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Ollo Platinum Mastercard® Review (2021)

With no annual fee, no monthly fee, and no security deposit required, the Ollo Platinum Mastercard can be a good card for building credit. Some consumers will also receive an introductory 0% annual percentage rate (APR) for the first nine months, making it possible to use the card for balance transfers.  

On the other hand, the card's 24.99% variable APR is a bit on the high side, so it's worth shopping around if you think you can score a better rate.  

Ollo Platinum Mastercard Benefits and Features

The Ollo Platinum Mastercard offers a number of benefits and features. Here's a breakdown of what you need to know.

Very few fees

The Ollo Platinum Mastercard is easy on fees, with no annual fee, no monthly service fee, no foreign transaction fee, and no overlimit or returned payment fee. If you pay your bill late, however, Ollo will charge up to $40 per late payment.

There are also fees for cash advances and balance transfers, which is typical for any credit card. Cash advances are 5% or $10, whichever is greater, and balance transfers will cost 4% or $5, whichever is greater. 

0% introductory APR

Some cardholders will receive a 0% introductory APR on purchases and balance transfers for the first nine months. Ollo qualifies this by tagging it with "if offered" so it's safe to assume this introductory rate is only extended to those with higher credit scores. 

After nine months, your APR shoots up to the standard 24.99% rate, however, so it's important to make sure you can pay off your balance before the introductory rate expires. You'll also pay 4% or $5, whichever is greater, on any balance transfers. 

No penalty APR

One of the biggest perks of the Ollo card is its lack of a penalty APR. Most credit cards assess a higher APR on any overdue balances. 

With the Ollo Platinum Mastercard, however, you won't pay extra if your payment is late. This can save you a bundle and help you catch up in the event you overlook a payment. 

Pros and Cons of the Ollo Credit Card

The Ollo Platinum Mastercard has several pros and cons. It's a good idea to review both the good and the bad before you sign up. 


  • No annual fee - There is no annual fee with the Ollo Platinum Mastercard. 

  • No monthly service charge - You won't pay a monthly service fee with this card. 

  • No penalty APR - Even if your payment is late, Ollo won't charge a penalty APR.

  • No security deposit required - The Ollo Platinum Mastercard is an unsecured credit card, which means you aren't required to make a security deposit. 

  • Possibility of an introductory APR - Depending on your creditworthiness, you may qualify for a 0% introductory APR on purchases and balance transfers for the first nine months. 

  • Automatic credit line reviews - According to the Ollo card website, Ollo reviews cardholders' accounts automatically after six months and awards a higher credit limit for responsible use. 


  • Invitation only - The Ollo card is invite-only, so you can only apply if you're pre-selected. 

  • Higher APR - At 24.99%, the Ollo Platinum Mastercard's interest rate is a bit on the high side compared to other cards marketed toward consumers with fair to good credit scores. 

  • No rewards program - The Ollo card lacks a rewards program, so you won't get any points or cash back on purchases you make. 

Who Is the Ollo Card Best For?

The Ollo Platinum Mastercard is only offered by invitation, so you can't apply for this card unless you receive an offer. If you do, however, it might be worth checking out if you want to build credit and possibly increase your credit score. 

This card might also be a good fit for people who want to transfer a balance from another credit card but whose credit score isn't quite good enough to qualify for a typical balance transfer card. 

However, not everyone will receive the 0% introductory APR. If you do, keep in mind that this rate is only good for nine months, so you'll need to pay off any balance transfers before it expires. 

Around the Web: Ollo Platinum Mastercard Reviews

The Ollo Platinum Mastercard gets a mix of good and bad reviews, which is typical with just about any credit card.

Positive reviewers say they received credit limits as high as $1,400 and $1,500, and one reviewer even got approved after a bankruptcy. 


On the other hand, the Ollo card also receives several negative reviews from former cardholders who say the company closed their account without notice due to inactivity. 

According to one reviewer who had the card for three years with a $0 balance, Ollo closed their account and canceled the card due to "inactivity" after just two and a half months.   

Ollo Platinum Mastercard Alternatives

While the Ollo Platinum Mastercard might be a good option for those in need of a credit builder card, there are other cards out there that might appeal to someone with a credit score in the fair to good range. Here are three alternatives to consider.

