Ollo Credit Cards: Everything You Need to Know

Ollo credit cards are a great option for those looking for a simple, no-fee credit card experience. They don't have a rewards program, so you won't earn points or miles for your purchases.

Ollo credit cards are designed for individuals with less-than-perfect credit, offering a second chance at building credit. They report payments to the three major credit bureaus, which can help improve your credit score over time.

Ollo offers a credit card with a $0 annual fee, making it a cost-effective option for those who want to avoid extra charges. This card also has no foreign transaction fees, so you can use it for international purchases without incurring additional costs.

Ollo credit cards are issued by the Bank of Missouri and are available to residents of the United States.

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To get an Ollo credit card, you'll need to receive an invitation to apply, which is based on your credit information.

Ollo targets its card products towards those with near-prime credit, and you can't just apply for an Ollo card without a preapproved mail offer.

You may receive an invitation to apply with a credit score in the low 600s or upper 500s, but the minimum credit score required is at Ollo's discretion.

Ollo is an issuer that targets its card products towards those with near-prime credit, similar to Mercury Financial, the issuer of the Mercury Mastercard.

You won't be able to just apply for Ollo, as you need a preapproved mail offer and an invitation to apply.

These mail offers are based on partial credit information purchases from third parties – the three major credit bureaus (Equifax, Experian, and TransUnion).

Presorted mail offers don't mean "guaranteed approval", but instead that you are a good match for the product and have good approval odds.

You can check out related articles on credit cards that don't require a preapproval mail offer if you're interested in exploring other options.

Receiving a mail offer doesn't guarantee approval, but rather indicates you're a good candidate for the product and have a strong chance of being approved.

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Ollo doesn't disclose its full credit score requirements, but consumers with average or near-prime credit may receive an offer.

A "fair" credit score refers to a FICO Score between 630 and 689 or a VantageScore between 650 and 699. This credit score information is only part of the eligibility requirements.

Ollo's minimum credit score required for an invite to apply is at their discretion, but you may receive an invite with a credit score in the low 600s or upper 500s.

Having a credit score in the low 600s can lead to an initial credit limit of around $300, which is relatively small.

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If you're looking to repair your credit, you might consider a subprime credit card like the Ollo Rewards.

There aren't many cards for bad credit that offer rewards with every purchase, making the Ollo Rewards a decent option for those in need.

You'll need an invitation code to apply, which is a limitation, especially for those with fair or poor credit.

The APR for the Ollo Rewards Card is disappointing, considering you'd expect a better purchase APR for a card that requires a reservation code.

A team of former credit card executives has launched a series of new consumer credit cards under the brand "Ollo." This new company, Fair Square Financial Holdings, has received an equity commitment to finance card issuance from Pine Brook, an investment firm.

The CEO of Fair Square, Rob Habgood, has a background in credit card business, having co-led the credit card business of Bank of America and held senior roles at Capital One. He believes that millions of Americans are still limited in their access to competitively priced card products.

Fair Square's board is comprised of industry veterans, including former CEOs and executives from leading credit card companies. This team of experts is well-equipped to launch a successful credit card business.

Here's a look at Fair Square's senior management team:

The Ollo Platinum card offers a range of features and benefits that make it a great choice for those looking for a reliable credit card.

One of the standout features is the 24/7 U.S.-based customer service, which is available to help with any questions or concerns.

Ollo Platinum cardholders also have access to Ollo's mobile app, available on Apple's App Store and Google Play, making it easy to manage their account on the go.

With the Ollo Platinum card, you'll enjoy a suite of Mastercard purchase protections and security features, including Zero Liability Protection, Mastercard Global Services, and ID Theft Protection.

These features provide peace of mind and protection for your purchases, giving you one less thing to worry about.

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The Ollo Platinum Card has a range of features that make it an attractive option for those looking to establish a strong credit profile. One of the standout features is its relatively low APR compared to other similarly marketed cards.

There are no annual or activation fees with the Ollo Platinum Card, which means you won't have to worry about any hidden fees. This is a major plus, especially for those who are just starting to build their credit.

The card also offers 24/7 U.S.-based customer service, which is a great resource for those who need help with their account. Additionally, Ollo's mobile app is available for both Apple and Google devices, making it easy to stay on top of your account.

