Update: No longer accepting new applications.
Amalgamated Bank of Chicago offers the Platinum Rewards credit card, is it of interest to us due to the 5x rotating categories and $150 sign up bonus. Let’s take a look in this quick review
Card Basics
- Card earns 5x rewards points on up to $1,500 in combined purchases each quarter in rotating categories (similar to the Discover it & Chase Freedom cards). 1x points on all other purchases.
- $0 annual fee
- Sign up bonus of $150 statement credit after making $1,200 in purchases within the first 90 days
- 0% introductory APR on purchases and balance transfers for the first 12 months (balance transfer fee of 3% or $5, whatever is higher)
How Much Are Points Worth?
Points are worth 0.75¢ to 1¢ per point, this varies based on what you redeem them for.
- Travel portal: 1¢ per point
- Gift cards: 0.77 – 0.93¢ per point
- Statement credit: 0.75¢ per point
Rotating Categories
The 5x rotating categories for 2019 are as follows:
- Q1 (January – March): Dining, Grocery, and Pharmacy
- Q2 (April – June): Home Improvement & Wholesale/Warehouse Clubs
- Q3 (July – September): Travel (airline, cruise, car rental, hotel, and travel agency purchases)
- Q4 (October – December): Automotive parts, service, and repair purchases
The card was launched in 2017, but they added the 5x categories in 2019 so this is the first year they have been offered.
Our Verdict
Basically a 3.75-5% back card depending on what you use the points for. The sign up bonus of $150 is in line with what is usually offered on the Chase Freedom, obviously the points aren’t as valuable and the minimum spend requirement requires more spend. I have no experience with this bank and can’t really seem to find much information so if anybody goes for this card please share your experiences in the comments below.
Hat tip to MtM
