The Ollo Credit Card emerges as a financial tool aimed at helping users manage credit, tackle debt, and maximize rewards. An experienced team of writers and editors led by Kelly Waggoner provides insights to ensure cardholders get the most value. This group is an authority on personal finance and champions honest money discussions. They guide consumers in savvy credit card use, ensuring it fits individual needs, backed by Bankrate’s editorial integrity.
What is Ollo Credit Card?
The Ollo Credit Card is a Visa Signature credit card offered in partnership by Back Bank and the leading card network. It carries no annual fee while offering cardmembers generous cash back rewards on everyday purchases with no cap on the total rewards earned. Cashback is credited to your account every billing cycle and can be redeemed for purchases or gift cards.
Some other defining features of Ollo Credit Card include:
- No Annual Fee: The card levies no yearly charges
- Competitive APR: Interest rates are in line with industry averages
- Cash Back Rewards: Uncapped 2% cashback earned daily
- 0% Intro APR: Available for both purchases & balance transfers
- No Foreign Transaction Fee
- $0 Fraud Liability
In a nutshell, the Ollo Credit Card is all about maximizing rewards and value for money through industry-leading offerings. Now let’s examine some of the key benefits of signing up for this credit card.
Benefits of Ollo Credit Card
An Ollo Credit Card in your wallet provides access to unmatched rewards along with robust account management features:
Low Intro APR & Bonus Rewards
- The card offers new applicants 0% intro APR for an extended 15 months on both purchases and balance transfers. This enables you to minimize interest costs on existing debt transferred while meeting new spending needs. However, the regular variable APR applies post the introductory period.
- As a welcome offer, you can earn $200 bonus cash rewards once you spend $500 on purchases within the first 3 months from account opening. This sign-up incentive eases the path to accelerated rewards.
Everyday Cash Back
- The signature perk of Ollo Credit Card is unlimited 2% cash back earned on eligible purchases. From household expenditures to travel bookings to utility bills – each transaction translates to cash rewards.
- There are no rotating purchase categories or activation requirements. All eligible spending across categories qualifies for the high 2% base rate.
- Cash back rewards are credited to your account every billing cycle and never expire. You can let rewards accumulate over time or instantly redeem them for purchases/gift cards.
Good Credit
- While no predefined credit score threshold is specified, you need a good credit background to qualify for approval of the Ollo Credit Card.
- Positive indicators like low debt, robust payment history and healthy credit utilization signal that you are a responsible credit user deserving of a higher limit.
- Pre-qualify to check eligibility for the card based on your credit profile before formally applying to avoid unnecessary hard pulls.
0% Intro APR
- Balance transfer capability is a hugely valuable aspect of the Ollo Credit Card. New cardmembers can transfer over debt from another credit card and pay no interest for 15 months.
- This intro 0% APR period enables you to minimize interest costs and consolidate credit card debt into one place. Focus on steadily paying down principal during this time.
- Post the 15 months intro duration, the go-to variable APR kicks in so make sure to pay transferred balances in full by then.
Online Account Access
The issuer provides robust and seamless digital servicing for all aspects of account management. Let’s examine the key features:
Login
- To access your Ollo Credit Card online, visit the issuer’s website and click on the account login link.
- Use your username and password credentials to securely sign in. First-timers can login with the card number and last 4 SSN digits.
- Upon logging in, you will need to provide additional authentication via secure access code before accessing account functionalities.
Registration
- To first register your credit card for online/mobile access, fill up the registration form with personal/card details.
- Information like full name, residential address, SSN, card number, security code etc. needs to be submitted.
- On successful registration, create your distinct username and password for seamless future access.
Forgot Password
- You can use the “Forgot Password” option on login page to reset password in case you forget it.
- Submit your username first and answer some security questions for verification before proceeding.
- Upon verification, you will be sent a password reset link to registered email ID using which you can create a new password.
Forgot Username
- If you forget the username, use the “Forgot User ID” link to retrieve it.
- Answer some confidential questions to confirm identity before getting username sent to email.
- This completes process quickly so you get back account access without hassles.
Ollo Credit Card Services
For personalized assistance regarding Ollo Credit Card, please reach out to the bank’s award-winning service team available round the clock:
Ollo Credit Card Bill Pay Phone Number
- Have billing inquiries or want to make payment via phone? Call tollfree helpline (1-800-222-1232) printed behind your card.
- Talk to a service representative who can address disputes, clarify charges or take account payments on call 24×7.
Payment Address
- Mail physical cheque/money order payments to Payment Processing Center address printed on the monthly paper statement.
- Include 16-digit Ollo Credit Card number and payment due date for quicker processing without delays.
Customer Service Hours
- Prefer chatting with an assistant? Ollo Customer Service can also be contacted via online chat or email daily from 8 AM to 12 AM Eastern Time.
How to Pay Ollo Credit Card?
Ollo Credit Card offers multiple payment options including:
Online
- The fastest way to pay dues is by logging into your account and making secure payments online 24/7.
- Register bank account or debit/credit card to make instant online payments. Receive payment confirmation electronically via email/SMS.
