Ollo Platinum Mastercard Review

Who is the Ollo Platinum Mastercard for?

The Ollo Credit Card Platinum is a great option for someone who is late to building their credit card history and moving away from dependence on secured credit cards but is still actively looking to do so.

This card offers automatic reviews for increased credit lines, so cardholders don’t have to worry about applying for credit increases later on.

This card doesn’t come with an annual fee such as penalty APRs or other commission fees, hence making it a cheap option for those looking to build their credit scores. However, if you are looking for a card that offers cash back rewards and helps you rebuild credit, you may need to consider other cards, as the Ollo Platinum Mastercard does not come with a rewards program. This card is better suited for those who often make late payments and is supported by Mastercard, which now has a nationwide acceptance.

However, this card is hard to come by. The Ollo Platinum Mastercard is only available by invitation, meaning that the Bank of Missouri has to invite you to apply. Therefore, this card is for only a specific audience, and if you do not have any relation to the issuer, it may be difficult to attain.

APR and Basic Fees

The Ollo Platinum Mastercard has a standard variable APR of 24.99%. It has a cash advance fee of 5% or $10, whichever is greater, and a balance transfer fee of 4% of $5, again, whichever is greater. It also offers a 0% introductory APR on balance transfers and purchases, which helps balance out these fees. However, it is important to note that this introductory offer is not guaranteed and likely only accessible to those with higher credit scores. Since the card returns back to the standard APR of 24.99% after 9 months, it is very important you ensure that your balance is fully paid off before the expiry of the introductory offer. 

No Hidden Fees

A great benefit of the Ollo Platinum Mastercard is that it comes with no hidden fees. Cardholders can shop confidently with this card, knowing that they won’t run into any extra fees including foreign transaction fees, over the limit fees, returned payment fees and rate hikes for making a late payment. This is especially great for frequent travelers looking to find a credit card that is accepted globally and doesn’t have a foreign transaction fee.

There is also no penalty APR, meaning that your interest rate will not be raised if you make a late payment. In short, the Ollo Platinum Mastercard is a transparent card that keeps cardholders a priority.

Service & Protections

Ollo Platinum can be thought of as a balance transfer card, as it offers a 9-month 0% introductory APR on balance transfers and purchases, thus allowing you to pay off pre-existing accumulated debt.

While using the Ollo Platinum Mastercard, cardholders can view their FICO credit scores online for free to stay up to date on their progress. This complimentary feature helps cardholders learn what is affecting their credit score so that they can fix their payment patterns and earn higher credit.

Like many cards, the Ollo Platinum Mastercard has a Zero Fraud Liability policy, meaning that the Bank of Missouri will not hold you accountable for any unauthorized charges. If you notice a purchase on your statement that you did not make, you can contact the bank, and you will not have to pay for it. This feature is essential for any credit cardholder since hacking is more prevalent than ever with new advances in technology.

The Ollo Platinum Mastercard also offers customers a 24/7 U.S.-based customer service. Cardholders with concerns can call customer service at any time, day or night, and receive help for their situation. This is a handy tool to have if unexpected card-related events should occur.

Finally, the Ollo Platinum card has online and mobile access that allows cardholders to quickly check their statements on their phone. You can manage your account from anywhere at any time. This easy access is especially helpful for those who like to frequently keep up with their finances.

Here is a breakdown of Ollo Platinum Card

Pros

• No annual fees
• No Penalty APR
• No security deposit requirements
• May include introductory 0% APR for balance transfers
• No monthly service charge 
• Automatic reviews for increased credit lines

Cons 

• No Rewards Program
• Highly variable APR on Balance Transfer programs
• Need to receive an invitation to sign up

Conclusion

The Ollo Platinum Mastercard is a simple card that comes with many benefits to help cardholders raise their credit scores. From free FICO credit score reports to automatic credit line increase reviews, cardholders are well-looked after by the Ollo Platinum Mastercard. For people looking to rebuild credit or establish a credit history, the Ollo Platinum Mastercard is an excellent option to consider.

You can apply for the Ollo Platinum Mastercard online here.