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3. Ollo Platinum Mastercard® review: A chance to build credit, if you can get it

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520

reviews

4.5

Rating: 4.5 out of 5.

Great for no annual fee

Annual Fee: $0

The average credit score for members who have matched with this card or similar cards is 578

The average credit limit for members who have matched with this card or similar cards is $1,201

Explore more about this card:

• Pros and cons
• In-depth Editorial review
• Member reviews

Here’s the average credit limit of members who matched their Ollo Platinum Mastercard® or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $1,201, with $300 being the most common.

Here’s the average credit score of members who matched their Ollo Platinum Mastercard® or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 578, with 563 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Member stats

Updated daily

57.8%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

50 years

Average age of members who matched this card or similar cards.

$86,187

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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No security deposit required

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No annual fee

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No penalty APR

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Card offered by invitation only, so you might not be able to apply

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High variable APR for both purchases and balance transfers

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No rewards program

Core features of the Ollo Platinum Mastercard®

The Ollo Platinum Mastercard® could be an option for people who want to build their credit without having to worry about a security deposit or an annual fee. But there are some things to know before you decide if this card is right for you.

Not everyone can apply

Unlike many credit cards, applications for the Ollo Platinum Mastercard® aren’t open to everyone. You need an invitation offer from the issuer to apply for this credit card.

Keep in mind that your offer isn’t a guarantee of getting the card — you still need to go through the application process to determine whether you’re approved for the Ollo Platinum Mastercard®.

Light on fees … 

The Ollo Platinum Mastercard® doesn’t charge an annual fee, a foreign transaction fee or fees for going over your credit limit or having a payment returned. Also, it doesn’t charge a penalty APR if you miss a payment.

Not having to worry about these fees can bring peace of mind to anyone who’s looking to continue building credit, especially if you’ve struggled with some of these issues in the past.

… But you might get hit with interest

On the other hand, the Ollo Platinum Mastercard® has a high variable 28.99% APR for purchases, balance transfers and cash advances (you might see different terms on Credit Karma). If you get the Ollo Platinum Mastercard®, it’s a good idea to prioritize paying your statement balance on time and in full every month, and not take out any cash advances, to avoid having to pay that higher standard interest rate.

Keep in mind that there’s a balance transfer fee of 4% (minimum $5) of the transfer amount. If you’re thinking about a balance transfer, consider the many risks of balance transfers, too.

Other card details to know

The Ollo Platinum Mastercard® provides eligible consumers with a relatively straightforward way to build or rebuild credit. Here are some other details that could add value, too.

• The card issuer will automatically review your account periodically to see if you qualify for a credit line increase
• Free access to your FICO® credit score
• Zero-liability fraud protection

Who this card is good for

Unfortunately, you can’t apply for the Ollo Platinum Mastercard® unless you’ve received an invitation offer from the card issuer. But you can still consider the card’s offerings and whether it could be a good choice for you in case you ever do receive that invitation.

If you’ve received an invitation, the card could be a good option if you’re looking to continue building credit without the potential distractions of a rewards program or security deposit.

Not sure this card is for you? Consider these alternatives.

The Ollo Platinum Mastercard® could be a decent option for people with fair credit looking to establish a solid credit history. But it’s not the only credit card out there that considers people with fair credit histories.

• Capital One QuicksilverOne Cash Rewards Credit Card:
This card could be a good option for people who want to earn rewards while building credit and don’t mind paying an annual fee.
• Capital One Platinum Credit Card:
This card has similar features to the Ollo Platinum Mastercard® but doesn’t require an invitation.