With so many credits cards out there, it can be tough to find one that will be the most beneficial for you. When you’ve seen one, you’ve seen them all, which makes the search much more difficult at times. Finding a card that will benefit you for every purchase you make, might be the way to go. It’s like receiving a thank you every time you pay a bill or make a purchase. Except, that this thank you is not just in the form of a receipt but a reward you can actually use. The ABOC Platinum Rewards Card earns its users reward points for every dollar spent.
Where Did This Card Come From?
This low-interest rewards card is offered by the Amalgamated Bank of Chicago and is highly recommended for individuals with good or excellent credit. Believe it or not, this bank has been around for about 100 years. There is something to be said for a bank to last this long without going belly up. It’s no surprise that they offer a rewards card with fantastic benefits. The ABOC Platinum Rewards Card’s mantra sums up what it’s all about.
Your Points. Your Rewards. Your Way.
This rewards MasterCard is an excellent fit for those who want to be rewarded for their purchases. Doesn’t it make sense to get a little extra something for the money you spend on a regular basis? Getting something for nothing does not necessarily exist in the finance world, however, in this particular case, this card is pretty close. There are several rewards cards out there, however, the benefits for this one, simply can’t be ignored.
What’s In It For Me? The Benefits.
- Annual Percentage Rate (APR)- The annual percentage rate for this card is a whopping 0% during the first 12 months. After the 12-month period, the APR will vary between 14.65% to 24.65%, depending upon how excellent your credit is and the current market rate. This deal applies for both purchases as well as balance transfers.
- Annual Fee- Guess what? There isn’t one! $0 annual fee. No, there isn’t any catch! You pay no yearly fee.
- Statement Credit- Cardholders will receive a $150 statement credit after spending $1200 or more within the first 90 days of opening the card account. Well, that’s incredibly generous, isn’t it? This is extremely easy to take advantage of by paying a hefty bill that you have to pay on anyway, such as your mortgage or your rent. The benefits don’t stop there.
- The Rewards- This is the fun part. Users will get 1 point for every $1 spent. What can you do with these points? It’s your choice. You can choose to redeem them for merchandise, gift cards, travel vouchers, and even cash. These points don’t expire and are unlimited. Having this type of flexibility is well worth it.
- Late Payments? No Problem- Your APR will not go up in the event that you have a late payment. You have excellent credit, so a late payment is highly unlikely, but it is quite comforting to know that if anything off the wall happens, your APR won’t suffer because of it.
- Bonus Points- Rewards card users will also receive extra points for shopping with participating retailers or on the rewards site. If you’re going to shop anyway, you might as well get the extra points.
- Mobility and Convenience- The ABOC Mobile Credit app is available to smartphone users for easy account management while on the go.
How Can I Get One? The Criteria
To be bestowed with the honor of such a versatile card, you must have good or excellent credit. It makes total sense because the benefits of this card are great. You deserve the gold-star treatment for a credit score well-done. More than 68 million Americans have poor or bad credit. According to Vantage Score(reported by Fox News), Americans with excellent credit are in the top 22% for credit scoring. You are part of the credit elite! So, congratulations for ranking high on the credit awesomeness meter! You’ve earned it! Consumers all over the world want to grow up and be just like you! Great credit is the part of the American Dream that no one talks about. Because without it, a lot of things are out of reach. Now when you are finished blushing, you can take full advantage of your well-earned status and get a card that will work for you, whether it’s this card or a different one. With great credit, comes great benefits. The ABOC Platinum Rewards Card appears to be one of those benefits.
So, I Get the Card. What’s the Best Way to Use It?
Having a card with great benefits means nothing if you don’t know how to use it properly. The key in best utilizing this card for what it offers is to use it to pay for things you already have to pay for anyway. In other words, use it to pay for essentials then pay yourself back. Your bills are generally the same each month. You have your mortgage or rent, car note, insurance, electricity bill, cable, groceries, etc. Knowing that, doesn’t it make sense to get rewarded for the very things you have to pay for regardless? Your APR is 0% for the first year. That’s worth taking advantage of. Funnel your existing bills through the card, so that you can reap its rewards much more quickly.
Know Your Limits
Some will tell you that maxing out your card is not a good idea. Well, as long as you have the money to pay it off, it’s a great idea. By maxing out your card and immediately paying it off, that will establish a baseline for you with the lending bank. Meaning, that if you have a habit of maxing out your card and you responsibly pay it all back, that will encourage the bank to raise your credit card limit. They look at your average spend and often determine if it’s much higher than the threshold they allowed you. It’s an easy way to get a credit limit increase; especially, if you are using your card for your larger bills. If you don’t have the money to max on and max off, then this method is not for you. This will only make sense if this is something you can afford to do.
Shop Wisely, Spend Wisely
If you are going to use the card to shop, make sure you are using it for purchases you already planned to make. That’s how you stay out of trouble. What this card is not for is expensive purchases you cannot usually afford. Think of this card’s purpose as in lieu of. You will be using it instead of cash. You get nothing back for using cash, but you get a whole lot of something back by using this card. The ABOC Platinum Rewards Card is partnered with several participating retailers that will give you extra points just for purchasing with them. Make sure to review them to find out which ones you already shop with. This will make it easier to leverage your purchases.
Now, For The Drawbacks. Wait. There Are Drawbacks?
Just like with anything else, if you search hard enough, you can find drawbacks with just about any card. A disadvantage for one person might not be an issue at all for someone else. Let’s start with Cash Advances. The APR for cash advances is 26.74% and can vary based upon the market rate. It’s 5% for each one with a $10 minimum. This drawback is not that much of a surprise as this is generally the case for most credit card companies.
Losing Your Introductory APR.
You can lose your introductory APR if you have a late payment. As mentioned prior, your APR (after one year) will be unaffected if you are late but that does not apply to your introductory APR. You will lose that 0% special offer but won’t lose your regular rate. Again, none of this is really a huge surprise. This is pretty standard in the credit card industry. Considering that these are supposed to be drawbacks, they aren’t half bad. You know the routine for being a responsible cardholder, so this stuff is a cake walk for someone like you. You didn’t get excellent credit overnight. You worked for it. The ABOC Platinum Rewards Card will become a great addition to the cards in your purse or wallet. This card is one that will lift you up versus burden you down. Better yet, it can be the main card that you use. It should be, at least. Being rewarded for your efforts is something you want to embrace.
Using a credit card only makes sense if you get something out of it. Not only are you able to use this card to maintain your excellent credit standing, but you are also rewarded at the very same time. This sounds like a win/win. If used correctly, this rewards card can provide significant benefits for you and your loved ones. Whether you use it to cover your impromptu shopping purchases or to leverage your monthly bills, there are great benefits to a rewards card such as this one.