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Unlocking the Potential: 5 Things to Know About Ollo Credit Cards

Ollo, a credit card company, offers consumers two distinct card options—one tailored for credit-building and the other for earning rewards. These cards are by the Bank of Missouri, for individuals with varying credit profiles. In this comprehensive guide, we’ll delve into the details of Ollo’s offerings, shedding light on eligibility, annual fees, rewards, and the overall suitability of these credit cards.

  1. Ollo Credit Cards Overview:

1.1 Ollo Platinum Mastercard:

  • Annual Fee: $0
  • Target Audience: Consumers with fair/average credit (FICO scores of 630 to 689).
  • Notable Feature: An unsecured credit card designed to help build credit without requiring a cash security deposit.

1.2 Ollo Rewards Mastercard:

  • Annual Fee: $0 to $39 (creditworthiness-dependent).
  • Target Audience: Consumers with good credit (FICO scores of at least 690).
  • Notable Feature: Offers rewards on purchases but may come with an annual fee, varying based on the applicant’s creditworthiness.
  1. Eligibility and Invitation-Only Application:

2.1 Preapproval Requirement:

  • Both Ollo cards are invitation-only, necessitating preapproval before the application process.
  • Eligible customers receive an invitation from Ollo with a reservation number and access code.

2.2 Approval Not Guaranteed:

  • While an invitation signals eligibility, approval for a card is not guaranteed, and the specific card offered may vary.
  1. Annual Fees and Creditworthiness:

3.1 Ollo Platinum Mastercard:

  • No annual fee, making it an affordable option for credit-building.

3.2 Ollo Rewards Mastercard:

  • Annual fee ranges from $0 to $39, determined by the applicant’s creditworthiness.
  • Better credit may result in a lower annual fee, aligning with other rewards credit cards.
  1. Rewards Structure and Competitiveness:

4.1 Ollo Rewards Mastercard’s Cash Back:

  • 2% cash back reward on gas station, grocery store, and drugstore purchases.
  • 1% back on all other purchases.
  • Unlimited rewards, but the structure may be less competitive compared to other rewards credit cards.

4.2 Comparison with Other Cards:

  • Examples like Wells Fargo Active Cash® Card and Citi Custom Cash® Card may offer superior rewards and benefits, especially for those with good credit.
  1. Qualifying for Ollo Cards with Fair Credit:
  • The Ollo Platinum Mastercard considers applicants with fair/average credit (FICO 630 to 689).
  • An unsecured product, eliminating the need for a cash security deposit.
  • Reports to major credit bureaus, aiding in credit improvement.


When contemplating Ollo credit cards, consumers are presented with a nuanced choice tailored to their credit profiles and financial objectives. The Ollo Platinum Mastercard emerges as a suitable option for those aiming to build credit, while the Ollo Rewards Mastercard may contend with other more lucrative credit cards. To make an informed decision, individuals must grasp the eligibility criteria, annual fees, rewards structure, and available alternatives, all within the context of their personal budget. It is essential to assess personal financial needs and compare options before arriving at a sound choice in any financial decision-making process.

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