for people who have excellent credit and spend a lot of time traveling. Because rewards for this card are low outside of the rotating categories, you should make sure that you often spend in those categories (such as gas, groceries, and travel) to begin with.
Although rewards in the rotating categories are very high, they won’t be as worthwhile if you don’t often make such expenditures to begin with. Travel rewards are especially valuable with this card since it is a common category for rotating rewards, and the card is accepted worldwide without a foreign transaction fee.
Compare other rewards credit cards and learn more here.
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