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The credit card company Ollo offers two card options for consumers — one designed as a credit-building product and one that earns rewards.
The Ollo Platinum Mastercard ($0 annual fee).
The Ollo Rewards Mastercard ($0 to $39 annual fee).
The cards, issued by the Bank of Missouri, are invitation-only as of this writing, meaning that you’ll need to be preapproved before you can apply for either one.
The Ollo Platinum Mastercard can be a decent option for consumers with fair/average credit (FICO scores of 630 to 689). Even though other credit cards for fair credit may offer slightly better incentives, it's an underserved market overall.
The Ollo Rewards Mastercard, however, is underwhelming in terms of rewards credit cards. Those with good credit (FICO scores of at least 690) can find many other cards with more lucrative rates and benefits.
Here’s what to know about the Ollo cards.
1. Not everyone can apply for the cards
To be eligible for either Ollo card, you must be preapproved by the card company. Eligible customers will receive an invitation from Ollo with a reservation number and an access code, which can then be entered at the company’s website to start a card application.
Note: While an invitation means you are eligible to apply for an Ollo card, it doesn’t guarantee that you’ll be approved for a card, or which card you’ll be approved for.
2. Annual fees may vary by consumer
The Ollo Platinum Mastercard doesn’t charge an annual fee, but the Ollo Rewards Mastercard, on the other hand, can cost anywhere from $0 to $39 to hold onto each year. That's because the card's annual fee is determined by an applicant's creditworthiness.
When you’re invited to apply for the Ollo Rewards Mastercard, you’ll also receive your annual-fee terms, which are predetermined based on your credit score and history. Generally, the better your credit is, the lower the annual fee will be.
It's not uncommon for rewards credit cards to have annual fees, even if you have good credit. But in those cases, you should be able to extract more value from the card in terms of benefits and rewards than you're paying in fees. That could be difficult with the Ollo Rewards Mastercard because of the rewards.
3. Rewards aren't competitive
While the Ollo Platinum Mastercard doesn’t offer any rewards, the Ollo Rewards Mastercard earns the following:
2% cash back on gas station, grocery store and drugstore purchases.
1% back on all other purchases.
Those rewards are unlimited, and you’ll earn bonus cash back in common spending categories. But why settle for 2% cash back on just some purchases, when plenty of other cards for good credit offer 2% back or more on all purchases?
One example is the $0-annual-fee Wells Fargo Active Cash® Card. Not only does it earn an unlimited 2% cash back on everything you buy — meaning you don't have to keep track of any bonus categories — but it also comes with a welcome offer and intro APR period, unlike either of the Ollo credit cards.
And if you're someone who doesn't mind tracking bonus categories, consider a card like the $0-annual-fee Citi Custom Cash® Card. It earns 5% cash back on up to $500 spent in your highest spend category per billing cycle, from a list of eligible options that include gas stations, grocery stores and drugstores. This card, too, comes with a sign-up bonus and intro APR period.
» COMPARE: See our best credit cards for gas purchases
4. You can qualify for one of the Ollo cards with fair credit
The Ollo Platinum Mastercard considers applicants with average (aka "fair") credit, meaning those with FICO scores ranging from 630 to 689. That's notable because credit card options are relatively limited for those with fair credit.
The card is an unsecured product, so it doesn’t require a cash security deposit, unlike secured credit cards aimed at those with lower credit scores. This makes it more affordable upfront. The card also reports to all three major credit bureaus, which is key for shoring up credit, and there are automatic reviews of your account to see whether you're eligible for a credit line increase.
However, as noted above, the Ollo Platinum Mastercard doesn’t offer any rewards or sign-up incentives. When you're working on strengthening your credit, rewards aren't necessarily a priority, but it's worth noting that some cards for fair credit do offer such incentives.
The Capital One QuicksilverOne Cash Rewards Credit Card, for instance, is available to those with fair credit and earns 1.5% cash back on purchases. However, it does come with an annual fee of $39.
5. Watch out for the APR
Both Ollo cards charge an APR of 24.99% to 27.99% Variable, as of April 2022, which is significantly higher than average among credit cards that incur interest.
Paying your balance on time and in full every month will let you avoid those interest charges. And if you think you’ll carry a balance from month to month, consider a card that charges a low ongoing interest rate instead.