Ollo is a new credit card issuer that was formed by former executives from Capital One and Bank of America. I also happen to know someone who works at Ollo and according to him, they are targeting consumers just below the prime market. They have just launched two credit cards and in this review, we will be looking at one of them, the Ollo MasterCard.
The Ollo Platinum is the entry-level Ollo credit card product. It doesn’t earn rewards on purchases and has no fees. You won’t pay an annual fee, foreign transaction fee, over-limit fee, or returned payment fee. If you make a late payment, your interest rate won’t increase. But, you will still pay a late payment fee, up to $39. Ollo may also automatically increase your card’s credit limit. You will receive free FICO credit score updates each month.
Ollo Platinum Mastercard Card Details
|MAX LATE FEE||$40|
|MAX PENALTY APR||None|
|GRACE PERIOD||25 days|
|5% (min $10)|
|SMART CHIP||Yes, unknown|
- At this time, Ollo products are offered by invitation only.
- Automatic credit line increase reviews.
- Free FICO® Score available.
- Zero Fraud Liability, 24×7 U.S Based Customer Service.
- No rate hike when you make a late payment.
Ollo Mastercard Rewards
The Ollo Rewards Mastercard earns 2% cash back at gas stations, grocery stores, and drugstore purchases. All other purchases earn 1% back.
The annual fee is between $0 and $39. If you have the highest annual fee, you will need to spend $2,000 each year in the 2% bonus categories to offset the $39 fee with purchase rewards. This is a good option if you can earn more in purchase rewards than the annual fee cost.
Like the Ollo Platinum, the Ollo Rewards doesn’t charge a foreign transaction fee, over-limit fee, or raise your interest rate if you miss a payment.
This card doesn’t offer an introductory APR for purchases or balance transfers. But if you receive an invitation for this card, you most likely have a better credit score than what is required for the Ollo Platinum.
Pros and Cons of the Ollo Credit Card
The Ollo Platinum Mastercard has several pros and cons. It’s a good idea to review both the good and the bad before you sign up.
Ollo Credit Card Pros
- No annual fee – There is no annual fee with the Ollo Platinum Mastercard.
- No monthly service charge – You won’t pay a monthly service fee with this card.
- No penalty APR – Even if your payment is late, Ollo won’t charge a penalty APR.
- No security deposit required – The Ollo Platinum Mastercard is an unsecured credit card, which means you aren’t required to make a security deposit.
- Possibility of an introductory APR – Depending on your creditworthiness, you may qualify for a 0% introductory APR on purchases and balance transfers for the first nine months.
- Automatic credit line reviews – According to the Ollo card website, Ollo reviews cardholders’ accounts automatically after six months and awards a higher credit limit for responsible use.
Ollo Credit Card Cons
- Invitation only – The Ollo card is invite-only, so you can only apply if you’re pre-selected.
- Higher APR – At 24.99%, the Ollo Platinum Mastercard’s interest rate is a bit on the high side compared to other cards marketed toward consumers with fair to good credit scores.
- No rewards program – The Ollo card lacks a rewards program, so you won’t get any points or cash back on purchases you make.
Ollo Credit Cards Are Invite-Only
Ollo offers two credit card options to consumers who prequalify for the card. At this time, you can only officially apply for either the Ollo Platinum or Ollo Rewards credit card if you receive an invitation in the mail.
Invitations will specify which card you can apply for. You do not get to choose between the two offerings. That’s important to note because the two cards offer very different perks — and those perks will differ depending on your credit history.
Ollo Credit Cards
Ollo’s product lineup includes the Ollo Platinum Mastercard, the Ollo Rewards Mastercard and the Ollo Optimum Mastercard. All three are serviced by Ollo Card Services and issued by the Bank of Missouri. Here’s an at-a-glance look at the features and benefits of each:
|Ollo Platinum Mastercard||Ollo Rewards Mastercard||Ollo Optimum Mastercard|
|Rewards rate||N/A||2% cash back at gas stations, grocery stores and drugstores1% cash back on all other purchases||2.5% cash back on all purchases|
|Intro offer||0% intro APR on new purchases and balance transfers for 9 months||N/A||0% intro APR on new purchases and balance transfers for 15 months (targeted)|
|Other notable features||Automatic account reviews for credit line increases, free FICO score, zero fraud liability, 24/7 customer service, credit education resources||Rewards don’t expire, no minimum required to redeem, free FICO score, zero fraud liability, 24/7 customer service, credit education resources||Rewards don’t expire, no minimum required to redeem, instant “Lock It” tool if you misplace your card, free FICO score, zero fraud liability, 24/7 customer service, credit education resources|
Ollo Platinum card details and benefits
The Ollo Platinum Mastercard, Ollo’s entry-level offering, is best suited for people with fair to good credit.
