Its ABOC Platinum Rewards Mastercard offers you $150 in cash back in the form of a statement credit, the chance to earn 5x points, and 12 months of interest-free financing. And it now has no foreign transaction fees.
How the ABOC Platinum Rewards Mastercard credit card works
This card offers new applicants a $150 statement credit after you spend $1,200 on qualifying purchases within 90 days of account opening.
You also get 12 months of interest-free financing on new purchases and 18 months for balance transfers.
Finally, you’ll receive 5x rewards on up to $1,500 spent in certain featured categories and with featured merchants.
There’s no annual fee for this card, as of July 1, 2019, there are no longer any foreign transaction fees.
ABOC Platinum Rewards Mastercard review: Table of contents
How to earn rewards
With this card, you can earn five points per dollar on up to $1,500 spent each quarter in featured merchant categories like dining, groceries, travel, and automotive. For example, in the third quarter of 2019 (July – September), you earn 5x points on your first $1,500 spent on gasoline and travel purchases including airfare, car rental, cruises, hotels, travel agencies. You can also earn additional points by shopping through ABOCRewards.com.
You earn one point per dollar spent on all other purchases in non-featured categories.
How to redeem rewards
These points can be redeemed for up to one cent each in travel reservations, with a minimum of 15,000 points for flights and 5,000 points for all other travel. And you can combine points and card charges to pay for travel. Points are also worth about 0.93 cents towards gift cards and about 0.75 cents each towards statement credits.
Additional cardholder benefits
This card offers new accounts 12 months of 0% APR financing on new purchases and 18 months for balance transfers, with a 3% balance transfer fee ($5 minimum). Other benefits include a mobile banking app and no penalty interest rate.
Alternatives to the ABOC Platinum Rewards Mastercard
This is one of many cash back cards offered. Some feature more than 1% cash back on all purchases, but with no bonus categories. While others, like the ABOC Platinum Rewards Mastercard offer just 1% on most purchases, but with opportunity to earn bonus cash back for certain purchases. For more information, see our article on the The 5 best cash back credit cards right now.
The ABOC Platinum Rewards Mastercard is the latest entry in a crowded field of reward cards that offer you 5x points or 5% cash back on featured purchases. And it’s great to see that they’ve now eliminated foreign transaction fees.
What distinguishes it from its competitors is ABOC itself, which is a fraction of the size of Chase or Discover. If this rewards structure appeals to you and you’d prefer to deal with a smaller regional bank, then this card could be for you.