ollo

What is ollo?

Ollo was a credit card company that offered two card options: the Ollo Platinum Mastercard and the Ollo Rewards Mastercard. Both cards were issued by the Bank of Missouri and were invitation-only, meaning you needed to be preapproved before applying.

The Ollo Platinum Mastercard had a $0 annual fee and was designed for consumers with fair/average credit (FICO scores of 630 to 689). It was a decent option for those looking to build credit, as it reported to all three major credit bureaus and offered automatic reviews for credit line increases. However, it did not offer any rewards or sign-up incentives.

The Ollo Rewards Mastercard had an annual fee that varied from $0 to $39, depending on the applicant's creditworthiness. It earned 2% cash back on gas station, grocery store, and drugstore purchases, and 1% back on all other purchases. However, the rewards were not competitive compared to other cards available for good credit.

Both Ollo cards charged an APR of 24.99% to 27.99% Variable, which was significantly higher than other credit cards. It was important to pay the balance on time and in full every month to avoid interest charges.

For those with fair credit, the Ollo Platinum Mastercard was a notable option as it did not require a cash security deposit, unlike secured cards aimed at those with lower credit scores. However, some cards for fair credit did offer rewards and sign-up incentives, such as the Discover it Secured card, which earned 1.5% cash back on purchases and 5% back on hotels, vacation rentals, and rental cars booked through the Discover portal, but came with an annual fee of $39.

Overall, while the Ollo cards had some benefits, they were not the most competitive options available, especially in terms of rewards and interest rates.