Ollo, the credit card company, provides consumers with two distinct card options – one designed for building credit and another tailored for earning rewards.
The first option is the Ollo Platinum Mastercard, which boasts a $0 annual fee, making it an affordable choice for credit card users. This card is particularly suitable for individuals with fair to average credit scores, falling in the range of 630 to 689 on the FICO scale. While there are other credit cards for fair credit that may offer slightly better incentives, the Ollo Platinum Mastercard caters to an underserved market, providing a viable choice for those looking to improve their credit.
On the other hand, Ollo also offers the Ollo Rewards Mastercard, which comes with an annual fee ranging from $0 to $39. Unfortunately, this card may appear lackluster when compared to other rewards credit cards on the market. It’s worth noting that individuals with good credit scores, at least 690 on the FICO scale, have a plethora of alternative cards with more attractive rates and benefits at their disposal.
Both of these Ollo credit cards are currently available on an invitation-only basis, requiring preapproval before you can apply for either option. While these cards may not be the best fit for every consumer, understanding their unique features and eligibility criteria can help you make an informed decision regarding your credit card needs.
Limited Eligibility: Who Qualifies for These ollo Credit Cards
In order to apply for either of the Ollo cards, you must obtain preapproval from the card company. Eligible individuals will be issued an invitation by Ollo, along with a reservation number and an access code. These credentials can be used on the company’s website to initiate the card application process.
It’s important to keep in mind that receiving an invitation from Ollo signifies your eligibility to apply for one of their cards, but it does not guarantee automatic approval or specify which particular card you will be approved for. Approval is contingent upon various factors, including your creditworthiness and financial history.
Flexible Annual Fees: Understanding the Variable Costs
The Ollo Platinum Mastercard stands out as the card with no annual fee, making it a cost-effective choice for cardholders. In contrast, the annual fee for the Ollo Rewards Mastercard can vary significantly, ranging from $0 to $39 annually. This fluctuation in fees is directly tied to an applicant’s creditworthiness.
Upon receiving an invitation to apply for the Ollo Rewards Mastercard, you will also receive details regarding your annual fee, which is predetermined based on your credit score and financial history. In general, those with better credit profiles will be subject to lower annual fees.
While it’s not uncommon for rewards credit cards to come with annual fees, especially for those with good credit, the key is to ensure that the benefits and rewards offered by the card exceed the cost of the annual fee. However, with the Ollo Rewards Mastercard, this can be a bit challenging due to its less competitive rewards program.
Comparing Rewards: What You Can Earn with the Ollo Rewards Mastercard
The Ollo Rewards Mastercard offers a cashback program that includes 2% cash back on purchases made at gas stations, grocery stores, and drugstores. For all other purchases, it provides a 1% cashback reward. These rewards are unlimited, meaning you can earn them without any caps or restrictions. However, it’s important to consider that while these cashback percentages are attractive, there are other credit cards for individuals with good credit that offer 2% cash back or more on all purchases, without the need to track specific spending categories.
For instance, the Wells Fargo Active Cash® Card is a $ 0 annual fee option that provides a straightforward 2% cash back on all your purchases, eliminating the need to keep tabs on bonus categories. This card also comes with additional perks such as a welcome offer and an introductory APR period, advantages not found with either of the Ollo credit cards.
If you’re comfortable monitoring bonus categories, you might want to explore the Citi Custom Cash® Card, another $0-annual-fee option. It offers a lucrative 5% cash back on up to $500 spent in your highest spending category each billing cycle, which can include gas stations, grocery stores, and drugstores from a pre-defined list of eligible options. Like the Wells Fargo card, the Citi Custom Cash® Card also features a sign-up bonus and an introductory APR period, making it a competitive alternative to the Ollo Rewards Mastercard.
Attainable with Fair Credit: Qualifying for an Ollo Credit Card
The Ollo Platinum Mastercard is tailored to applicants with average or “fair” credit, encompassing FICO scores that fall within the range of 630 to 689. This is a notable offering because credit card options for individuals with fair credit are relatively limited in the market.
One standout feature of the card is that it is unsecured, meaning it does not require a cash security deposit, which is a common requirement for secured credit cards targeting those with lower credit scores. This unsecured nature makes the Ollo Platinum Mastercard a more affordable choice upfront. Moreover, the card reports your credit activity to all three major credit bureaus, a crucial aspect for building and improving your credit history. Additionally, the card incorporates automatic account reviews to determine your eligibility for a credit line increase, which can be beneficial for credit progress.
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It’s worth noting, however, that the Ollo Platinum Mastercard does not offer any rewards or sign-up incentives. While rewards may not be a top priority when you’re focused on strengthening your credit, it’s worth considering that some credit cards designed for fair credit do provide such perks. For instance, the Capital One QuicksilverOne Cash Rewards Credit Card, which is accessible to those with fair credit, offers a 1.5% cashback reward on purchases, albeit with an associated annual fee of $39.
Beware of the Annual Percentage Rate (APR)
Both Ollo credit cards impose a variable Annual Percentage Rate (APR) ranging from 24.99% to 27.99%, as of April 2022. This APR range is notably higher compared to the average interest rates associated with credit cards.
To sidestep these substantial interest charges, it’s advisable to ensure that you pay off your credit card balance in full and on time every month. If you anticipate that you may need to carry a balance over multiple billing cycles, it might be wise to explore credit card options that offer a lower ongoing interest rate, as this can lead to more cost-effective financing in the long run.