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Ollo's credit cards can be a great choice for anyone who is in the late stages of rebuilding their credit, meaning people with a fair credit score. However, despite sharing the same target user, the Ollo Platinum Mastercard® and Ollo Rewards Mastercard® offer vastly different features. We outline the differences between the two Ollo cards below and also compare them to other top cards that applicants should consider applying for.
- Ollo Credit Card Reviews
- Benefits and Features
- How Do Ollo Cards Stack Up?
Ollo Credit Card Reviews: Decent Picks, But Applicants Should Weigh Options
The Ollo Platinum Mastercard® and the Ollo Rewards Mastercard® can be decent options for individuals who are late in their credit rebuilding journey and are ready to move on from secured credit cards. While neither of the cards come with the most impressive list of features, they are targeted toward users with fair credit scores who are still in the process of rebuilding. These types of users tend to have fewer credit card options, as most banks tend to cater to one of the two extremes—people with either bad or excellent credit. Therefore, the Ollo cards are a welcome entry to the space, despite the fact that they aren't quite as good as top-tier credit cards available to people with excellent credit scores.
Ollo bills itself as a company with straightforward products, and we found this to be the case. For instance, both of the company’s cards strip away things cardholders gripe about, such as penalty APRs and rate hikes after late payments. Unfortunately, these types of features only benefit cardholders who make late payments. For those applicants who are determined to improve their credit score, these things shouldn't be an issue. Regardless, it's nice that cardholders have a safety net, should they fall back into their old habits. While Ollo isn't a well-known company, its cards are on the Mastercard network. We consider this to be a positive given the network's wide acceptance.
The main drawback of the Ollo Platinum Mastercard® and the Ollo Rewards Mastercard® is that both cards are available by invitation only. The cards can be decent choices, but none of their features are particularly unique. Therefore, we recommend comparing cards before applying, because there are other cards that may better fit your needs.
Benefits and Features of Ollo Credit Cards
While both the Ollo Platinum Mastercard® and the Ollo Rewards Mastercard® are targeted toward cardholders with average credit, the two cards are intended for two distinct types of cardholders within this segment. A breakdown of the card's benefits and features can be found below:
|Ollo Platinum Mastercard®||Ollo Rewards Mastercard®|
|Annual Fee||No Annual Fee||$0–$39|
|APR||24.99% Variable||24.99% Variable|
|Intro APR||0% intro APR for nine months (if offered)||None|
|Earnings Rate||None||2% cash back on all gas station, grocery store and drugstore purchases; 1% cash back on all other purchases|
|Other Features||No foreign transaction fees||No foreign transaction fees|
|Best For...||Balance Transfers||Cash Back Rewards|
The Ollo Platinum Mastercard® can be best thought of as a balance transfer card. It offers some customers a nine-month 0% intro APR on balance transfers and purchases, making it a good tool for paying down existing debt. The card comes with No Annual Fee, and cardholders are able to access their FICO credit scores online, although it's worth noting that most cards will now allow you to access your credit score online.
The Ollo Rewards Mastercard®, on the other hand, is a cash back card. It offers 2% unlimited cash back rewards on purchases at gas stations, grocery stores and drugstores. Spending anywhere else earns cardholders 1% cash back. The card comes with an annual fee, which ranges between $0 to $39, depending on the applicant.
Other Credit Cards to Consider
Before comparing credit cards, prospective applicants should first establish which of the two Ollo cards they prefer. Thankfully the choice between the two cards isn't a difficult one. Applicants who are interested in transferring a balance or simply continuing to rebuild their credit should apply for the Ollo Platinum Mastercard®, and those interested in earning cash back rewards should apply for the Ollo Rewards Mastercard®. Below, we outline other credit cards applicants should consider applying for:
Ollo Credit Cards vs. Capital One® QuicksilverOne® Cash Rewards Credit Card
Unless half of your spending falls into the Ollo Rewards Mastercard®'s 2% cash back categories (gas stations, grocery stores and drugstores), you'll be better off applying for the Capital One® QuicksilverOne® Cash Rewards Credit Card due to its unlimited 1.5% cash back rewards on every purchase. The Capital One® QuicksilverOne® Cash Rewards Credit Card comes with a $39 annual fee, while the Ollo Rewards Mastercard®'s annual fee varies but can also be as high as $39. It would only take you charging $2,600 on the Capital One® QuicksilverOne® Cash Rewards Credit Card to break even in terms of the annual fee. Overall, we consider this card to be a better cash back card because most people have varied spending, meaning the Capital One® QuicksilverOne® Cash Rewards Credit Card offers more flexibility.
- Earn unlimited 1.5% cash back on every purchase, every day.
- Rewards don't expire for the life of the account, and you can redeem cash back for any amount.
- Capital One® QuicksilverOne® Cash Rewards Credit Card Review.
Ollo Credit Cards vs. Capital One® Secured Mastercard®
Applicants who simply need to continue to rebuild their credit should consider the Capital One® Secured Mastercard®. Capital One offers users access to two tools to help bolster their credit scores: CreditWise® and account alerts. CreditWise® lets users see their credit history and credit score, as well as monitor their credit accounts. Account alerts notify you by email or text whenever you have an upcoming payment so you can stay on top of your credit. The one downside of the card is that it's a secured credit card, meaning it'll require you to put down a refundable security deposit to open an account. Overall, the Ollo Platinum Mastercard® and the Capital One® Secured Mastercard® are similar, so there's no benefit in waiting around for an invitation to apply for the Ollo Platinum Mastercard®.
- $0 annual fee.
- $49, $99 or $200 refundable deposit required based on your creditworthiness. You’ll need access to an authorized bank account to make the deposit.
- Get access to a higher credit limit after making five monthly payments on time.
- Capital One® Secured Mastercard® Review.
Ollo Credit Cards vs. Discover it® Secured
Anyone considering applying for the Ollo Rewards Mastercard® for its cash back rewards should consider applying for the Discover it® Secured instead. Despite being a secured card, the Discover it® Secured offers users 2% cash back at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases. While the Ollo Rewards Mastercard® offers similar features, it charges some cardholders an annual fee, unlike the Discover it® Secured. Simply put, the Discover it® Secured is better for people who want rewards with $0 annual fee.