The credit card company Ollo offers multiple card options for consumers, with varying rewards and fees. The cards, issued by Merrick Bank, are invitation-only, meaning that you must receive a mailed offer before you can apply.
Ollo’s Platinum Mastercard can be a decent option for consumers who are trying to improve their credit. And some of the company's rewards-earning products feature competitive rates for gas and groceries.
Here’s what to know about the Ollo cards.
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Ollo cards have gone through major transitions in the last several years. In 2021, Ally Financial acquired the company Fair Square Financial, which originally offered the Ollo cards. The cards were subsequently transitioned to Ally products in 2023. Then, Ally Bank sold its credit card business to CardWorks and its bank subsidiary, Merrick Bank. Thus, Ally cardholders then re-transitioned back to Ollo credit cards in April 2026. In July 2026, Ollo also relaunched with a slate of new credit cards issued by Merrick Bank.1. The cards are invite-only
To be eligible for any of Ollo cards, you must receive a mailed offer from the company. Eligible customers will get a reservation number and an access code, which can then be entered at the company’s website to start a card application. 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. Once you receive a mail offer, you can also enter your information to see which Ollo credit card offers are available to you with no impact to your credit scores:
- Ollo Platinum Mastercard ($0 annual fee). This option is geared toward those with limited credit. It does not earn rewards.
- Ollo Select Rewards Mastercard ($0 annual fee). This option earns 3% cash back at gas and EV charging stations, 2% at grocery stores, and 1% at restaurants and drugstores.
- Ollo Everyday Rewards Mastercard ($0 to $39 annual fee). This card earns 3% cash back at gas and EV charging stations, grocery stores and drugstores; and 1% on all other purchases.
- Ollo Rewards+ for Educators Mastercard (annual fee based on credit). Ollo’s website notes that the card is aimed at teachers, although its unclear whether it offers benefits specific to educators. It earns 3% cash back at gas and EV charging stations, grocery stores and drugstores; and 1% on all other purchases.
- Ollo Rewards+ for Nurses Mastercard (annual fee based on credit). Ollo’s website says the card is aimed at nurses, although it's unclear whether it offers benefits specific to them. It earns 3% cash back at gas and EV charging stations, grocery stores and drugstores; and 1% on all other purchases.
» COMPARE: See our best credit cards for gas purchases
2. Annual fees may vary
The Ollo Platinum Mastercard and the Ollo Select Rewards Mastercard don’t charge annual fees. However, the company’s other options can cost anywhere from $0 to $39 each year. That's because those cards' annual fees are determined by an applicant's creditworthiness.
If you’re invited to apply for the Ollo Rewards Mastercard, you’ll also receive your annual-fee terms, which again are based on your credit scores and history. Generally, the better your credit is, the lower the annual fee will be.
3. The rewards-earning cards are decent for gas, groceries
All of Ollo’s rewards-earning cards earn an uncapped 3% cash back at gas stations and EV charging stations. And three of the rewards options offer that same rate on grocery store and drugstore purchases as well. Those rates are solid and on par with many other rewards credit cards.
Still, make sure those categories align with your expenses. If your budget is more varied — or if you simply don't want to keep track of multiple reward categories — you might do better with a card that earns a high flat rate on all spending.
One example is the $0-annual-fee Wells Fargo Active Cash® Card. Not only does it earn an unlimited 2% cash back on all eligible purchases, but it also comes with a welcome offer and intro APR period, unlike any of the Ollo credit cards. You will need good credit to get it, though.
4. The credit-building option offers useful benefits
The Ollo Platinum Mastercard features benefits that are crucial for those working on their credit scores.
For starters, the card is an unsecured product, so it doesn’t require upfront collateral, unlike secured credit cards aimed at those with lower credit scores. This makes it more affordable and accessible.
The card also reports your activity to all three major credit bureaus, which compile the information that informs your credit scores. Plus, there are automatic reviews of your account to see whether you're eligible for a credit line increase, which can help your credit utilization (a key factor in your credit scores).
The card doesn’t offer any rewards or sign-up incentives — and while rewards aren't necessarily a priority for those seeking to bolster their credit, it's worth noting that some cards for fair credit do offer them.
The Capital One QuicksilverOne Cash Rewards Credit Card, for instance, earns 1.5% cash back on purchases, plus 5% back on hotels, vacation rentals and rental cars booked through the Capital One Travel portal. However, it comes with an annual fee of $39.
5. Watch out for their APRs
All Ollo cards charge an interest rate close to 30%, making them expensive to carry balances on. By comparison, the average APR for credit card accounts that assessed interest was 22.15% as of May 2026, according to data from the Federal Reserve.
Paying your balance on time and in full every month will let you avoid those interest charges. If you think you’ll carry a balance from month to month, consider a card that charges a low ongoing interest rate instead.
