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Did you receive an offer for an Ollo credit card? When you’re trying to build credit, it can feel like your credit card options are slim-to-none. Credit cards like Ollo can provide you with an instant approval decision. The review will help you decide if you should respond to your Ollo credit card offer.
Ollo offers some of the better credit card options if you are trying to build or rebuild credit. This credit card doesn’t offer a one-time cash signup bonus. But that is common practice for cards like the Ollo credit card.
The information for the Ollo Cards has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
What is the Ollo Credit Card?
There are two different versions of the Ollo credit card. Both cards are issued by the Bank of Missouri and work anywhere accepting Mastercard. Neither card requires a security deposit like a secured credit card.
Banks pay a small fee to do a soft credit pull and send these pre-approval invitations to people with qualifying credit scores. The invitation letter will be for the Ollo Platinum or Ollo Rewards. Your approval odds should be very good because you can only apply for an Ollo credit card if you get an invitation.
Ollo will perform a hard credit pull when you respond to their mail offer. This inquiry verifies there have been no major changes to your credit report since they sent the offer. You will most likely receive an instant approval credit card decision within one minute. If approved, Ollo will send you one of these cards.
The Ollo Platinum is the entry-level Ollo credit card product. It doesn’t earn rewards on purchases and has no fees. You won’t pay an annual fee, foreign transaction fee, over-limit fee, or returned payment fee. If you make a late payment, your interest rate won’t increase. But, you will still pay a late payment fee, up to $39.
Ollo may also automatically increase your card’s credit limit. You will receive free FICO credit score updates each month.
Balance Transfer Promo
Select applicants can qualify for a promotional 0% APR on purchases and balance transfers for the first 9 months. You can transfer the balance from your current card and get an interest-free opportunity to pay off your debt balance.
If you don’t qualify for the Ollo Platinum Mastercard introductory APR, you can still focus on building credit without paying an annual fee.
Tip: See if you qualify for these other best balance transfer credit card offers.
- No annual fee
- Monthly FICO score updates
- Automatic credit
- No purchase rewards
- Invite-only application
The Ollo Rewards Mastercard earns 2% cash back at gas stations, grocery stores, and drugstore purchases. All other purchases earn 1% back.
The annual fee is between $0 and $39. If you have the highest annual fee, you will need to spend $2,000 each year in the 2% bonus categories to offset the $39 fee with purchase rewards. This is a good option if you can earn more in purchase rewards than the annual fee cost.
Like the Ollo Platinum, the Ollo Rewards doesn’t charge a foreign transaction fee, over-limit fee, or raise your interest rate if you miss a payment.
This card doesn’t offer an introductory APR for purchases or balance transfers. But if you receive an invitation for this card, you most likely have a better credit score than what is required for the Ollo Platinum.
- Earn 2% at gas stations, grocery stores, and drugstores
- No foreign transaction fee
- Annual fee might be waived for well-qualified applicants
- Annual fee up to $39
- Invite-only application
Credit Score Needed
Since both Ollo credit cards require an invite to apply, the minimum credit score required is at their discretion. But you may receive an invite with a credit score in the low 600s or upper 500s.
Burf5502 got the Ollo Rewards Mastercard with a score in the low 600s with an initial $300 credit limit. This initial limit is relatively small and other owners have made similar complaints. But after 6 to 12 months of on-time payments, you might get an automatic increase. This increase won’t affect your credit score.
Mommybear31 reports having an above-average initial credit limit of $1,500 compared to their previous credit cards. They also have positive remarks for their fraud monitoring department and the flexible 2% bonus categories.
Automatic Credit Line Increases
Both Ollo credit cards will begin reviewing your credit report after you make several consecutive on-time payments. The earliest you will qualify for a credit line increase is six months after account opening.
You can help increase the chances of boosting your limit by only using up to 30% of your card’s credit limit at once. For example, a $1,000 limit means you keep your ongoing balance below $300. Making payments mid-billing cycle can also keep your credit utilization ratio below the 30% target.
Of course, always pay your monthly balance in full and on-time.
Best Instant Approval Credit Cards
If you don’t have an invite for an Ollo yet, there are two other options you can pursue.
Capital One Platinum Credit Card
The Capital One Platinum Credit Card is a good alternative to the Ollo Platinum. It has no annual fee and you can begin qualifying for automatic credit line increases after the first 6 on-time payments.
Read this Capital One Platinum review to see how this card can help you build credit.
Capital One QuicksilverOne Cash Rewards Credit Card
Earn unlimited 1.5% back with the Capital One® QuicksilverOne® Cash Rewards Credit Card. Your rewards are redeemable for cash. The annual fee is $39, which is the maximum fee for the Ollo Rewards Mastercard. Therefore, you will need to spend $2,600 each year to offset the annual fee.
This can be easier if you have trouble maxing out Ollo’s gas station, grocery, and drugstore 2% bonus categories.
Overall, the Ollo credit cards are some of the better unsecured cards for people with fair credit. Other cards charge an annual fee and don’t offer rewards or balance transfer promotions. If you can’t wait for an invitation, you can find similar secured or unsecured credit cards.
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Chase Sapphire Preferred® Card
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
- 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.