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Ollo Optimum Mastercard: Unlimited 2.5% Cash Back

Cory Santos

| Last updated on October 23rd, 2023

Ollo Optimum Mastercard

Ollo Optimum Mastercard
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Good / Fair
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None Annual Fee

Ollo Optimum Mastercard

  • 24.99% variable based on the Prime Rate Regular Purchase APR
  • 24.99% variable based on the Prime Rate Balance Transfer APR
  • 24.99% variable based on the Prime Rate Cash Advance APR
  • 0% for the first 15 months Intro Purchase APR

At a Glance

The Ollo Optimum Mastercard is a cash back rewards card that offers 2.5% cash back on all purchases, with no annual fee or hidden fees. The card is currently only invitation only, meaning you need an Ollo offer to apply.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • No annual fee
  • No foreign transaction fees
  • Unlimited 2.5% cash back on all purchases
  • 0% introductory APR on purchases for 15 months from account opening
  • Intro Purchase APR: 0% for the first 15 months
  • Regular Purchase APR: 24.99% variable based on the Prime Rate
  • Intro Balance Transfer APR: 0% for the first 15 months
  • Balance Transfer APR: 24.99% variable based on the Prime Rate
  • Balance Transfer Transaction Fee: Either 4% or $5, whichever is greater
  • Cash Advance APR: 24.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either 5% or $10, whichever is greater
  • You want a cash back card with a simple rewards structure
  • You want a lengthy intro APR period on both balance transfers and purchases
  • You don’t want to pay an annual fee or foreign transaction fees

In-Depth Review: Ollo Optimum Mastercard

The Ollo Optimum Mastercard is a cash back credit card that provides an exceptional earning rate with no hidden fees.

How to Earn (and Redeem) Cash Back

The Ollo Optimum Mastercard is the elite-tier rewards card of the Ollo credit card lineup. The issuer already provides a 2% cash back card, but Optimum takes that earning rate to the next level with 2.5% cash back on all eligible purchases.

The 2.5% back with the Optimum Mastercard places it on par with the Alliant Cashback Visa Signature but lacks the redemption options that card provides. Like most other issuers, Alliant Credit Union lets cardholders use cash back for things like travel, gift cards, or statement credits. Ollo, on the other hand, only allows cardholders to use cash back for statement credits.

Using cash back for statement credits isn’t a bad thing. In fact, it is a nice feature for those that want an everyday rewards card that helps them pay down their statement balance. Ollo touts this as a strength, saying customers look forward to a straightforward value proposition – and for those new to rewards, that may undoubtedly be the case.

Ollo cash back rewards never expire, which is a great plus. Additionally, rewards are tallied – and can be viewed – through the Ollo mobile app (available through the Apple App Store and Google Play Store.

No Hidden Fees

Like other Ollo products, the Ollo Optimum Mastercard is free from hidden fees. This feature means cardholders can enjoy no annual fees and no foreign transaction fees. Additionally, the card is free from any penalty APR or over-the-limit fees.

0% Intro APR Offer

A great feature of the Optimum Card is the lengthy zero-interest APR offer some applicants receive. The Ollo Optimum provides 0% introductory APR for 15 months on both purchases and balance transfers for those that qualify. While not everyone will qualify for the lengthy intro APR period, it is a great bonus – and makes the Ollo Card an excellent option for those that want a streamlined cash back card.

Other Card Features

Other features of the Ollo Optimum Mastercard include:

Zero Liability Protection Mastercard Global Services ID Theft Protection

Should You Apply for the Ollo Optimum Mastercard?

Overall, the Ollo Optimum Mastercard is a versatile cash back card that will appeal to its target audience. Like other Ollo offers, the card is geared towards those looking to make the jump from average to good credit or even good to great credit scores.  

While the lack of redemption options is frustrating, the 2.5% back on all purchases can seriously help pay down balances for those that appreciate that sort of rewards system. Those rewards are unlimited and earnable on all purchases, which is also an improvement over the Ollo Platinum Rewards Card, which earns 2% back on select categories. Ultimately, the Ollo optimum Card is a versatile rewards card that offers great value for those who receive an invitation to apply.

Those potential applicants with good credit or higher should consider another cash back rewards card from a larger issuer or bank. Cards like the Citi® Double Cash Card – 18 month BT offer or Citi Custom Cash℠ Card, for example, offer streamlined cash back rewards, lower regular APRs, and no annual fee. Other low APR, 0% APR, and cards that offer credit line increases include offers from major banks, such as the Chase Slate Edge.

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