ABOC Platinum Rewards Mastercard® Review: A Market-Leading Card for Average Credit

If you're in the market for a rewards credit card or 0% intro APR credit card, you might have overlooked the ABOC Platinum Rewards Mastercard®. But this underdog has a lot to offer: automatic 5X points in rotating categories, a nice sign-up bonus, no annual fee, a 0% intro APR on purchases, and an even longer interest-free period for balance transfers. Even better, you don't necessarily need stellar credit to qualify.

No annual fee: This card comes with a lot of benefits, and you won't have to pay an annual fee to get them. 

0% intro APR for 18 months for balance transfers: You'll get a full 18 months to pay off balance transfers, which can be a powerful tool to help you pay off debt faster. You'll need to complete the balance transfer within the first 90 days of opening the account to qualify, and you'll still have to pay a balance transfer fee of 3% (or $5, whichever is higher). 

0% intro APR for 12 months for purchases: You'll also get a full 12 months before you have to pay any interest on purchases.

$150 sign-up bonus: If you spend at least $1,200 on purchases within the first three months of getting this card, you'll receive a statement credit for $150. That spending threshold is a little higher than what some other no-annual-fee rewards cards require, but the amount of the reward is comparable.

Lower credit requirements: You often need excellent credit to qualify for a rewards card. That's not the case with the ABOC Platinum Rewards Mastercard®. The bank looks at many things when you apply, but you may be approved with just "fair to good" credit, which FICO defines as a score of 580 or higher. This is the standout feature of the card's perks, which compete with the best credit cards.

Up to 5X points: There are several cards that offer 5% cash back in rotating quarterly categories. The ABOC Platinum Rewards Mastercard® differs in a couple of ways. First, there's no need to opt-in to earn more: any bonus category spending automatically counts. And instead of earning 5% cash back, you earn 5X points on spending in bonus categories ($1,500 quarterly spending cap), which may be worth more or less, depending on how you redeem them. 

Broad bonus categories: Other rotating-category cards offer bonuses for narrower categories like fitness clubs, gas stations, or Uber and Lyft. The ABOC Platinum Rewards Mastercard® bonus categories cast a wider net:

• First quarter: monthly bills (including utilities, Netflix, cell phone, etc.)
• Second quarter: dining and transportation (including restaurants, gas, tolls, bus fares, etc.)
• Third quarter: travel (including gas, airline tickets, hotels, rideshares, etc.)
• Fourth quarter: department stores (including Amazon.com, Best Buy, Walmart, etc.)

Points redemption options: Your mileage may vary with the points you earn -- literally. You can redeem points through the ABOC rewards portal, but not all options are competitive with other rewards cards, including the redemption value for statement credits. The redemption values are as follows:

• Statement credit: You can redeem your points for a statement credit for a flat rate of $0.0075 per point. That's around half of what your points are worth if you redeem them for travel.
• Travel: The exact amount of points to redeem airfare, hotels, car rentals, and cruises may differ. According to a company spokesperson, however, you can expect a redemption value of around $0.013 per point in this category, which is very good.  
• Merchandise: Although it's not a popular redemption method, you can redeem your points for merchandise. This largely consists of "union-themed apparel, coffee mugs, etc." It may be hard to find gems in this category.
• Gift cards: The higher the value of the gift card you redeem, the fewer points it'll take. You can redeem gift cards starting at 3,250 points for $25 ($0.0077/point) all the way up to 50,000 points for a $500 gift card ($0.01/point).

This card is best for people with a fair to good credit rating. According to FICO, that translates into a score of 580 or better. This makes the card much easier to qualify for than its competitors, especially if you have a lower credit score. Worth noting: Approval depends on a combination of other factors, including your income level and other aspects of your credit report.

The ABOC Platinum Rewards Mastercard® is one of the more underrated rewards cards, and that's why we think it deserves your consideration. That said, there are some people it might serve better than others. That might be you if:

1. You have a fair credit score and want access to perks generally only available for cards requiring excellent credit. There aren't many options for rewards cards or ones with long 0% intro APR offers if your credit isn't good or excellent. If you're still working on it, this is one of the few rewards cards you may qualify for. 
2. You want the higher rewards of rotating-category cards, but you don't want to remember to activate them. Most rotating-category cards require you to activate them each quarter before you start earning the higher bonus rewards. That's unfortunate if you ramp up your spending only to forget this key detail. You won't have to do that with this card -- you'll earn the bonus rewards automatically. 
3. You want to travel more and use credit cards to get there. You'll get the most value with this card if you redeem your points for travel. Points are worth around $0.013 each, in this case. Even with some of the biggest no-annual-fee travel rewards cards, your points are only worth $0.01 each, so your points will stretch further with this card.