Ollo Credit Card Reviews | What is an Ollo credit card? There are two different versions of the Ollo credit card. Both cards are issued by a Bank of Missouri and operate anywhere MasterCard is accepted. Neither card requires a security deposit like a secured credit card.
Ollo Credit Card Reviews
Banks pay a small fee to do a flexible credit withdrawal and send these pre-approval invitations to people with eligible credit scores. The invitation letter will be for Ollo Platinum or Ollo rewards. The odds of you agreeing should be pretty good because you can only apply for an Ollo credit card if you get an invite.
Ollo will make a hard credit pull when you reply to their mail offer. This inquiry checks that there have been no significant changes to your credit report since they sent the offer. You are likely to receive an instant approval credit card decision within a minute. If approved, Ollo will send you one of these cards.
Ollo Platinum is an entry-level Ollo credit card product. It does not earn rewards for purchases and has no fees. You will not pay annual fees, foreign transaction fees, overrun fees, or return payment fees. If you make a late payment, your interest rate will not go up. But, you’ll still be charged a late payment fee of up to $39.
Ollo may also increase your card’s credit limit automatically. You will receive free FICO credit score updates every month.
Balance Transfer Offer
Select applicants can qualify for a promotional 0% APR on purchases and balance transfers for the first nine months. Transfer the balance from your existing card and get an interest-free opportunity to pay off your debt balance.
If you do not qualify for the introductory APR for the Ollo Platinum Mastercard, you can still focus on building credit without paying an annual fee.
- No annual fee
- Monthly FICO score updates
- Automatic credit
- No purchase rewards
- Invite-only application
The Ollo Rewards Mastercard earns 2% cash back at gas stations, grocery stores, and drugstore purchases. All other purchases earn 1% back.
Annual fees range from $0 to $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 bonuses. This is a good option if you can earn more purchase rewards than the cost of the annual fee.
Like Ollo Platinum, Ollo Rewards doesn’t charge foreign transaction fees, over-limit fees, or raise your interest rate if you miss a payment.
This card does not offer an introductory APR for purchases or balance transfers. But if you get invited for this card, you will likely have a better credit score than required for Ollo Platinum.
- Earn 2% at gas stations, grocery stores, and drugstores
- No foreign transaction fee
- Annual fee might be waived for well-qualified applicants
- Annual fee up to $39
- Invite-only application
Credit score required
Since both Ollo credit cards require an invitation to apply, the minimum credit score required is at their discretion. But you may receive an invitation with a credit score in the lower 600s or higher 500s.
Burf5502 is an Oleo Rewards MasterCard with less than 600 seconds credit with an initial credit limit of $300. This initial limit is relatively small and other owners have made similar complaints. But after 6 to 12 months of on-time payments, you may get an automatic increase. This increase will not affect your credit score.
Mommybear31 reports an above-average initial credit limit of $1,500 compared to previous credit cards. They also have positive reviews for the fraud monitoring section and the 2% flexible bonus categories.
Automatic credit limit increase
Both Ollo credit cards will start reviewing your credit report after you make several consecutive payments on time. The earliest you will qualify for a credit limit increase is six months after the account is opened.
You can help increase the chances of increasing your limit by only using up to 30% of your card’s credit limit in one go. For example, a $1,000 limit means that you keep your ongoing balance under $300. Making payments in the middle of the billing cycle can also keep credit utilization below the 30% target.
Of course, always pay your monthly balance in full and on time.
Best Instant Approval Credit Cards
If you don’t have an invite to Ollo yet, there are two other options you can follow.
Capital One Platinum Credit Card
The Capital One Platinum Credit Card is a good alternative to the Ollo Platinum Card. It has no annual fee and you can start qualifying for an automatic credit limit increase after your first 6 on-time payments.
Read our Capital One Platinum review to see how this card can help you build credit.
Capital One QuicksilverOne Cash Rewards Credit Card
Earn unlimited 1.5% cash back with the Capital One® QuicksilverOne Cash Rewards credit card. Your rewards are redeemable for cash. The annual fee is $39, which is the maximum fee for the Ollo Rewards Mastercard Program. Therefore, you will need to spend $2,600 each year to offset the annual fee.
This can be easier if you’re having trouble reaching the maximum 2% bonus categories for Ollo’s gas station, grocery and drugstore.
Summary: Ollo Credit Card Reviews
Overall, Ollo credit cards are among the best unsecured cards for people with fair credit. Other cards charge an annual fee and do not offer bonuses or balance transfer promotions. If you can’t wait for the invitation, you can find similar secured or unsecured credit cards.