Posted by William Charles on July 7, 2019
Credit Cards

Published on July 7th, 2019 | by William Charles

47

Ollo Optimum Mastercard – 2.5% Cashback On All Purchases, No Annual Fee, Invite Only

Credit card company Ollo has launched a new credit card offering 2.5% cash back on all purchases called Ollo Optimum. Previously Ollo focused mainly on people rebuilding their credit, this new card seems to be a change in direction from that. Let’s look at this card in more detail

Card Basics

  • Card earns 2.5% cash back on all purchases, no minimum redemption and no limit on the amount of rewards you can earn
  • No sign up bonus
  • No annual fee
  • No foreign transaction fees
  • Card is by invitation only

Our Verdict

Overall this is a very good card, it’s up there as one of the highest earning cards on all purchases. In addition it’s nice there are no annual or foreign transaction fees to worry about. The downside is that there is no sign up bonus and you need to be invited for the card. How useful this card is for some people will likely depend on how tolerant they are to manufactured spending and how many people they invite to sign up.

Hat tip to reader Maks & Bill



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Chris
Chris

Disappointing that it’s invite only, hopefully they will change that.

Richard G
Richard G

Is there some sort of list one would register on to request an invitation?

Hans
Hans

I don’t know but I got an invitation letter yesterday. Shredded it after googled this company.

LWT3
LWT3

What did you find?

FindingMyPossible
FindingMyPossible

What about them caused you to shred the offer?

Marshall
Marshall

See this review:

STAY AWAY!!! WARNING!!! Ollo’s credit card has two time line dates: 1 is due date and the 2nd one end of billing cycle (witch is about 5-7 days after payment due date). My payment due date is on 18th of each month, however the billing cycle ends around 23-25th of each month. So if you paid everything (balance) by payment or on due date, and made some purchases after payment due date and before end of cycle, they will report account balance as of end of cycle. So you need to make sure that your balance is zero when the cycle ends (it means you cannot make any purchases after due date and before cycle ends almost a week later) otherwise it will show that you have balance on the card even if you are paid your balance in full by or on due date. It screwed up my credit score pretty bad because of credit utilization. On my other credit cards next day after due date is a new cycle and all purchases made after due date will be on next billing cycle. BUT NOT WITH THIS GUYS! Looks like they also will charge you interest on those purchases made after due date because it will show as you have a balance. NOT GOOD. Plus they don’t show nowhere when your actual cycle ends, the only way to find out is to call them. They only show your due date. Why are they hiding the date of end of cycle? Sounds like to make extra on interest and report balance to credit bureaus. YOU HAVE BEEN WARNED!!! Or you have to remember your payment due date and call them to find out end of the cycle day.. I’m very disappointed 😔

Mimi
Mimi

If this is the only(?) negative about this card, I’m still interested in it. I have always written my statement cut off dates for each active CC I have on my calendar. I make sure there is zero balance or if the CC has a small balance credit feature, I leave that amount so that I still end up with zero balance on my statement cut off date. This has worked for me all these years to keep my CC balances at 0 to 1 percent for CRAs to see.

Zalmy

Umm.. you’re joking, right? This is true of every single credit card in history

!!!
!!!

Well thanks for the deta- wait.

perfectviking
perfectviking

Seems some people can get prequalified through card match sites like Experian’s.

The_Heg
The_Heg

I tried to get a match via Experian – no luck.

YK3
YK3

Ditto here.

K
K

Would love to try this card. How does one go about finding someone with an invite to give out?

Evan
Evan

How do I obtain an invite

NKB246
NKB246

My understanding is Ollo’s model is to target subprime customers.

If you have one what is the limit?

DaveInAZ
DaveInAZ

Interesting, on the ollocard.com website it says “issued by The Bank of Missouri”. I wonder if having an account with them would get you an invite?

rocky_NNC
rocky_NNC

called them, no way out 🙂

FindingMyPossible
FindingMyPossible

Do you mean no way in? Or rather, were you able to apply?

Jeremy
Jeremy

Interesting concept. In-line with the State Department Federal Credit Union Premium Cash Back+ card or the new Paypal one. Obviously better because 2.5% instead of 2%. Still the BoA Premium Rewards is better if you can obtain Platinum Honors Status. It also has a sign-up bonus and reimburses GE/Pre-Check. None of the cards mentioned have FTF or AF except the BoA PR, which I feel is easily offset by the flight credit.

esha w
esha w

bofa travel rewards also gives 2.625% cb on all purchases for platinum honors members without an AF or Global Entry/TSA Pre credit.

only disdavantage being bofa travel rewards 2.625% cb applies only if redeemed for travel related purchases like parking/tolls/rentals/flights. but those arent hard to come by atleast few times every year for most users.

GE/TSA Pre credit can also be had for no AF through penfed pathfinder rewards.

cc
cc

Interesting a sub-prime CC company offering a prime rewards CC. I speculate their target audience is people with < 700 FICO scores more around 650ish that are known to carry balances are more likely to get an invite as most likely their business model on this CC is for people to pay the 24.99% APR after the intro period. Being people that are more inclined to carry a balance to offset the rewards. Just my guess.

Zalmy

Most major credit card issuers rely on this business model

Wink
Wink

Seriously? The 650ish crowd? Both my husband (score of 828) and I (score of 822) got these offers in the mail.

Ann
Ann

People are making assumptions based on what this company did with their previous cards. Evidently they are trying to branch out.

MSer
MSer

It’s inevitable this will be a pita for anyone attempting to MS on this card. Target audience are fools who will be enticed by 2.5% cb, but who also carry a balance.

Roy
Roy

You can get an invite for Ollo through your Experian account under recommended cards

midas89
midas89

Roy, I just logged into my Experian account and looked at all the “recommended cards” … unfortunately, Ollo is not listed at all.

More Info
More Info

I didn’t have it, but if they’re paying for advertisements, they’re also going to be on CreditKarma.com, so check them out.

George
George

I have 600 score, but I don’t see it. I will try again with a 650 score next month.

86
86

I wonder if you can eventually PC from one of their other cards?

Jeff K
Jeff K

Got this yesterday. My credit isn’t exactly terrible… TransUnion score is 740s, Experian 720s & I just got approved for CSR($17k limit) a week ago. I have about $5k balance on my 0% AmEx and am only paying the minimum until balance is due. Not sure what triggered the invite. Would be an upgrade to my DoubleCash, but I’m under 5/24 right now & want to go for the Southwest CP at the end of the year. Invite says it expires August 15.

Nice
Nice

Would be nice to know if they have hard cuts for people with less than 3 years of credit history. I have a pretty decent credit score (737-754 depending on the model and bureau), however, I got declined when I applied for Capital One QuickSilver because my oldest card is only 2 years old. Pft. I hated that inquiry. That said, I’m now worried too if they have hard cuts for recent inquiries in the past 6 months like other banks. I also currently have 6 credit cards, 3 of which are store cards which I now regret except for the Amazon one.

Brian C
Brian C

No sign up bonus makes this a no-go for me even if I had been invited

Frank

good to know

Zalmy

😂

Komma
Komma

I live in Oregon and Experian card match says it’s not available here, which is strange.

DocPost
DocPost

I can’t even find the card in my Experian account. It does not seem to be listed for everyone.

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