Ollo Credit Cards

What 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

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

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.