If you’re looking for an Ollo credit card review, you’ve probably already received an invitation to apply for the card in the mail. Or perhaps you’re trying to figure out how to obtain one of those invitations.
In any case, before you sign up for Ollo’s credit cards, you should learn a few things about them. If you’re looking for a long-term, everyday credit card, this card might not be the best option. However, This card may be useful if you want to restore your credit rating before moving to a better credit card
Ollo Credit Cards are only available to those who have been invited.
Consumers who prequalify for an Ollo credit card have two options. You can only apply for the Ollo Platinum or Ollo Rewards credit cards if you receive an invitation in the mail right now.
The invitation will state which card you are eligible to apply for. You do not have the option to choose between the two options. This is significant because the two cards have very different benefits, which will vary depending on your credit history.
Ollo Platinum Mastercard
The Ollo Platinum Mastercard is a credit card that helps you build credit with no annual fee and free monthly access to your FICO Score online.
The current variable interest rate on the card is 24.99 percent. This card is unique in that it does not charge a penalty APR for late payments, fees for exceeding your credit limit, returned payments, or foreign transaction fees for purchases made outside of the United States.
However, a cash advance fee of $10 or 5% of the total amount withdrawn, whichever is greater, is charged. Depending on the invitation and offer you receive, all rates may change.
On purchases made at the gas station, grocery store, and drugstore, the Ollo Rewards Mastercard offers 2% cash back, and on all other purchases, it offers 1% cash back.
Ollo Rewards Mastercard
The card has an annual fee that ranges from $0 to $39, depends on your credit history. Your annual fee will be specified in your invitation. The card has a variable APR of 24.99 percent right now.
Late payments will not result in a penalty APR, fees for returned payments, spending over your credit limit, or foreign transaction fees, just like with the Platinum card.
How the Ollo Platinum Compares to Other Credit Cards for Credit Building
Ollo Platinum Mastercard was introduced in January 2017, followed by the Ollo Rewards Mastercard shortly after. Although the cards are still new, the company says it intends to expand its growing suite of consumer products in response to customer demand and market competition.
Some Ollo Platinum cardholders, however, have reported that their credit limits have been reduced without warning. Simultaneously, The variable APR on the card has increased in the last year.
You may find better card options than the Ollo Platinum card if you want to build or rebuild your credit history. A more established issuer may be able to provide you with a more consistent credit-building experience. Furthermore, you will not be required to wait for an invitation in order to apply for these cards.
Ollo Credit Card Reviews on the Internet
A quick Google search for Ollo credit card reviews yields a mixed bag of customer feedback.
Of course, the Ollo website only has 4- and 5-star reviews, However, a look at the Better Business Bureau and Trustpilot reveals a slew of 1-star reviews from customers dissatisfied with their card account’s shifting dynamics.
Ollocard is rated “Bad” on Trustpilot and has a customer review rating of 1.06/5 with the Better Business Bureau at the time of publication.
“I started with a credit limit of $1,400. Payments were consistent, and the loan was paid off twice. They reduced my credit limit to $300 without informing me. Customers who have had no problems and are in good standing receive poor customer service. Regardless of credit scoring, treating customers in this manner is completely unacceptable. Especially those who have a good track record with their company. “I’m incredibly disappointed.” — NC, a customer service reviewer with the Better Business Bureau.
While some cardholders are frustrated by changes to their credit limits and interest rates, others are dealing with a completely different issue:
“I’ve had this card for more than two years and have never missed a payment, never been late, and I just got a letter in the mail stating that the account was being closed. I had never owed more than $300 on the card, and I had paid off the balance in May of this year, but I still had it in my wallet. When I called customer service, she gave me a very vague answer and said she couldn’t answer any questions for security reasons, similar to the other reviews on here. For whom is security provided? That is my query. How can you refuse to answer my questions if I am the card’s owner and I call with questions about the card?” — Trustpilot reviewer ED
Having said that, not all of the reviews for this card are negative. Some cardholders value the ease of use and the ability to improve their credit score without incurring high fees.
“I really like this card. The money back is fantastic! I wish they would reward on-time payment history with more frequent credit increases. Otherwise, it’s a fantastic card with fantastic benefits!” — Sab158, a reviewer for the Ollo Rewards Mastercard.
Keep in mind that many of the card’s complaints are common among credit-building credit cards. These cards typically carry a higher risk for the credit card company, as they have a higher default rate and can result in financial losses.
This means that banks must regularly monitor cardholder accounts and make changes in response to market trends and competition.
If you don’t use your credit card within a certain amount of time, some card issuers will cancel your account. Find out how often you need to use your card account to keep it active by contacting your card issuer.
Despite the mixed reviews, Ollo appears to be a viable option for your credit-building requirements. However, it doesn’t appear to be a good everyday card to use once you’ve built up enough good credit to qualify for a better card.
How Do I Get an Ollo Credit Card Invitation?
More than a year after sending out its first invitations to apply for its pair of credit cards, Ollo hasn’t revealed how it chooses potential customers.
Most likely, Ollo follows in the footsteps of other small credit issuers who mail out solicitations. The process entails the issuer purchasing large batches of consumer data and performing soft credit checks on all of the names on the list.
Consumers with credit scores that the issuer considers acceptable will receive invitations to apply in the mail. Each month, some issuers are known to send hundreds of thousands of these offers to potential applicants across the country.
If you want to apply for one of Ollo’s two credit cards but haven’t received an invite in the mail, your best bet is to try to prequalify for the card on the company’s website. If you qualify for one of the credit cards, this will put you on the bank’s radar and likely put you on a list of invitations.
What is the minimum credit score for an Ollo credit card ?
