Ollo Rewards Mastercard Review

Who is the Ollo Rewards Mastercard for?

The Ollo Rewards Mastercard is an ideal card for those looking for lucrative rewards and great perks. With an exciting cash back rewards rate, low fees, and expansive benefits, this card is a great deal given its target market. However, it is somewhat difficult to get approved for this card.

This card primarily targets those with fair to good credit. Typically, cardholders are on the latter end of rebuilding their credit score but are not quite there yet. It is very hard to find rewarding cards for those with less-than-good credit scores. The Ollo Rewards card attempts to provide high-quality incentives for those whose credit scores are almost up to par. For people with fair credit, this card is a great match.

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

Rewards Rate

The Ollo Rewards Mastercard has an excellent rewards rate given its price and its target cardholders with fair to good credit. This card’s low annual fee makes the rewards rate very attractive. Many times, only those with good or excellent credit have access to these high rewards rates. For someone with fair credit, this card has great rates for cash back.

Primarily, the Ollo Rewards card offers 2% cash back on all gas station, grocery store, and drugstore purchases made using the card. This means that with every $100 spent (not a hard mark to reach even just by buying groceries), you will receive $2 back. This rate allows cardholders to quickly build up extra cash just by making everyday purchases. While other credit cards would offer as low as 1% on these categories, this credit card is great as it can allow you to get more cash back on necessities. 

For all other purchases that don’t fall in the three aforementioned categories, the Ollo Rewards card gives you 1% cash back. This rate means that cardholders will always be earning money back when they spend. Regardless of what you are buying, as long as you use your Ollo Rewards card, you will be rewarded.

Benefits & Credits

For the low annual fee, this card offers decent benefits for cardholders. Aside from its substantial cash back rewards rate, it has some perks that make using the card easy and quick. The lack of fees and relatively low annual fee makes this card a good deal for anyone who can make the most of its rewards.

Like many cards, the Ollo Rewards 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 be held responsible 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 Rewards Mastercard also offers customers a 24/7 US-based customer service. While this feature may seem like a given with all credit cards, the differentiating factor about Ollo’s customer service is that it is US-based, meaning no language barriers and less time spent explaining situations native to the U.S. Furthermore, 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 such as needing a replacement card or notifying the company of unauthorized charges.

Finally, the Ollo Rewards 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.

Welcome Bonus

The Ollo Rewards Mastercard has no welcome bonus, meaning that new cardholders don’t receive any reward at signup. This is common given the card’s target audience of those with fair credit. Despite no extra incentive to spend upon account opening, cardholders immediately start experiencing the benefits of this card with its cash back rewards.

Rates and Fees

This card has an annual fee of up to $39 depending on what cardholders are offered. It is unclear what exactly determines a cardholder’s annual fee, but aspects of credit standing and financial situation are most likely taken into account. For anywhere from $0 to $39 yearly, cardholders can receive unlimited cash back and the other benefits of this card, making it a great deal since this annual fee is low compared to similar cards. If you have the highest annual fee, you would only need to spend $2,000 each year in the 2% bonus categories to offset the $39 annual fee with purchase rewards. Given that this card is for those with middle-of-the-pack credit scores, the fee structure of this credit card is definitely competitive. 

The APR for purchases is 24.99% (variable) based upon your creditworthiness. There is a 4% balance transfer fee. The balance transfer APR is 24.99% (variable). The APR for cash advances is 24.99% so you must be paying attention to the interest you are paying. 

The Ollo Rewards Mastercard does not have foreign transaction fees, making it ideal for those that spend substantial time abroad. This card will not accrue any miscellaneous fees simply because you are out of the country, offering you peace of mind during our travels. 

This card also does not have any late fees. There are no fees for returned payments that occur when you pay a bill using an account with insufficient funds or accidentally enter the wrong account number. There is also no penalty APR, meaning that your interest rate will not be raised if you make a late payment. Furthermore, there is no over-the-limit fee charged if your balance goes over your credit limit. This lack of fees alleviates concerns for cardholders, which is not possible with most credit cards. 

Automatic Credit Line Increases

After you’ve applied and been approved, your card issuer will begin to review 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. In the case that you do qualify for a credit line increase, your card issuer will increase your credit limit automatically. 

To improve your chance of credit increase, it is important to build a positive payment history, never make late payments, or cause payments to be returned. It can also help to use up to 30% of your card’s credit limit at once. For instance, a $1,000 limit means you keep your ongoing balance below $300. Making payments mid-billing can also keep your credit utilization ratio below the 30% target. 

Conclusion

The Ollo Rewards Mastercard is a good, stable card for those with fair credit scores. Since many times, credit cards are targeted toward the two extremes (bad or excellent credit), not many options are available for those with mid-tier credit. For someone with fair credit looking for a straightforward card with no surprises, this card is the one for you.

You can apply for the Ollo Rewards Mastercard online here.