Ollo cards guide: how good are they?

It’s hard to resist the temptation to be a part of something “by invitation only”. For serious credit card users, that so-called white whale could be the American Express Centurion Card (also known as the “Black Card”), which bestows the famous concierge service and many travel perks on someone lucky enough to receive a membership invitation – provided they can pay an impressive $10,000 entry fee and a $5,000 annual fee, that is.

The Ollo credit card is another invitation-only financial product, but it’s not just for people with high incomes or spending habits. Here’s what you should know about the Ollo credit card suite and how to decide if an Ollo card is right for you.

What is Ollo?

Fair Square Financial Holdings, launched in 2017, is the company behind Ollo, a consumer credit card brand designed to cater to the needs of “hard-working Americans who are often underserved by major financial brands.”

While Ollo is relatively new to the credit card industry, a number of its reviews on websites including Trustpilot and the Better Business Bureau mention a disturbing pattern of poor customer service, with many cardholders reporting that their accounts have been canceled abruptly and without explanation. despite being in good standing at the time.

In late 2020, we reached out to the company for comment and received a response from Florian Egg-Krings, director of marketing for Fair Square and head of product at the time.

“While we take any negative feedback and/or complaints seriously, the sites do not show a balanced view of the experience our customers report,” Egg-Krings said.

“We are constantly [customer satisfaction] surveys and collect feedback directly on our website through an independent party. While we are certainly open to feedback and any opportunity to improve what we do, we are pleased to report that we have seen consistently high satisfaction and mostly positive feedback from our Ollo customers.”

The Ollo website currently reflects an average rating of 4.8 out of 5 for both the Ollo Platinum Mastercard and the Ollo Rewards Mastercard.

The Ollo card is built to be simple and transparent, Egg-Krings says, and comes with the promise of “no surprise fees” (more on that below), as well as 24/7 customer service, a top-rated mobile app, and credit education. instruments.

“All of our offerings are pre-approved, which means we do our homework ahead of time (using sophisticated machine learning algorithms) to offer more reassurance to middle-class consumers who are often worried about being able to [of being] turned down the loan after applying,” added Egg-Krings.

Ollo credit cards

The Ollo product line includes Ollo Platinum Mastercard, Ollo Rewards Mastercard and Ollo Optimum Mastercard. All three are operated by Ollo Card Services and issued by the Bank of Missouri. Here is a brief overview of the features and benefits of each:

Details and benefits of the Ollo Platinum card

Ollo Platinum Mastercard, Ollo’s entry-level offering, is best for people with average to good credit.

While it doesn’t offer spending rewards, Platinum’s easy fee structure gives it an advantage over similar credit cards: it doesn’t charge annual fees, chargeback fees, or over limit fees. It also doesn’t charge foreign transaction fees, making it a potentially good choice for frequent travelers or online shoppers with a penchant for international retailers.

The fees that Ollo Platinum incurs – for late payments, balance transfers and cash advances – are easy to avoid. But if you miss a due date, you will be charged $28 for the first miss and $40 for any subsequent slip within six billing cycles as per the agreement with the Ollo cardholder.

Finally, while there are no late fees, the Ollo Platinum variable APR is already between 24.99% and 27.99% (nearly 9 percentage points higher than the average credit card interest rate). equal to 16.26%).

Ollo Rewards card details and benefits

The Ollo Rewards Mastercard, the next step up from the Platinum card, is similar in many ways to its entry-level counterpart, but where it differs is significant. Unlike Platinum, the Ollo Rewards card allows you to get cash back on your expenses (albeit in exchange for an annual fee of up to $39).

Ollo Rewards cardholders receive 2% cashback on purchases made at gas stations, grocery stores and pharmacies, plus 1% cashback on all other purchases wherever Mastercard is accepted. The cashback you can earn is unlimited and your rewards will not expire as long as your account is open and in good standing.

An unlimited 2% cashback is great, but the best cashback cards apply the same rate to all purchases, not just those made at certain types of merchants. And the only way to buy back your money is through a loan statement (Egg-Krings said the company has found that Ollo customers are “looking for easy deals”).

