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Date Reviewed: September 27, 2019
Ollo Rewards Card
- 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 24.99% variable based on the Prime Rate
- Annual Fee $0 to $39
- Credit Needed Fair , Poor
- Processing Network Mastercard
- Low, competitive annual fee
- Unlimited 2% cash back on gas station, grocery store and drugstore purchases. 1% cash back on all other purchases.
- No foreign transaction fees, no over the limit fees, no returned payment fees
- Zero Fraud Liability
- Regular Purchase APR: 24.99% variable based on the Prime Rate
- Balance Transfer APR: 24.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 4% of the amount of each Balance Transfer, whichever is greater
- Cash Advance APR: 24.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each Cash Advance, whichever is greater
- Annual Fee: $0 to $39
- Late Payment Penalty Fee: Up to $40
Date Reviewed: September 27, 2019
Ollo Platinum Card
- 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 24.99% variable based on the Prime Rate
- Annual Fee $0 to $39
- Credit Needed Fair , Poor
- Processing Network Mastercard
- No annual fee, no foreign transaction fees
- Automatic credit line increase reviews
- Zero Fraud Liability
- Online and mobile access, 24/7 U.S. based customer service
- Regular Purchase APR: 24.99% variable based on the Prime Rate
- Balance Transfer APR: 24.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 4% of the amount of each balance transfer, whichever is greater
- Cash Advance APR: 24.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $0 to $39
- Late Payment Penalty Fee: Up to $40
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1What Is Ollo?
Ollo is a credit card issuer that specializes in offering cards to people with below-average credit. Like other issuers, Ollo specializes in providing credit card offers for fair credit scores. Currently, Ollo offers two credit cards, the Platinum Card, and the Rewards Card. Ollo credit cards are only available upon receiving a prequalified offer.
Is Ollo a Bank or a Credit Card Company?
Ollo is a financial services joint venture by former executives from Bank of America and Capital One. Ollo is not a bank, as it does not offer other services, such as checking or savings accounts, CDs, or other products. Instead, Ollo is simply a credit card issuer, targeting those with “subprime” credit scores.
Ollo credit cards are issued through the Bank of Missouri. Bank of Missouri issues several credit cards for building credit, including the Ollo Platinum Mastercard and Ollo Rewards Mastercard. Other prominent cards from the bank include the Milestone Gold Card, the Fortiva Card, and the First Access Solid Black Visa.
Features of Ollo Credit Cards
One of the best features of the Ollo cards is a lack of hidden fees. Both cards feature a fixed-rate APR, which is high, but on par with what those with fair credit scores can usually expect. Additionally, the Rewards Card features a relatively low annual fee of $29, making it a good value for those rebuilding their credit and wanting to earn rewards with every purchase.
All Ollo cards lack many fees you associate with other “fresh-start” credit cards. These cards have no:
- Late fees
- Foreign transaction fees
- Over-the-limit fees
- Return payment fees
Another nice aspect of Ollo is that cardholders have access to a higher credit limit with on-time payments. After making just five payments, new accounts may receive a higher credit line, though this isn’t for sure.
Ollo FAQs
Here are some of the most frequently asked questions about Ollo credit cards:
What credit report does Ollo pull?
- Ollo financial services pull an applicant’s Experian credit report. The bank may also pull TransUnion, according to some customers, so check before applying.
What credit score do you need to get the Ollo card?
- Since Ollo cards are designed for repairing credit, people with fair credit scores can apply for – and receive – a card from the issuer. Typically, applicants need a credit score in the high 500s (above a credit score of 580), or in the low 600s to get a card.
How do I make payments on my Ollo Card?
- The easiest way to pay your Ollo Card statement balance is online. Simply visit the Ollo website, sue your Ollo credit card login details, and make a payment. You can also sign up for autopsy to alleviate the hassle of manually making payments each month.
Is Ollo a good card?
- Both Ollo credit cards (the Platinum and Rewards) are decent credit cards for rebuilding credit. They are very similar to other offers from Bank of Missouri, including the Milestone and First Access Cards. The requirement of a pre-selected mail offer, however, makes them unattainable for some individuals. In those cases, the previously mentioned cards may be a better bet.
Don’t Have an Ollo Offer? Other Cards to Consider:
Not sure if Ollo is right for you? Fortunately, there are a wide variety of good credit cards for fair credit scores designed to help in rebuilding your credit. If you have a credit score of 600 or higher, also consider:
Read the Indigo® Platinum Mastercard® Review
Indigo® Platinum Mastercard®
Choose Your Own Card Design
- Regular Purchase APR 24.9%
- Cash Advance APR 29.9%
- Annual Fee $0 to $99 depending on the card issued
- Credit Needed Poor
- Processing Network Mastercard
- Great for demonstrating responsible use of credit
- Short and easy-to-complete pre-qualification form
- 24/7 mobile account access
- Choose your card design free of charge
- Regular Purchase APR: 24.9%
- Cash Advance APR: 29.9%
- Cash Advance Transaction Fee: $0 during the first year; after first year, either $5 or 5% of the amount of transaction
- Penalty APR: 29.9%
- Annual Fee: $0 to $99 depending on the card issued
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Over Limit Penalty Fee: Up to $40
The Indigo Mastercard is another popular option for rebuilding credit. The card features an APR similar to that of the Ollo, but with a variable annual fee. Those with better credit scores can pay no annual fee, but those with lower credit scores may more than Ollo.
Read the Milestone® Gold Mastercard® Review
Milestone® Gold Mastercard®
No Credit Score Impact When You Apply
- Regular Purchase APR 24.9%
- Cash Advance APR 29.9%
- Annual Fee $35 to $99
- Credit Needed Poor
- Processing Network Mastercard
- Choose your custom card design
- Free 24/7 online account access
- Quick pre-qualification with no impact to credit score
- Mastercard® Gold Benefits
- Regular Purchase APR: 24.9%
- Cash Advance APR: 29.9%
- Cash Advance Transaction Fee: $0 during the first year; after first year, either $5 or 5% of the amount of transaction
- Penalty APR: 29.9%
- Annual Fee: $35 to $99
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Over Limit Penalty Fee: Up to $40
The Milestone Gold is similar to the Indigo, with the same APR and annual fee structure. A true Mastercard, it can be used to make payments anywhere in the world Mastercard is accepted – over 210 countries and counting.
