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

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In a Nutshell

The Ollo Platinum Mastercard® can be a solid option for people who would like to build credit without putting down a security deposit. But you can’t apply for the card unless you receive an invitation from the issuer — and the issuer doesn’t always offer the card’s introductory APR on purchases and balance transfers. And if you’re looking for a card that offers a rewards program, you may want to look elsewhere.

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Pros Cons
No security deposit required Card offered by invitation only, so you might not be able to apply
Offer may include an introductory 0% APR on purchases and balance transfers High variable APR for both purchases and balance transfers
No annual fee No rewards program
No penalty APR

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 Ollo’s credit cards.

If you have an offer, you can respond to it on Ollo’s website. But 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, Ollo 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 variable 25.99% APR for purchases, balance transfers and cash advances, which isn’t much lower than the common penalty APR of 29.99% you might see offered by some other cards. 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.

But the Ollo Platinum Mastercard® might offer an introductory 0% APR on both purchases and balance transfers for nine months from account opening. After that, your variable APR will be 25.99% for both. If you’re offered the intro period and are looking to transfer a balance, keep in mind that there’s a balance transfer fee of 4% (minimum $5) of the transfer amount.

Learn more about credit cards that offer introductory 0% APRs

If you’re thinking about a balance transfer, consider the many risks of balance transfers, too. An intro APR offer can be helpful if you’re carrying a balance on another high-interest credit card or if you may need to carry a balance on this one shortly after receiving the card. But there can be problems with these deals, especially if you don’t know the exact terms of your balance transfer.

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 from Ollo, 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.

The card may also be worth considering if its offering an introductory 0% APR for purchases and balance transfers but you don’t have the credit history required to qualify for other credit cards with a similar offer. Just keep in mind that you’ll have to deal with a higher variable APR of 25.99% after the nine-month intro period is up.

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.