Though it doesn’t offer spending rewards, the Platinum’s uncomplicated fee structure gives it a leg up on similar credit-building cards: It carries no annual fee, no returned payment fee and no over-limit fee. The card doesn’t charge foreign transaction fees, either, making it a potentially good choice for frequent travelers or online shoppers with a penchant for international retailers.
The fees the Ollo Platinum does carry – for late payments, balance transfers and cash advances – are easy to avoid. But if you happen to miss your payment due date, you’ll pay $28 for your first slip-up and $40 for any subsequent occurrence within six billing cycles, per the Ollo cardmember agreement.
Unfortunately, other aspects of the Ollo Platinum Mastercard aren’t quite as noteworthy. While cardholders who are invited to apply may be offered an intro 0% APR on purchases and balance transfers – this happens in “a lot of cases,” Egg-Krings said – the intro period is a short nine months, and the 4% balance transfer fee is higher than average.
Finally, although late payments won’t trigger a penalty APR, the Ollo Platinum card’s variable APR is already 24.99%, nearly 10 percentage points higher than the average credit card interest rate of 16.05%.
Ollo Rewards card details and benefits
The Ollo Rewards Mastercard, the next step up from the Platinum card, is a lot like its entry-level counterpart. But how it differs is significant: Unlike the Platinum, the Ollo Rewards card lets you earn cash back for your spending (albeit in exchange for an annual fee as high as $39).
Ollo Rewards cardholders earn 2% cash back on purchases made at gas stations, grocery stores and drugstores and 1% cash back on all other purchases everywhere else Mastercard is accepted. There’s no limit to the cash back you can earn, and your rewards won’t expire as long as your account is open and in good standing.
Unlimited 2% cash back is nice, of course, but the best cash back cards apply a similar rate to all purchases, not just those made at certain types of merchants. And the only way to redeem your cash back is in the form of a statement credit (Egg-Krings said the company has found that Ollo customers “look for straightforward propositions”).
Accumulated cash back earnings are found on the account summary page within the Ollo mobile app, and cardholders can redeem their rewards at any time with just the tap of a button – no minimum required.
Other than its rewards program and potential annual fee, the Ollo Rewards card is exactly the same as the Platinum, all the way down to the 24.99% APR.
Ollo Optimum card details and benefits
The third and final Ollo card – the Ollo Optimum Mastercard – is essentially a supercharged version of the Rewards card, offering an excellent 2.5% cash back rate on all purchases, with no limit to the rewards you can earn, no minimum to redeem and no expiration dates.
But unlike the Rewards card, there’s no annual fee on the Optimum, suggesting this card is reserved for Ollo customers with the best credit scores. In addition to all the benefits associated with the lower-tier Ollo cards, Optimum cardholders benefit from a “Lock It” feature, which essentially lets them freeze their account if their card is ever lost or misplaced.
While it doesn’t offer bonus rewards in specific purchase categories or any of the lucrative travel credits that come with many top-tier cards, the Ollo Optimum’s high cash back rate puts it on par with some of the best cash back credit cards available. In fact, for a card with no annual fee, this high of a flat rate of cash back is practically unheard of.
How to qualify for an Ollo card
As mentioned earlier, Ollo credit cards are by invitation only. In other words, the only way you can apply for an Ollo card is if you receive a prescreened offer. This means that the information in your credit report meets Ollo’s criteria, and should you decide to apply, chances are good that you’ll be approved (although there’s no guarantee). Your chances of being invited in the first place, though, remain somewhat of a mystery.
“While we don’t have an offer for everyone, we generate and market several million preapproved offers each month,” Egg-Krings said. “Our targeted approach allows us to evaluate risk and tailor our product to the consumer. The goal is to provide selected consumers with the right credit offer at the right time.”
Are Ollo cards worth it?
The answer to that question depends on your existing credit and financial goals. While there are tons of credit-building cards for people with fair or poor credit, only a few such cards come with rewards programs, and the Ollo Platinum isn’t one of them.
If you need to rebuild your credit after a previous misstep, consider the Petal® 2 “Cash Back, No Fees” Visa® Credit Card or even the Discover it® Secured, both of which offer a low barrier to entry as well as the opportunity to earn rewards for your spending – not to mention more reasonable APRs.
The Ollo Rewards card is a decent cash back card, though, particularly if you tend to do most of your spending at gas stations, grocery stores and drugstores. That said, the comparable Citi® Double Cash Card offers the same up to 2% – 1% when you buy, additional 1% when you pay off purchases – but charges no annual fee, carries a lower APR and has one of the longest intro deals on balance transfers around.
When it comes to the Ollo Optimum Mastercard, though, we think it’s safe to say that the answer is yes – the card is very much worth it. It offers the same rewards as the Alliant Visa Signature Card, our pick for the best premium flat-rate cash back card. But unlike the Alliant card, the Optimum doesn’t require membership in a credit union, charge an annual fee, cap your cash back or impose redemption minimums. You just have to be lucky enough to receive an invite.
