Ollo Platinum Mastercard, Ollo Rewards Mastercard, and Ollo Optimum Mastercard-related information will be shared in this article. What are the benefits and features of the Ollo Credit Card?
What type of fees & charges customers will have to pay? Check all the latest updates in this article.
Ollo Credit Card
Ollo is a Credit Card technology company that offers the below-mentioned credit card products to its customers.
- Ollo Platinum MasterCard
- Ollo Rewards MasterCard
- Ollo Optimum Mastercard
Ollo itself does not issue any credit cards instead it has a partnership with The Bank of Missouri, which is the issuer of the Credit Card through a license from MasterCard.
Ollo Card Services is a service provider that takes care of the complete application process and other services related to the Ollo Credit Card.
Some important features of Ollo credit cards are mentioned below.
- Ollo Platinum Mastercard and Ollo Optimum Mastercard come at a zero annual fee but if you want to get the benefits of 2% cashback on daily use items then you can apply for the Ollo Rewards MasterCard or Ollo Optimum Mastercard.
- There are no hidden charges for both credit card
- Get the benefit of Zero Fraud Liability, an automatic credit line increase, and a free FICO credit score service.
- Access the 24/7 customer service anytime.
- You will not be charged for over the limit, returned payments, and foreign transactions. Even you don’t need to pay extra charges in case of late payment.
- Access your account anytime anywhere through the online website and mobile app.
- A “Lock It” feature is also available and customers can instantly lock future transactions through the online website and mobile app.
Fee & charges:
|APR for Purchases||24.99% – 28.99% variable|
|APR for Cash Advances||24.99% – 28.99% variable|
|APR for Balance Transfer||24.99% – 28.99% variable|
|Minimum Interest Charge||$1.5|
|Annual Fee||$0 to $39|
|Balance transfer fee||Either $5 or 4% of the amount of each transfer, whichever is greater.|
|Cash Advance fee||Either $10 or 5% of the amount of each cash advance, whichever is greater.|
|Foreign Transaction Fee||None|
|Late Payment penalty||$29 to $40|
|Returned Payment Penalty||None|
|Over the limit||None|
If you request to deliver your new or replacement credit card through an expedited mail service then you will have to pay the required service fee. Fee details will be shared at the time of the request.
Difference between Ollo Platinum, Rewards, and Optimum Mastercard
All credit cards offer almost the same type of benefits except the rewards program. Ollo Rewards and Ollo Optimum Mastercard come with a rewards program where customers will earn cashback.
You will earn 2% cash back on the Ollo Rewards credit card and 2.5% cash back on the Ollo Optimum credit card. There are no limits and expiration dates on the rewards points you earn and you can redeem any number of rewards points anytime.
There is no annual fee for Ollo Platinum and Ollo Optimum Mastercard however you will have to pay an annual fee for the Ollo Rewards Mastercard that ranges from $0 to $39.
Ollo Platinum and Rewards offers 24.99% – 28.99% variable APR for purchases, cash advances, and balance transfers. Ollo Optimum offers a 24.99% variable APR.
Customers will get an introductory APR facility with Ollo Optimum Mastercard. A 15-month 0% introductory APR will be available for Purchases and Balance Transfers. Intro APR offer is based on the customer’s creditworthiness.
|Name of credit card||Ollo Platinum Mastercard|
Ollo Rewards Mastercard
Ollo Optimum Mastercard
|Issued by||Bank of Missouri|
|Serviced by||Fair Square Financial, LLC|
|Parent organization||Ally Financial|
|Credit card network provider||Mastercard|
|Credit score required||Fair (600)|
Fair Square Financial
Fair Square Financial is the company that offers Ollo credit card products to its customers. It’s a financial technology firm specializing in digital credit card offerings.
FSF uses advanced technology such as data analytics, data modeling, etc to identify low-risk customers and offer them credit card products.
After the required risk assessment, Fair Square Financial shares the data with Bank of Missouri which is the credit card partner, and issues new Ollo credit cards.
Recently Ally Financial acquired Fair Square Financial in a $750M all-cash deal. It will help Ally Financial to increase its product offerings and enter the digital-only credit card space.
The deal was announced on Oct 21, 2021. Check more details about the acquisition here.
Ollo MasterCard credit limit
All Ollo customers will get a starting credit limit to use their credit cards for making purchases. Ollo discloses the credit limit after the approval of the credit card and it generally starts from $300.
The credit limit for the Platinum, Rewards, and Optimum Mastercards will be different and depend on the customer’s credit profile. The highest credit limit may go up to $3500.
How can I cancel my Ollo account?
Customers can request account closure anytime if not happy with the current service or if there is any other reason. Just write your request and send a mail to “Ollo Card Services, PO Box 9222, Old Bethpage, NY 11804”.
