[2021.8 Update] Applications for this card have been suspended.
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Amalgamated Bank of Chicago (ABOC) Platinum Rewards
Application Link
Key Features
- Sign-up bonus: $150 (after spending $1,200 in the first 90 days)
- Earning rates: 5x in one category each quarter (on up to $1,500 in purchases), 1x on everything else
- Redemption options: statement credit at 0.75c/p (starting at $25); gift cards at 0.77-0.93c/p (); travel purchases at 1 c/p
- No FTF: No Foreign Transaction Fees
- No annual fee
Benefits
- Quarterly 5x categories: This card offers 5x rewards in different categories each quarter (latest categories for this year).
- Q1: groceries, fitness clubs, hospitals, pharmacies. Supermarkets and drugstores are especially useful since you can buy almost anything there.
- Q2: qualifying home improvement, gardening, Amazon.com, and other major online retailers. Based on the MCCs, this also appears to include Costco, Target, and Walmart, so it is quite broadly useful. Amazon is also a nice category.
- Q3: travel-related purchases, including airfare, car rentals, dining, hotels, and gas. Hopefully travel will be easier by then.
- Q4: dining, groceries, and Amazon. These are basically everyday essential categories, so it is easy to max out.
- 0% APR for the first 12 months: During the first 12 billing cycles, purchases that generate a balance will not incur interest as long as you pay at least the minimum each month. Please read carefully: “How to Pay a Credit Card Bill with 0 APR.” Balance transfers also get 0% APR, but the fee still applies, so this benefit is usually not very meaningful.
- In-house shopping portal: If you click through and shop with merchants at abocrewards.com, you can earn an additional percentage back.
Drawbacks
- There is very little historical data on how difficult it is to get approved by Amalgamated Bank of Chicago.
My Take
The sign-up bonus is $150, but the required $1,200 spending is somewhat high. The biggest selling point of this card is clearly the quarterly 5x categories. The other categories look fairly standard overall, while the Q4 automotive-related 5x category is relatively unusual. Redemptions are a bit awkward, and only travel redemptions are worth 1c/p. Overall, as a no-annual-fee card, the rotating quarterly 5x categories make it worth keeping long term.
Application
- Approval difficulty: Unknown. So I would recommend applying for the more mainstream cards first, and then considering this one. Based on current online DPs, applicants are often told the application will be under review for 14 days, and then the card just quietly shows up in the mail.