By Phone
- Call up the tollfree Ollo Credit Card customer service at 1-800-222-1232 to make card payments directly over the phone.
- Have your 16-digit card number handy to reference during the fully automated payment process.
By Mail
- Physically mail signed cheques/money orders payable to Ollo Credit Card to the payment address printed behind the card.
- Make sure to include your account number and payment due date with every mailed payment.
Via the Mobile App
- Downloading the Ollo Card app allows cardholders to not just view statements but also securely pay their credit card bill on the go.
- If you are always on the move, then making payments via app offers optimal convenience.
How to Avoid Late Fees?
To avoid incurring penalty fees in form of late charges, please make sure to pay the minimum due amount mentioned on your Ollo Credit Card statement before the payment due date every month.
You can reference the monthly statement emailed or mailed to you to check the minimum payment expected and due date for every billing cycle. Set payment reminders or enable autopay to ensure timely payments.
Carrying a balance also leads to interest charges being levied so try to pay off more than the minimum amount due whenever possible. Contact customer service immediately if expecting delays with payment to avoid reporting.
Credit Card Uses
Beyond everyday usage and cashback rewards, the versatile Ollo Credit Card also enables specialized financial moves like:
Balance Transfers
- Shift outstanding higher-interest credit card balances to your new Ollo Card enabled by the 0% intro APR for 15 months.
- This saves significantly on interest costs allowing accelerated debt payoff. Make timely monthly payments before the intro period ends.
Large Purchases
- Planning a big-ticket purchase? Tap into your Ollo Credit Card’s spending power to fund such expenses without breaking the bank.
- Pay over time in monthly installments while earning unlimited 2% cashback. Enjoy purchase protection for peace of mind.
Building Credit
- First-time borrowers can leverage the Ollo Card (secured variant) to start establishing a positive credit history and access to affordable credit.
- Make small initial purchases and pay bills on time to build creditworthiness over time. Graduate to an unsecured credit line.
Credit Card Mistakes to Avoid
While credit cards provide funding flexibility and rewards, some common consumer mistakes like:
Missed Payments
- Failing to pay even minimum monthly credit card dues before the payment due date leads to late fees plus reporting. This causes credit score damage along with penalty charges.
Going Over Limit
- Breaching the predefined spending limit on your Ollo Card triggers overlimit fee plus hurts credit standing in the long run. Track usage carefully to avoid crossing threshold.
Paying Only Minimum
- Making just the minimum payment every month leads to endless debt cycles due to accumulating interest charges. Pay above minimum whenever possible for accelerated debt elimination.
These errors negatively impact credit health so every Ollo Credit Card holder should consciously avoid them through mindful usage habits. Consider enrolling for account alerts to avert mistakes proactively.
Improving Credit Score
The prudent usage techniques like:
Pay Balances
- Deploy disciplined efforts to systematically eliminate both revolving and non-revolving balances month to month to optimize credit mix. Faster debt elimination aligns with better credit scores.
Limit New Applications
- Applying for too many new cards in a short span hurts credit score so exercise prudence and gradually build your portfolio. Let the benefits of each new card start reflecting before applying for the next.
Maintain Low Utilization
- Keep credit card debt levels low relative to total available limit (30% or lesser). High revolving credit utilization signals risk and causes credit score damage even if payments are on time.
Can organically boost your credit score alongside enjoying Ollo Credit Card rewards responsibly. A rising credit score unlocks better terms for future loans.
Fraud Protection
Ollo cardmembers can have peace of mind against fraudulent debit/credit card transactions thanks to:
- $0 fraud liability against unauthorized charges
- 24/7 monitoring
- Immediate account freeze in suspected fraud
Notify Ollo instantly about any suspicious, inaccurate or fraudulent activity identified on your credit card statement via phone. The card network’s robust response systems limit losses in instances of theft and fraud.
Pros & Cons
Before applying for this card, weigh some key advantages and limitations:
Pros
- Lucrative welcome bonus
- Unlimited 2% cashback
- No annual fee
- 0% intro APR period
- Balance transfer opportunity
- Strong mobile experience
Cons
- Balance transfer fees apply
- Cash advances don’t qualify for rewards
- Mixed reviews of customer service
- High penalty interest rates
Determine if the flexible rewards model and discounted financing of Ollo Credit Card meet your needs. Compare options across other providers as well before deciding your best match.
Conclusion
In closing, the Ollo Credit Card aims to simplify credit and accentuate account holder rewards through generous cashback earnings with no limits. Low introductory interest rates, fraud protection and robust mobile/online management further enable personalized financial control. Exploit the full gamut of credit card features mindfully by spending within means, making timely repayments, monitoring usage proactively and contacting support promptly in case of disputes. Apply sound techniques to build long term credit health. Consider the Ollo Card if you want to maximize everyday savings alongside enjoying superior credit card processing and service now taken as given by customers.
FAQs
Q1. What is the maximum credit limit available on Ollo Credit Card?
Unfortunately, Ollo Credit Card doesn’t publicly disclose their maximum credit limit. It varies depending on each applicant’s creditworthiness, including factors like:
- Credit score: Applicants with higher credit scores typically qualify for higher credit limits.
- Income: A stable and sufficient income can influence the credit limit offered.
- Debt-to-income ratio: A lower debt-to-income ratio indicates better financial management and can lead to a higher limit.
- Credit history: A long and positive credit history can increase your chances of getting a higher limit.
Q2. Does Ollo Credit Card offer instant approval?
No, Ollo Credit Cards do not offer instant approval. While pre-qualified customers can initiate the application process through their invitation letter, a final decision on approval still requires verification and review, which can take up to 60 seconds.
Q3. What documents are needed to apply for an Ollo Credit Card?
Basic Information:
- Full Name
- Date of Birth
- Social Security Number
- Residential Address
- Phone Number
- Email Address
Employment and Income Verification:
- Employer Name and Address
- Pay Stubs (recent)
- W-2 Forms (latest year)
- Tax Returns (recent)
- Bank Statements (showing income deposits)
Additional Documents (if applicable):
- Proof of alternative income (if self-employed): Business licenses, contracts, invoices, etc.
- Proof of residence (if different from mailing address): Utility bills, rental agreements, etc.
- Passport or Driver’s License (for identification)
Invitation Details:
- Reservation Number and Access Code (if applying through an invitation)
Q4. How do I redeem cashback earned from Ollo Credit Card?
Minimum Redemption: There’s no minimum amount required to redeem your Ollo cashback. You can redeem any amount you have earned, even just a few cents.
Redemption Options: Ollo offers three convenient ways to redeem your cashback:
- Statement Credit: Apply your cashback directly to your Ollo credit card statement to reduce your outstanding balance. This is the quickest and easiest option.
- Direct Deposit: Choose to have your cashback electronically deposited into your linked bank account. This typically takes 3-5 business days.
- Check: Request a physical check mailed to your billing address. This option takes 7-10 business days.
Redemption Process:
- Log in: Access your Ollo account online or through their mobile app.
- Navigate to Rewards: Find the “Rewards” section or similar menu option.
- Choose Redemption: Select the redemption method you prefer (statement credit, direct deposit, or check).
- Enter Amount: Specify the amount of cashback you want to redeem.
- Confirm: Review the details and confirm your redemption request.
Q5. Is the Ollo Credit Card free for the first year?
Ollo Platinum Mastercard:
- Yes, the Ollo Platinum Mastercard has no annual fee, regardless of your creditworthiness. This means you won’t pay any annual charges for holding the card, making it a good option for those who want a no-frills credit card with basic benefits.
Ollo Rewards Mastercard:
- The Ollo Rewards Mastercard has a variable annual fee ranging from $0 to $39. The specific fee you’ll be charged depends on your creditworthiness, with applicants with better credit scores typically qualifying for lower or even no annual fees. So, it’s not guaranteed to be free for the first year.
Here’s a table summarizing the annual fees for each card:
| Card | Annual Fee |
|---|---|
| Ollo Platinum Mastercard | No annual fee |
| Ollo Rewards Mastercard | $0 to $39, based on creditworthiness |
Q6. Can Ollo Credit Card be used internationally?
Yes, the Ollo Credit Card can be used internationally as it is a Mastercard® credit card. Mastercard is accepted in over 210 countries and territories around the world, so you can use your Ollo card for purchases just about anywhere you travel.
Q7. What is the minimum credit score needed for an Ollo Card?
Ollo Platinum Mastercard: This card targets applicants with fair credit (FICO scores ranging from 630 to 689). While it’s an attractive option for this underserved credit bracket, some other cards for fair credit might offer slightly better perks.
Ollo Rewards Mastercard: This card requires good credit (FICO score of at least 690) to qualify. Although it offers cashback rewards, those with excellent credit (scores above 740) can find cards with significantly more lucrative benefits and rewards programs.
Q8. How can I receive my Ollo Credit Card faster?
Unfortunately, there’s no guaranteed way to receive your Ollo Credit Card faster. Once you’re approved, the standard processing and delivery timeframe usually takes 7-10 business days. However, here are a few potential strategies you can try to potentially expedite the process:
1. Contact Ollo Customer Service: Call Ollo’s customer service line at 1-877-432-1OLLO (1655) and explain your situation. They may be able to offer expedited shipping options for an additional fee, depending on availability.
2. Choose Expedited Shipping at Checkout (if applicable): During the application process, if offered, choose the expedited shipping option if available. This might incur an extra fee, but it could reduce delivery time by a few days.
3. Track Your Application: Monitor your application status online or through the mobile app. Once your card is shipped, you’ll receive tracking information, allowing you to estimate its arrival date.
4. Consider Alternative Options: If the timeframe is crucial, and expediting your Ollo card isn’t feasible, you might explore alternative solutions:
- Request a temporary card number: Ollo sometimes offers temporary card numbers for immediate online purchases while waiting for the physical card to arrive.
- Use a different credit card: If you have another credit card available, consider using it for urgent purchases, ensuring on-time payments to maintain your credit standing.