1. Capital One Platinum Credit Card 

The Capital One Platinum credit card shares several features with the Ollo card, but it has the advantage of being open to anyone who wants to apply. There is no annual fee, and consumers with an average credit score have a decent chance of getting approved.

The APR for the Capital One Platinum card is 26.99%, which is a bit higher than the Ollo card's interest rate. On the other hand, the Capital One Platinum card has thousands of positive reviews online compared to the handful of good reviews available for the Ollo card.  

2. Petal Visa 

If you want a credit card that offers rewards, the Petal Visa is worth looking into. There is no annual fee, and cardholders earn a minimum of 1% on every purchase. 

After six months of responsible use, the cash back reward gets bumped to 1.25%. If you pay your bill on time for 12 months in a row, Petal will increase your rewards rate to 1.5% for all purchases. 

Credit limits range from $500 to $10,000 depending on your creditworthiness. The APR works the same way, ranging from as low as 12.99% for those with excellent scores and increasing to a maximum 23.99% for consumers with fair scores.

3. Capital One QuicksilverOne

The Capital One QuicksilverOne credit card has a $39 annual fee, but cardholders earn an unlimited 1.5% cash back on all purchases. With more than 10,000 online reviews, it's also easy to compare and contrast this card to other offers. 

At 26.99%, the QuicksilverOne card's interest rate is on the pricey side. However, this card is worth considering if you plan to use it enough to earn rewards and then pay off your balance each month.   

Ollo Platinum Mastercard FAQs

The following are some of the most frequently asked questions and answers for the Ollo Platinum Mastercard. 

What Does Ollo Stand For?

Neither the Ollo website nor the site for the Bank of Missouri has information regarding the origins of the Ollo name. 

Is the Ollo Card Legitimate? 

The Ollo Platinum Mastercard is a legitimate, reliable credit card issued by the Bank of Missouri. The bank's origins date back as far as 1891, and the bank offers a wide range of credit cards. 

What Bank Is Ollo?

The Ollo Platinum Mastercard is issued by the Bank of Missouri. 

What Credit Bureau Does Ollo Use?

Ollo doesn't state which credit bureaus it reports to on its website. The only reference to credit bureaus appears in the cardmember agreement, in which Ollo states, "we may report information about your Account to credit bureaus." 

However, it's clear that Ollo reports to at least one credit bureau, as several online reviews discuss how the card's reporting helped boost their positive payment history and ultimately improve their credit score. 

What Credit Score Do You Need for the Ollo Mastercard?

The Ollo website doesn't explicitly state what kind of credit score you need to be selected for an offer. However, the card is marketed toward people with fair to good credit, which is typically defined as a score ranging from about 650 to around 700. 

Does Ollo Give Credit Increases?

According to the cardmember agreement as well as the Ollo website, Ollo will review your account automatically after six months and increase your credit limit if you've demonstrated responsible use. Aside from this initial six-month review, Ollo also says it gives periodic limit increases, but it doesn't set out any specific timeframes for when it conducts reviews. 


With its lack of an annual or monthly fee and the possibility of a 0% introductory APR, the Ollo Platinum Mastercard is certainly worth a look for those who want to transfer a balance or build credit. As with any credit card, however, it's worth shopping around to make sure you get the most favorable interest rate available. 


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Ollo Credit Card Review: An Invite-Only Card to Build Credit

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Disclosure, visit this page.

Did you receive an offer for an Ollo credit card? When you’re trying to build credit, it can feel like your credit card options are slim-to-none. Credit cards like Ollo can provide you with an instant approval decision. The review will help you decide if you should respond to your Ollo credit card offer.

Ollo credit card review

Ollo offers some of the better credit card options if you are trying to build or rebuild credit. This credit card doesn’t offer a one-time cash signup bonus. But that is common practice for cards like the Ollo credit card.

The information for the Ollo Cards has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

What is the Ollo Credit Card?

There are two different versions of the Ollo credit card. Both cards are issued by the Bank of Missouri and work anywhere accepting Mastercard. Neither card requires a security deposit like a secured credit card.

Banks pay a small fee to do a soft credit pull and send these pre-approval invitations to people with qualifying credit scores. The invitation letter will be for the Ollo Platinum or Ollo Rewards. Your approval odds should be very good because you can only apply for an Ollo credit card if you get an invitation.