Accumulated cashback earnings can be found on the account summary page in the Ollo mobile app, and cardholders can redeem their rewards anytime with just a click of a button – no minimum required.

With the exception of the rewards program and potential annual fees, the Ollo Rewards card is exactly the same as the Platinum, up to 24.99% and 27.99% variable per annum.

Details and benefits of the Ollo Optimum card

Ollo’s third and final card, the Ollo Optimum Mastercard, is essentially an upgraded version of the Rewards card, offering an excellent cash back rate of 2.5% on all purchases, no limits on the rewards you can earn, no minimum redemption amount, and without expiration date.

But, unlike the Rewards card, there is no annual fee for Optimum, which suggests that this card is reserved for Ollo customers with better credit scores. In addition to all the benefits associated with lower tier Ollo cards, Optimum cardholders benefit from the Lock feature, which essentially allows them to lock their account if their card is ever misplaced or lost.

While it doesn’t offer bonus rewards in certain purchase categories or any of the lucrative travel credits that come with many top tier cards, Ollo Optimum’s high cash back rate puts it on par with some of the best cash back credit cards available.

How to get an Ollo card

As mentioned earlier, Ollo credit cards are available by invitation only. In other words, you can only apply for an Ollo card if you receive a pre-screened offer. This means that the information on your credit report meets Ollo’s criteria, and if you choose to apply, chances are good that you will be approved (although there are no guarantees). However, your chances of being invited in the first place remain a mystery.

“While we don’t have offers for everyone, we create and sell several million pre-approved offers each month,” said Egg-Krings. “Our focused approach allows us to assess risks and tailor our product to the consumer. The goal is to provide selected consumers with the right loan offer at the right time.”

Pros and cons of Ollo cards

While Ollo cards offer beneficial benefits to cardholders, they certainly come with some downsides. Below are both the pros and cons of owning an Ollo credit card.

pros

• Automatic Credit Line Check – Accounts are automatically checked after six months with the possibility of increasing the credit line.
• No penalty per year
• Only a fair or good credit history is required

Minuses

• Above average APR variable (24.99% to 27.99%)
• Invitation only – must receive a pre-screened offer in order to apply
• Issuing loans only rewards the buyback option

Should I buy Ollo cards?

The answer to this question depends on your existing credit and financial goals. While there are many credit cards available for people with good credit (or even the poor), few of them have rewards programs and Ollo Platinum is not one of them.

If you need to rebuild your credit after a previous mistake, consider the Visa® Petal® 2 “Cash Back, No Fees” Credit Card or even the Discover it® Secure Credit Card, both of which offer a low entry threshold as well as an opportunity to earn rewards for your expenses, not to mention more reasonable per annum.

However, the Ollo Rewards card is a worthy cash back card, especially if you tend to do most of your spending at gas stations, grocery stores, and pharmacies. However, the comparable Citi® Double Cash Card offers the same cash back rate of up to 2% – 1% on purchase and an additional 1% on purchases – but does not charge an annual fee, has a lower annual interest rate, and has one of the most long introductory balance transfer trades.

However, when it comes to the Ollo Optimum Mastercard, we think it’s safe to say that yes, the card is worth it. It offers the same rewards as the Alliant Visa Signature Card*, our choice for the best premium flat rate cash back card.

But unlike the Alliant card, the Optimum card does not require membership in a credit union, an annual fee, a cash-back limit, or a minimum repayment. You just have to be lucky to get an invite.

bottom line

Ollo is a consumer credit card brand designed to meet the needs of “hard-working Americans who are often underserved by major financial brands.” It’s an “invite only” financial product, but it’s not just for people with big fortunes or big spending habits. Ollo cards (Platinum, Rewards and Optimum) are designed to be simple and transparent, offering minimal fees.

The best of these is the Ollo Optimum Mastercard, which offers a 2.5% cash back on all purchases and no annual fees. However, before you apply, you just have to be lucky enough to get an invitation.

*All Alliant Visa Signature Card information has been independently collected by CreditCards.com and has not been verified by the issuer. The Alliant Visa Signature Card is no longer available through CreditCards.com.