Did you receive the offer email for the Ollo credit card? You might want to know if it is a good option to build your credit or if it won’t be worth registering for an Ollo credit card. Ollo credit cards are not like most store cards that users can use to earn rewards and offers.
Many people wonder about the background of Ollo and if it is a bank or credit card company. So the answer is that Ollo is a financial services joint venture of former Capital One and Bank of America executives. In essence, it is a credit card company with a straightforward service of offering credit cards to help customers build their credit scores.
In today’s article, we will discuss Ollo credit card types, qualification criteria, registration process, and much more. We will also guide you about logging in to the online account, making payments, and contacting the customer service center of Ollo.
So let’s get into it.
What Is Ollo Credit Card?
Ollo has collaborated with the Bank of Missouri to offer customers two credit cards. One credit card is purely for building credit and financing. The second option is to incentivize the cardholders their spend on certain items and services. Both cards issued by Ollo in collaboration with the Bank of Missouri are MasterCard, and you can use these cards at any place where MasterCards are accepted for shopping.
The two credit cards offered by Ollo are as follows:
- Ollo Platinum Card,
- Ollo Rewards Card
What are the features and benefits of these cards? Are both unsecured or secured? Are they closed-loop or not? We will answer these questions in the next section.
Features And Benefits Of Ollo Credit Cards
Let’s discuss each of the credit cards offered by Ollo company.
Platinum Card
Ollo Platinum is an unsecured MasterCard that does not need the cardholder to pay a security deposit at the time of registration. Ollo Platinum is very straightforward and allows cardholders to improve their credit scores with financing options. The following are the features and benefits of Ollo Platinum:
No Annual Fee
There are no annual charges for Ollo Platinum, so you don’t have to worry about maintaining your finances with an extra credit card in your wallet.
Credit Line Increase
If you are an Ollo Platinum cardholder, you get the feature of extending the credit line by clearing your bills on time. There are no complicated terms and conditions to increase the line of credit. If you consecutively make five payments on time, you become eligible to get a raise in your credit line.
Unsecured Card
Being an unsecured card means that the cardholder doesn’t need to submit a security deposit at the time of registration for the credit card.
No Hidden Costs And Fees
There are no surprises when it comes to costs and fees for services on credit cards. With Ollo Platinum, there are no hidden late fees, over-the-limit fees, return payments, or foreign transaction fees. However, you will pay a fee for cash advance or a late payment fee
Credit Score Reporting
The company reports the credit score to all three credit agencies. Therefore, you get an opportunity to raise your credit score. Besides, you also get free access to your FICO credit score online with the Ollo card.
Variable APR
The company uses the variable APR(Annual Percentage Rate) with 23.99% to 28.99% on regular purchases according to your credit score and the prime rate. For balance transfers and cash advances, the normal rate is also between 23.99% to 28.99%. The exact percentage of APR varies from customer to customer, depending on different factors.
Ollo Rewards
The second option with Ollo company is Ollo Rewards. It is also a MasterCard but provides incentives to cardholders through cashback and discounts. The main features and benefits of the Ollo Rewards Card are as follows:
Cashbacks and Rewards
Your gas, grocery, and drugstore purchases on the Ollo Rewards MasterCard are eligible for a cashback of 2% of the amount of the purchase. However, any other purchases made on the Rewards MasterCard by Ollo are eligible for 1% cashback.
Financing Options
Financing options like cash advances, credit lines, etc., are available to the cardholders with the Ollo Rewards card.
Annual Fee
The annual fee for the Ollo Rewards can be between $0 to $39, depending on your credit score and other factors.
Increase In Credit Line
If you are an Ollo Rewards cardholder, you get the feature of extending the credit line by clearing your bills on time. There are no complicated terms and conditions to increase the line of credit. If you consecutively make five payments on time, you become eligible to get a raise in your credit line.
Credit Score Reporting
The company reports the credit score to all three credit agencies. Therefore, you get an opportunity to raise your credit score. Besides, you also get free access to your FICO credit score online with the Ollo card.
How To Qualify For Ollo Credit Card?
What is the qualification criteria to become eligible for Ollo Credit Card?
Here are the general requirements you must fulfill to be able to apply for an Ollo credit card:
- It is an invite-only card, meaning you can only apply if you have received the invitation offer from the company. So the most important requirement is getting an invitation from the company.
To increase your chances of qualification, you must meet the following criteria:
- Be at the age of maturity according to your state of residence
- You must be in possession of a physical address in any state of the U.S.
- The proof of your income and credit to assess your ability to pay back the credit bills.
- You must have a fair credit score above 640 to increase the chances of selection for the Ollo credit card program.
How To Apply For Your Credit Card?
You will not be able to apply for your Ollo credit card until you haven’t received an invitation from the company. However, once you receive the invitation, here is what you need to do to complete the application:
- Go to the official website of Ollo Card here.
- Scroll down the page to find ‘Have you received your invitation code?’
- Enter your reservation number and access code you have received in your email to proceed with the application.
- Complete the application by entering the required information in the empty fields and submit. The chances are that you will get instant approval from the company.
Activation Of Your Ollo Credit Card
Once you have been approved and received your credit card from Ollo, it is time to activate it. So what do you need to do for card activation?
You will call on the number for activation or use the online portal for Ollo card activation.
Online
To activate your card online, follow these simple steps:
- Go to Ollo Card’s official website and choose Activate from the hamburger menu.
- Now you will need to enter information in the required fields. The information required includes your last name, birth date, last 4 digits of SSN, card number, card expiry, etc.
- Enter the information and tap on Next. Complete the next step of creating your username, password, etc., and activate your card.
You won’t need a separate process for registering online access to the Ollo Card. The same credentials created during the card activation process can be used to log into the dashboard for account management.
Via Call
You will need to call the number printed on the back of your card for card activation via call. The number is as follows: (877) 494-0020. Follow the automatic prompts and activate your credit card easily.
Making Payments On Ollo Credit Card
You can make your Ollo credit card payments in different ways:
Online
For online payment, follow these simple steps and complete the credit card payment:
- Go to the Ollo card website and tap on Sign In.
- Enter your username and password to log in.
- Go to the Payments option and tap on Make a Payment.
- Enter your one-time passcode to verify your account.
- Enter the amount and schedule to pay the bill. Tap on Submit!
Via App
You can also log in to the mobile app of Ollo Card and pay your bill from the payment section. The Ollo app is available for both Android and iOS users.
Phone Call
The alternative method to pay your Ollo card bill is via phone call. You can call on the following number and follow the instructions to pay your bill:
(877) 494-0020
By Mail
Finally, you can send your payments via money order or check to the following mailing address:
Ollo Card Services
P.O. Box 660371
Dallas, TX 75266-0371
Customer Service Of Ollo Card
Via Call
Customer care support is available during working and normal business hours. You can call on the following number to talk to customer support:
(877) 494-0020
Alternatively, you can send your credit card-related queries to the mailing address of the Ollo Credit cards
Payments:
Ollo Card Services
P.O. Box 660371
Dallas, TX 75266-0371