Ollo's Mastercard purchase protections and security features are also worth noting. These include Zero Liability Protection, Mastercard Global Services, and ID Theft Protection. These features can provide peace of mind and help protect your financial information.

Here are some of the key features of the Ollo Platinum Card:

Keep in mind that while the Ollo Platinum Card is a great option for those looking to build their credit, it's not without its limitations. For example, you will still pay a late payment fee if you miss a payment, up to $39.

The Ollo Platinum Card offers a range of benefits that can help you achieve your credit goals while saving money. You won't be charged an annual fee, an over-limit fee, a returned payment fee, or foreign transaction fees.

Freedom from fees is a huge perk, especially if you travel or make international purchases. This can save you a significant amount of money over time.

Ollo periodically reviews your account and automatically increases your credit line when you demonstrate financial responsibility. This means you can enjoy a higher credit limit without having to apply for it.

To increase your chances of a credit line increase, aim to keep your credit utilization ratio below 30%. This means keeping your ongoing balance below 30% of your card's credit limit.

For example, if your credit limit is $1,000, keep your balance below $300. Making payments mid-billing cycle can also help you stay under the 30% target.

Ollo gives you the benefit of the doubt if you're late making a payment, so you won't see a rate hike if a payment is late. This can provide peace of mind and help you stay on top of your payments.

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To activate your Ollo card online, start by visiting the official activation page at ollocard.com/activate. This is the first step to using your new card for transactions.

You'll need to provide some necessary details on the website, including those required for the activation process mentioned in the example. These details are essential for completing the activation process.

To activate your Ollo card, follow these steps:

Once you've entered this information, click the Next button to proceed with the activation process. If the activation is successful, you will see a confirmation message.

The Ollo Rewards Card is a cash back credit card that offers a range of rewards and benefits to its users.

You can earn 2% cash back at gas stations, grocery stores, and drugstores, making it a great option for people who regularly shop at these types of stores.

The card also offers 1% cash back on all other purchases, which is a pretty standard rate.

One of the best things about the Ollo Rewards Card is that it doesn't charge foreign transaction fees, over-limit fees, or raise your interest rate if you miss a payment.

The annual fee for the card is between $0 and $39, and it's worth noting that the card is invite-only, so you'll need to receive an invitation to apply.

To give you a better idea of how the card's rewards work, here are the details:

The card also has a pretty straightforward cash back earning structure, with 2% cash back on purchases at gas stations, grocery stores, and drugstores, and 1% cash back on all other purchases.

To break it down even further, here's a summary of the card's rewards:

Overall, the Ollo Rewards Card is a solid option for people who want to earn cash back on their everyday purchases without breaking the bank.

Ollo credit cards have received mixed reviews from experts and consumers.

According to BestCards, the Ollo credit card program rates 3 out of 5.

The Better Business Bureau does not have a rating for Ollo credit cards.

On TrustPilot, Ollo credit cards have a rating of 2.5 out of 5.

Here's a summary of the ratings:

The Ollo Platinum Card is a great option for those looking to achieve their credit goals without breaking the bank. It's free from a variety of fees, including an annual fee, over-limit fee, returned payment fee, and foreign transaction fees.

One of the standout features of the Ollo Platinum Card is its relatively low APR, which can help you save money on interest charges. This is especially important for those who carry a balance from month to month.

You won't be charged an over-limit fee, which can be a huge relief for those who occasionally go over their credit limit. This fee can add up quickly, so it's great that Ollo doesn't charge it.

The Ollo Platinum Card also gives you the benefit of the doubt if you're late making a payment, so you won't see a rate hike if a payment is late. This can be a huge weight off your shoulders, especially if you're prone to missing payments.

There are no hidden fees with Ollo, which is a refreshing change from other similar cards. This means you can trust that you're getting a fair deal.

Ollo credit card ratings vary across different review platforms.

BestCards gives Ollo a rating of 3 out of 5, indicating a neutral assessment.

The Better Business Bureau does not provide a rating for Ollo.

TrustPilot users rate Ollo 2.5 out of 5, suggesting some room for improvement.

Here's a summary of Ollo's ratings across these platforms: