Mastercard® Ollo Platinum Card: Advantages and Disadvantages

The Ollo Platinum Mastercard® is a credit card that represents a solid option for people who want to build credit without having to make a security deposit.

What makes it special is that you cannot apply for the card unless you receive an invitation from the issuer, plus the issuer does not always offer the card’s introductory APR or Annual Percentage Rate on purchases and transfers. of balance. Y if you’re looking for a card that offers a rewards program, this may not be the best option for you.

Advantages Disadvantages
No security deposit required Card offered by invitation only, so you may not be able to apply
Offer may include 0% introductory APR on purchases and balance transfers High variable APR for both purchases and balance transfers
No annual fee No rewards program
APR without penalty

Main features of the Ollo Platinum Mastercard® card

The Ollo Platinum Mastercard® could be an option for you if you want to build your credit without having to worry about a security deposit or annual fee. However, there are a few things you should know before deciding if this card is right for you.

Not everyone can apply

Unlike many credit cards, Ollo Platinum Mastercard® applications are not open to everyone. In fact, in order to request it, you need an invitation offer from the issuer.

If you have an offer, you can respond to it on the site Ollo’s website. But keep in mind that this is not a guarantee that you will be approved: you still need to go through the application process for the issuer to determine whether or not to approve your card.

The card offers attractive rates

La Ollo Platinum Mastercard® does not charge annual fees, foreign transaction fees, or fees for going over the credit limit or for having a payment returned. Plus, Ollo also doesn’t charge a penalty APR if you miss a payment.

Not having to worry about these fees can provide peace of mind for anyone looking to continue building their credit, especially if they’ve had credit problems in the past.

On the other hand, the interests are another story

On the other hand, the Ollo Platinum Mastercard® has a variable APR of 25.99% for purchases, balance transfers and cash advances, which is not much lower than the common 29.99% penalty APR you can see that They offer 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 each month, and not taking any cash advances, to avoid having to pay that interest rate.

On the other hand, and as you have already seen, the Ollo Platinum Mastercard® offers an introductory APR of 0% on both purchases and balance transfers, but this is only during the first nine months from the opening of the account. After this time, the variable APR will be 25.99% for both. If you are offered the introductory period and wish to transfer a balance, please note that there is a balance transfer fee of 4% (minimum $5) of the transfer amount.

If you’re considering a balance transfer, also consider the many risks of this type of transaction. An introductory APR offer can be helpful if you carry a balance on another high-interest credit card or if you need to carry a balance on this card shortly after receiving it. But we have to warn you that there can be certain problems with these offers, especially if you don’t know the exact terms that govern what you can do with it.

Other details you should know

The Ollo Platinum Mastercard® offers eligible consumers a relatively easy way to build or rebuild credit. Here are some other details that make this card a much more interesting option.

  • Your card issuer will periodically review your account to see if you qualify for an increased line of credit.
  • Free access to your FICO® credit score.
  • Zero liability fraud protection.

What audience is this card aimed at?

Unfortunately, you can’t apply for the Ollo Platinum Mastercard® unless you’ve received an invitational offer from the card issuer, but you can still consider its features and determine if it might be a good fit for you should you ever receive that invitation.

Now, if you got an invite from Ollo, the card might be a good option for you if you want to continue building credit without the potential distractions of a security deposit or rewards program.

This card is also worth considering, as it offers a 0% introductory APR for purchases and balance transfers, which is generally reserved for people with a specific credit history. But you also have to remember that you’ll have to deal with a higher variable annual rate of 25.99% after any introductory period ends.

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 strong credit history. However, this is not the only credit card on the market to consider if you find yourself in this situation.

  • Capital One® QuicksilverOne® Cash Rewards credit cards– This card could be a good option for people who want to earn rewards while building credit and are comfortable paying an annual fee.
  • Capital One® Platinum credit cards: This card has similar features to the Ollo Platinum Mastercard®, but unlike it does not require an invitation.
  • Petal Visa credit cards: This card can be a solid option if you want rewards with no fees (other than any potential interest payments).

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