You may also call customer service at the toll-free number 1-877-494-0020.
Fair Square Financial can also terminate your account or restrict it and make some services inaccessible anytime if not restricted due to any law.
Please note that if you are closing your account then you are still liable to pay all amounts owed under the terms of this Agreement including the current balance, penalty charges, annual fee, etc.
You will also have to cancel all authorized recurring billing and subscription services using your credit card.
If you don’t pay all outstanding balances and charges, your account will not be closed.
What credit score is needed for an Ollo credit card?
Ollo’s credit score requirements are basically not that high. It targets low credit score customers. Ollo Optimum Mastercard can be given to customers having a slightly better credit score.
If your credit score is in the range of 600 then you are most likely to be approved for the credit card.
However, there is no need to think about it as you can submit an online application only if you receive a mail offer.
How can I use the Ollo credit card balance transfer service?
Ollo customers will get the Balance Transfers facility from time to time. Customers can transfer the balances of other credit cards up to the amount of their Credit Limit.
Ollo Optimum customers may also get an introductory 0% APR balance transfer facility for 15 months. Please check your card offer for more details.
How to find Ollo card ATM locations?
Ollo is a Mastercard-powered credit card so you can search for the nearest ATMs that accept a Mastercard by visiting the Mastercard ATM locator web page https://www.mastercard.us/en-us/personal/get-support/find-nearest-atm.html.
On this page, enter the PIN code of your location and click the Find button. You will see a very long list of all the nearest ATM locations where you can use your Ollo Mastercard to withdraw cash.
Please note that you must have your PIN code or call Ollo customer service to get your PIN code.
What is the Ollo Cash Advance service and how to use it?
The cash advance facility is very useful if you need some amount of cash in case of an emergency. All the below-mentioned transactions will be considered cash advances.
-If you are withdrawing cash from a participating ATM.
-If you are getting cash from any participating financial organization that accepts Mastercard to get cash.
-If you are using the checks given to you.
Customers can use the cash advance for up to their cash access limit which is lower than the available credit limit.
Cash access limit and credit limit are shared with customers once they receive their credit card or customers can find them written on their monthly statement.
What if my account goes over my credit limit?
Fair Square Financial generally does not charge if you make purchases beyond your credit limit.
However it is advised not to make transactions such as balance transfers, purchases, or cash advances in the access to your credit limit.
If it is highly urgent then you can do this once but don’t do it like a facility. It is at the sole discretion of Fair Square Financial if they want to honor the over-the-limit purchase request or not.
Will I get my Ollo card monthly statement?
All Ollo card customers will receive a monthly statement at the end of each monthly billing cycle including the transaction details and other account details such as available credit limit, current due amount, interest occurred, minimum payment due, payment due date, etc.
The statement will be sent to the registered mail address. If customers have opted for the electronic statement facility then the statement PDF copy will be sent to the registered email address.
Transactions In Foreign Currencies
If you use your Ollo Mastercard for transactions other than U.S. dollars then Mastercard will convert those currencies into the U.S. Dollar according to the currency conversion rate which is a variable rate and may differ on a daily basis.
How my information will be collected?
Fair Square Financial shares the customer’s credit profile with different credit agencies from time to time.
Your employment data, payment information, late payment, missed payment, etc will be used to share with credit bureaus.
You may also get some product recommendations based on your credit information.
How can I Update my Email and Phone number?
It is the customer’s responsibility to provide accurate contact information. If the contact details have been changed then they must be updated immediately.
Customers can update their mobile numbers by calling the customer service number. The customer service number can be found on the back of the credit card.
Customers can update their email addresses or mail addresses by calling or by writing to the customer service mail address from the United States Postal Service or others.
Can I assign someone as an authorized user?
Yes, If you are an Ollo customer then you can give authorization to someone else to use your account and make transactions on your behalf.
Please note that you will be liable for all transactions made by the authorized person.
What if I lost my card?
In case a card is lost or stolen, immediately inform customer service by calling or writing to avoid any possibility of the unauthorized use of your Card.
You may call us immediately toll-free at 1-877-494-0020 or write to us at Ollo Card Services, PO Box 9222, Old Bethpage, NY 11804. There will be no liability on you for any unauthorized transaction.
Final review and conclusion
All three credit cards come with good features and benefits. Fair Square Financial generally targets low-income bracket customers having low credit scores.
Ollo Optimum is the best card from all Ollo credit card lineups and offers unlimited 2.5% cash back without paying any annual fee.
Customers can also look for an Avant Credit Card which is easier to get but customers will not get any rewards points facility. It may be a good option for credit building.
Ally has also acquired Fair Square Financial so Ollo Cards are now backed by a reputed financial organization. If you got a mail offer for the Ollo Optimum card then you can apply for it without any issue.