Who Is the Ollo Card Best For?
The Ollo Platinum Mastercard is only offered by invitation, so you can’t apply for this card unless you receive an offer. If you do, however, it might be worth checking out if you want to build credit and possibly increase your credit score.
This card might also be a good fit for people who want to transfer a balance from another credit card but whose credit score isn’t quite good enough to qualify for a typical balance transfer card.
However, not everyone will receive the 0% introductory APR. If you do, keep in mind that this rate is only good for nine months, so you’ll need to pay off any balance transfers before it expires.
Ollo Platinum Mastercard Reviews
Everything was great until I paid off my card. Had a $4500 credit limit and a month after paying it off in full my credit limit was dropped to $300. This in turn caused my credit score to fall. Stay awaydebbiea5200
Horrible company. They are only interested in keeping you as a customer if you maintain a high balance so they can make money off the high interest they charge. If you are anything like me, one who pays off your balance and has a perfect payment history, they will close your account!!! Don’t waste your time with this company!nj42015
Ollo reduced my credit line for no reason. Don’t get a Ollo Card. They are also known to close cards that have low usage or no usage. Ollo wants you to keep a high limit, so they can earn interest. I would give Ollo no stars. I’m planning on closing my Ollo card once I have it paid off.mattbjorkman
Ollo Platinum Mastercard Alternatives
While the Ollo Platinum Mastercard might be a good option for those in need of a credit builder card, there are other cards out there that might appeal to someone with a credit score in the fair to good range. Here are three alternatives to consider.
1. Capital One Platinum Credit Card
The Capital One Platinum credit card shares several features with the Ollo card, but it has the advantage of being open to anyone who wants to apply. There is no annual fee, and consumers with an average credit score have a decent chance of getting approved.
The APR for the Capital One Platinum card is 26.99%, which is a bit higher than the Ollo card’s interest rate. On the other hand, the Capital One Platinum card has thousands of positive reviews online compared to the handful of good reviews available for the Ollo card.
2. Petal Visa
If you want a credit card that offers rewards, the Petal Visa is worth looking into. There is no annual fee, and cardholders earn a minimum of 1% on every purchase.
After six months of responsible use, the cash back reward gets bumped to 1.25%. If you pay your bill on time for 12 months in a row, Petal will increase your rewards rate to 1.5% for all purchases.
Credit limits range from $500 to $10,000 depending on your creditworthiness. The APR works the same way, ranging from as low as 12.99% for those with excellent scores and increasing to a maximum 23.99% for consumers with fair scores.
3. Capital One QuicksilverOne
The Capital One QuicksilverOne credit card has a $39 annual fee, but cardholders earn an unlimited 1.5% cash back on all purchases. With more than 10,000 online reviews, it’s also easy to compare and contrast this card to other offers.
At 26.99%, the QuicksilverOne card’s interest rate is on the pricey side. However, this card is worth considering if you plan to use it enough to earn rewards and then pay off your balance each month.
Ollo Platinum Mastercard FAQs
The following are some of the most frequently asked questions and answers for the Ollo Platinum Mastercard.
What Does Ollo Stand For?
Neither the Ollo website nor the site for the Bank of Missouri has information regarding the origins of the Ollo name.
Is the Ollo Card Legitimate?
The Ollo Platinum Mastercard is a legitimate, reliable credit card issued by the Bank of Missouri. The bank’s origins date back as far as 1891, and the bank offers a wide range of credit cards.
What Bank Is Ollo?
The Ollo Platinum Mastercard is issued by the Bank of Missouri.
What Credit Bureau Does Ollo Use?
Ollo doesn’t state which credit bureaus it reports to on its website. The only reference to credit bureaus appears in the cardmember agreement, in which Ollo states, “we may report information about your Account to credit bureaus.”
However, it’s clear that Ollo reports to at least one credit bureau, as several online reviews discuss how the card’s reporting helped boost their positive payment history and ultimately improve their credit score.
What Credit Score Do You Need for the Ollo Mastercard?
The Ollo website doesn’t explicitly state what kind of credit score you need to be selected for an offer. However, the card is marketed toward people with fair to good credit, which is typically defined as a score ranging from about 650 to around 700.
Does Ollo Give Credit Increases?
According to the cardmember agreement as well as the Ollo website, Ollo will review your account automatically after six months and increase your credit limit if you’ve demonstrated responsible use. Aside from this initial six-month review, Ollo also says it gives periodic limit increases, but it doesn’t set out any specific timeframes for when it conducts reviews.
Ollo Customer Service
Ollo Card Services 1-877-494-0020
Calling from outside the US? Dial 1-516-224-5600