We think it's important for you to understand how we make money. It's pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.
Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.
Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.
|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 24.99% 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 24.99% 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 24.99% 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.
- 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.
- Petal Visa Credit Card: This card may be a solid choice if you want rewards with no fees (apart from any potential interest payments).