Although Ollo does not state what credit score is required for approval, all indications point to this being a card for people with fair credit or better. In terms of FICO scores, this translates to a score of 580.
Although having a fair credit score increases your chances of receiving an invitation, it does not guarantee that you will be approved for the card.
When deciding who to invite to apply, Ollo considers a number of factors. Even if you have a fair or better credit score, recent or current late payments, accounts in collections, or other negative items on your credit report may prevent you from being approved for this card.
Even if Ollo sends you an invitation to apply for one of its cards, the bank cannot guarantee that you will be approved when you submit your application. This is because when Ollo sends you an invitation, it uses soft credit checks to get a general idea of your credit health. If you apply, the bank will run a hard credit check on you (which will leave an inquiry on your credit report).
Negative items that were not visible during the soft credit check may be revealed during the hard credit check. If this happens, you may not be able to receive the card. By law, any credit card issuer must send rejected applicants an adverse action letter that explains why the bank declined the consumer’s credit application.
The best way to prepare for a credit card application in advance is to take advantage of your right to a free annual credit report. While your credit report does not include your credit score, it does include all of the positive and negative data points that go into calculating that score.
If you’ve recently had a negative balance on your account, you may want to hold off on applying until they have aged and lost some of their impact on your credit score. The same is true if you have high balances on your existing credit cards, resulting in a credit utilization ratio that is higher than what most banks prefer.
Divide the current balance of all of your credit cards by the total amount of credit extended to you by those cards to calculate your credit utilization ratio.
You have a credit utilization ratio of 50%. If you have a total credit limit of $1,000 across all of your cards, with a combined balance of $500. This indicates that you are using half of your total credit limit.
For applicants seeking additional credit, most banks prefer a utilization rate of 30% or less. If you have a high credit utilization rate and are applying for additional credit, the bank may consider you a higher credit risk.
Is the Ollo Credit Card a Reputable Credit Card?
If you’re looking to establish or repair your credit history, the Ollo Platinum is a good credit card to use. This may not be the credit card for you if you already have a solid and established credit history.
Automatic credit line increase reviews, as well as a free FICO Score to track your credit improvement, and zero fraud liability are just a few of the features you’ll find on today’s credit cards.
Simultaneously, the card’s variable interest rate is increasing. (as Fed rates fell) and a possible annual fee of up to $39 was added (based on creditworthiness).
Information on the Ollo Card’s Costs
Pricing information for the Ollo credit card as of November 2020.
For a credit-building card, that is still a good deal. In fact, if you don’t have a balance and can avoid finance charges, it’s a very appealing card.
The Ollo Rewards credit card offers unlimited 2% cash back on all gas station, grocery store, and drugstore purchases, plus 1% cash back on all other purchases, for a low annual fee of up to $39 per year. The rewards won’t outweigh the annual fee if you don’t charge much on the card.
Even so, rewards aren’t common on credit cards for people with bad credit. This card is similar to the Capital One QuicksilverOne Cash Rewards Credit Card, in our opinion.
Any credit card agreement’s fine print gives the bank the right to change its terms at any time, with little or no notice to the consumer. A card designed for consumers with less-than-perfect credit that has a high rewards rate and a low annual fee may have hidden terms in its cardmember agreement. This could include a balance transfer fee, a cash advance fee, or ongoing account maintenance fees that add up over time.
A more established credit card company is less likely to have these hidden fees or terms, which is why we recommend sticking with a tried-and-true credit card issuer with a long track record of success.
Is it possible to increase your credit limit with Ollo?
Certain cardholders can get credit limit increases from Ollo. The financial institution does not make its eligibility determination methods public, and it does not accept requests for credit line increases from cardholders.
After six months with the card, some customers say their credit line has increased by as much as 50%. According to some reviewers, their initial credit limit was $300. A 50% increase in credit limit would raise it to $450, which is a noticeable difference but not a significant increase in total purchasing power.
Because it charges only a small annual fee for its Rewards card and currently no annual fee for the Ollo Platinum card, Ollo makes the majority of its money from interest charges. As a result, some people who get credit limit increases say they have a current balance on their card that they have to pay monthly interest on.
In fact, many cardholders who did not carry a balance on their card — and thus avoided interest fees — reported having their credit limits reduced by as much as 70%. If you’re looking for a long-term card, this is another important factor to consider.
Is there an annual fee for Ollo?
When Ollo first launched its card in 2017, it did not charge an annual fee. However, the bank has since added a variable annual fee to the Rewards card. The Platinum card does not have an annual fee right now.
The annual fee for the Rewards card ranges from $0 to $39, depending on your credit history. Your required fee amount will be printed on the invitation you receive in the mail.
Apart from the annual fee, If you add this card to your wallet, keep an eye out for any additional fees, such as a balance transfer fee. While they may not be as noticeable as your annual membership fee, these fees could add up to a significant amount over the course of your account.
When it comes to credit cards, an annual fee should never be the deciding factor. You may be able to earn more rewards than you pay in an annual fee depending on your ability to earn rewards and pay your balance off on time, effectively turning your credit card into a money maker rather than a money loser.
It’s also worth noting that neither of Ollo’s cards has a foreign transaction fee or an over-limit fee. It has the authority to impose a late fee of up to $40 on late payments.
Final Thoughts ollo credit card review
While the company is still in its infancy, it does offer a solid rewards card with a competitive interest rate for consumers who are rebuilding their credit.
However, the card’s invitation-only application process is confusing, and it has slowed the word-of-mouth marketing that propels new credit card issuers to prominence.
You can’t go wrong with an Ollo card if you’re trying to rebuild your credit. However, reports of closed accounts and unhelpful customer service when calling to inquire about account changes make an Ollo card less appealing than those from more established issuers.