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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.

Editors’ Take: The Ollo Platinum Mastercard® is a solid choice if you’re looking for a no-frills way to build credit without paying an annual fee or making an upfront cash deposit — but, you need an invitation to apply.

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 1,206

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 $1,206, 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.

$86,119

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

Our take on the Ollo Platinum Mastercard®

The Ollo Platinum Mastercard® is an unsecured credit card designed for credit building. It has no annual fee and offers automatic credit line reviews, which can make it easier to keep your credit utilization low. It also offers free access to your FICO score, so you can track your credit-building progress as you use the card.

The catch? To apply, you’ll need an invitation from the card’s issuer.

Ollo Platinum Mastercard® at a glance

• Annual fee: $0
• Security deposit: None
• Credit limit: Varies 
• Purchase APR: 28.99%
• Penalty APR: None

Pros

• Automatic credit line reviews
• No annual, maintenance or foreign transaction fees
• Free access to your FICO score

Cons

• Available by invitation only
• No rewards
• Potentially high purchase APR

Ollo Platinum Mastercard® best features

Automatic credit line reviews

Merrick Bank, the issuer of Ollo Platinum Mastercard®, automatically reviews cardholder accounts to determine whether they qualify for a credit limit increase.

Having a higher credit limit makes it easier to maintain a low credit utilization, which is the ratio of credit you use compared to your total available amount. Your credit utilization is a key factor used to calculate your credit scores. High utilization can negatively affect your credit scores because it may indicate to a lender that you’re overextended and a high-risk borrower. That’s why experts recommend keeping your utilization below 30%.

No annual, maintenance or foreign transaction fees

The Ollo Platinum Mastercard® doesn’t charge annual, maintenance, or foreign transaction fees, and you won’t get charged for going over your credit limit or having a payment returned. A lack of fees is uncommon in unsecured credit-building cards, which often charge fees to offset the risk associated with not requiring a security deposit.

The Ollo Platinum Mastercard® does charge a late fee if your payment isn’t received on time, but you won’t be subject to a penalty APR. Many other credit-building cards charge both.

While you won’t get a penalty APR, missing a payment can still harm your credit overall. Your payment history is the single most important factor used to calculate your credit scores, so it’s best to pay your credit card bill on time, every time, if possible.

Free access to your FICO score

With the Ollo Platinum Mastercard®, you can check your FICO score for free. You have many credit scores, each backed by a different credit-scoring model and calculated using the information in your credit reports. Viewing the FICO credit score provided by your Ollo Platinum Mastercard® can help you see how using the card affects your credit long-term.

Making consistent on-time payments and keeping your credit utilization low helps build a positive credit history, while missing payments, paying late and getting too close to your credit limit negatively affects your credit.

What are the drawbacks of the Ollo Platinum Mastercard®?

Available by invitation only

Unlike many credit cards, applications for the Ollo Platinum Mastercard® aren’t open to everyone. You need an invitation from the issuer, which is sent online or by mail, to apply for this credit card.

Receiving an offer doesn’t guarantee you’ll get the card — you’ll still need to go through the application process to determine whether you’ll be fully approved. Applying for the card will generate a hard credit inquiry on your credit reports, which may temporarily reduce your credit scores by a few points.

No rewards

Some credit-building cards give users a chance to earn cash back or other rewards on purchases they’d be making anyway. This card isn’t one of them, but that’s to be expected — unsecured credit-building cards that offer rewards are harder to come by.

Without having to think about how many points or how much cash back you’re earning, however, you might find it easier to focus on building credit.

Potentially high APR

The Ollo Platinum Mastercard® has a variable APR of 28.99% for purchases, balance transfers and cash advances. 

To avoid these high interest charges, prioritize paying your statement balance in full and on time every month. You shouldn’t use this card for cash advances or balance transfers, either. Both come with fees, and balance transfers on this card don’t qualify for a low or no-interest promotional period like some cards offer.

How to build credit with Ollo Platinum Mastercard®

To build credit with the Ollo Platinum Mastercard®, focus on paying your bills on time and keeping your credit utilization low. Try to take advantage of the credit line increase and be sure to track your progress by checking your scores for free. Here’s a breakdown of each step:

• Pay your bills on time, every time. All payments made on the Ollo Platinum Mastercard® will be reported to the three major credit bureaus, Experian, Equifax and Transunion. This can help you establish a positive credit history when you consistently pay on time. But the flip side is also true. Late and missed payments can hurt your credit. Consider setting up automatic payments to make sure you always pay your bill by the due date.
• Keep your credit utilization low. The card’s credit limit reviews may help you get a higher limit if you’ve been consistently paying on time, which could make it easier to keep your credit utilization below 30%.
• Track your credit-building progress. With free access to your FICO score, you can see how using your card affects your credit over time. Through Credit Karma, you can also get free VantageScore® 3.0 credit scores, as well as free credit reports, from TransUnion and Equifax. Seeing scores from both FICO and VantageScore can provide solid insights into how lenders are likely to view your creditworthiness the next time you want to apply for credit.

Other cards to consider

• Bank of America® Unlimited Cash Rewards Secured Card: You can use this card to earn rewards while rebuilding your credit if don’t mind paying a security deposit.
• Capital One Platinum Credit Card: This card may be a good option for someone looking for a basic credit-building card from a popular issuer that doesn’t require an invitation.
• Petal® 2 Visa® Credit Card This may be a solid choice if you want to earn rewards with an unsecured card without paying additional fees.

Are Credit Karma Approval Odds accurate?

Credit Karma’s Approval Odds provide a window into credit card and personal loan offers you’re more likely to be approved for. Offers with Outstanding Approval Odds have your highest likelihood of approval for offers on Credit Karma.

Approval Odds are built on advanced models that look at many data points to provide you with a reliable estimate.

To do this, Approval Odds consider …

• Thousands of data points
• Insights from 20+ score versions
• Criteria that lenders actually use
• Your credit profile

Keep in mind that while Approval Odds use statistical analysis, the final approval decision rests with the credit card issuer after you submit a formal application.