Ollo will perform a hard credit pull when you respond to their mail offer. This inquiry verifies there have been no major changes to your credit report since they sent the offer. You will most likely receive an instant approval credit card decision within one minute. If approved, Ollo will send you one of these cards.

Ollo Platinum

The Ollo Platinum is the entry-level Ollo credit card product. It doesn’t earn rewards on purchases and has no fees. You won’t pay an annual fee, foreign transaction fee, over-limit fee, or returned payment fee. If you make a late payment, your interest rate won’t increase. But, you will still pay a late payment fee, up to $39.

Ollo may also automatically increase your card’s credit limit. You will receive free FICO credit score updates each month.

Balance Transfer Promo

Select applicants can qualify for a promotional 0% APR on purchases and balance transfers for the first 9 months. You can transfer the balance from your current card and get an interest-free opportunity to pay off your debt balance.

If you don’t qualify for the Ollo Platinum Mastercard introductory APR, you can still focus on building credit without paying an annual fee.

Tip: See if you qualify for these other best balance transfer credit card offers.


  • No annual fee
  • Monthly FICO score updates
  • Automatic credit


  • No purchase rewards
  • Invite-only application

Ollo Rewards

The Ollo Rewards Mastercard earns 2% cash back at gas stations, grocery stores, and drugstore purchases. All other purchases earn 1% back.

The annual fee is between $0 and $39. If you have the highest annual fee, you will need to spend $2,000 each year in the 2% bonus categories to offset the $39 fee with purchase rewards. This is a good option if you can earn more in purchase rewards than the annual fee cost.

Like the Ollo Platinum, the Ollo Rewards doesn’t charge a foreign transaction fee, over-limit fee, or raise your interest rate if you miss a payment.

This card doesn’t offer an introductory APR for purchases or balance transfers. But if you receive an invitation for this card, you most likely have a better credit score than what is required for the Ollo Platinum.


  • Earn 2% at gas stations, grocery stores, and drugstores
  • No foreign transaction fee
  • Annual fee might be waived for well-qualified applicants


  • Annual fee up to $39
  • Invite-only application

Credit Score Needed

Since both Ollo credit cards require an invite to apply, the minimum credit score required is at their discretion. But you may receive an invite with a credit score in the low 600s or upper 500s.

Burf5502 got the Ollo Rewards Mastercard with a score in the low 600s with an initial $300 credit limit. This initial limit is relatively small and other owners have made similar complaints. But after 6 to 12 months of on-time payments, you might get an automatic increase. This increase won’t affect your credit score.

Mommybear31 reports having an above-average initial credit limit of $1,500 compared to their previous credit cards. They also have positive remarks for their fraud monitoring department and the flexible 2% bonus categories.

Automatic Credit Line Increases

Both Ollo credit cards will begin reviewing 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.

You can help increase the chances of boosting your limit by only using up to 30% of your card’s credit limit at once. For example, a $1,000 limit means you keep your ongoing balance below $300. Making payments mid-billing cycle can also keep your credit utilization ratio below the 30% target.

Of course, always pay your monthly balance in full and on-time.

Best Instant Approval Credit Cards

If you don’t have an invite for an Ollo yet, there are two other options you can pursue.

Capital One Platinum Credit Card

The Capital One Platinum Credit Card is a good alternative to the Ollo Platinum. It has no annual fee and you can begin qualifying for automatic credit line increases after the first 6 on-time payments.

Read this Capital One Platinum review to see how this card can help you build credit.

Capital One QuicksilverOne Cash Rewards Credit Card

Earn unlimited 1.5% back with the Capital One® QuicksilverOne® Cash Rewards Credit Card. Your rewards are redeemable for cash. The annual fee is $39, which is the maximum fee for the Ollo Rewards Mastercard. Therefore, you will need to spend $2,600 each year to offset the annual fee.

This can be easier if you have trouble maxing out Ollo’s gas station, grocery, and drugstore 2% bonus categories.


Overall, the Ollo credit cards are some of the better unsecured cards for people with fair credit. Other cards charge an annual fee and don’t offer rewards or balance transfer promotions. If you can’t wait for an invitation, you can find similar secured or unsecured credit cards.

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