Credit card firm Ollo, owned by the Bank of Missouri, offers two cards. The Ollo Platinum Mastercard, which has no annual cost, is for credit-builders. The card targets a neglected market by targeting consumers with fair to average credit ratings (630 to 689 on the FICO scale). The Ollo Platinum Mastercard is a good choice for fair credit, but other cards may offer better benefits.

The Ollo Rewards Mastercard has an annual $0–$39 annual charge. This card is invitation-only and requires preapproval. Unfortunately, its rewards program is lackluster, especially for those with strong credit (690+ FICO). For consumers wanting high credit card rewards, the Ollo credit card is less appealing than comparable cards with better rates and advantages. Applicants should carefully assess their credit profile and preferences before applying for an Ollo card.

Not Everyone Can Apply for Cards

Preapproval invitations from the card provider are required to apply for an Ollo credit card. Qualified applicants must have an Ollo invitation with a reservation number and access code to apply. These credentials are essential for applying on the company's website. Remember that an invitation does not guarantee acceptance of the Ollo card. Preapproval indicates eligibility to apply, but creditworthiness must be assessed before approval. The invitation may also award the Ollo Platinum or Rewards Mastercard. Prospective applicants should understand that while the invitation initiates the application, final approval, and card allocation depends on the card company's comprehensive financial and credit history evaluation.

Annual Fees Vary

The Ollo Rewards Mastercard has a variable annual charge of $0 to $39, unlike the Platinum Mastercard, which has no annual fee. This card charge is tailored and credit-dependent since it depends on the applicant's creditworthiness. Prospective Ollo credit card holders receive their annual fee conditions when they apply. The individual's credit score and history determine these terms. Creditworthiness directly affects yearly card costs since applicants with stronger credit histories should expect cheaper annual fees. Rewards credit cards can include yearly fees, even with strong credit. The card's perks and rewards program usually justify the trade-off. For the Ollo benefits Mastercard, comparing the annual cost to the benefits is crucial. The Ollo Rewards Mastercard may not offer as many perks as other rewards credit cards, making it harder for customers to get value beyond the annual fee.

Cardholders should carefully examine their creditworthiness, spending patterns, and preferences before choosing the Ollo Rewards Mastercard for their financial goals. The personalized annual fee structure may benefit those with stronger credit profiles. Still, the Ollo Rewards Mastercard's benefits and rewards should be compared to other rewards credit cards to determine if the annual fee is worth it.

Rewards Are Not Competitive

Ollo Rewards Mastercard provides a rewards program but isn't as competitive as other decent credit cards. This card gives 2% cash back on gas, grocery, and pharmacy purchases and 1% on everything else. These perks are unlimited and cover normal spending areas, but why settle for 2% cash back on certain purchases when many decent credit cards provide 2% or more on all transactions?

The $0-annual-fee Wells Fargo Active beats the Ollo Rewards Mastercard. Without bonus categories, Wells Fargo's card gives unlimited 2% cash back on all transactions. The Wells Fargo Active has welcome offers and promotional APR periods; neither does the Ollo credit card payment. Bonus category watchers can consider the zero dollars annual fee Citi card. This card gives 5% cash back on up to $500 in the highest expenditure category every billing cycle, compared to 2% for the Ollo Rewards Mastercard. Gas stations, grocery shops, and pharmacies qualify. The Citi Custom Cash® Card has an introductory APR and sign-up bonus like Wells Fargo.

The Ollo Rewards Mastercard gives less cash back for good credit than other cards. The competitive credit card market for great credit may provide more rewards and benefits.

Fair-credit Access

The Ollo Platinum Mastercard accepts fair credit, especially FICO scores between 630 and 689. This is important since fair credit credit cards are rare. Unlike secured credit cards for consumers with bad credit, the unsecured Ollo Platinum Mastercard does not need a cash deposit. Due to its unsecured nature, the Ollo Platinum Mastercard is more affordable upfront.

The card's reporting to all three main credit agencies is another benefit for credit-builders. The card also automatically examines the account to determine credit line eligibility. Please note that the Ollo Platinum Mastercard does not give rewards or sign-up bonuses. Credit cards for fair credit provide such incentives, which may be acceptable for those working to improve their credit. For fair credit, Capital One offers the QuicksilverOne Cash Rewards Credit Card. Despite its $39. annual charge, this card offers 1.5% cash back.

Fair credit consumers must weigh the Ollo credit card pre approval of an annual fee against the Capital One QuicksilverOne Cash Rewards Credit Card's rewards and yearly fee. Individual credit-building objectives and preferences will determine the option.

Look for APR

The Ollo Platinum Mastercard and Ollo Rewards Mastercard have APRs of 24.99% to 27.99%. Potential cardholders must know this APR is higher than other credit card interest rates.

The APR influences the cost of holding a card balance; thus, it's important. You may prevent interest by paying off your amount in whole and on time each month. However, the Ollo cards' higher APR may result in significant interest costs for consumers who carry a balance month-to-month.

To reduce the impact of high APR, cardholders should pay down debt quickly. Regularly paying the bill on the due date helps avoid interest and improves credit. Credit cards with reduced interest rates may be worth considering for those who carry a debt frequently. If carrying a load is a financial plan, using a card with a lower APR can save interest expenses over time. One must assess spending and payment patterns to choose the right credit card for financial requirements and goals.

Ollo credit cards provide tempting features, but their higher-than-average APR should be considered. Understanding and managing the APR is essential for avoiding interest costs and maximizing credit card value.