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
Contents
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
Is there a number that I can call?
My wife got this in the mail today. Her FICO is in the high 700s and the only debt on our credit reports is a mortgage. There is no initial bonus, but they are offering a 0% rate for purchases/transfers for 15 months, then 17.99% variable APR. Also, 0% balance transfer fee in first 60 days. After 60 days it’s 4%. 2.5% cash back on all purchases, no foreign transaction fees, no over limit fee, late payment fee up to $40.
Seems decent for everyday spending, but we get 2.625% back on BoA Preferred Rewards, so not worth applying without a signup bonus.
I received multiple invitations to apply. I was hesitant that the deal was too good to be true. They approved me for a $1,000 credit limit. I called the company and they told me the card is for people rebuilding their credit and that there is no way to request a credit increase. They said after 5 months they might automatically increase the amount. My credit scores are high 700’s to 800. Ironically, two of my credit cards recently increased my limits by around $5k each without a request. I didn’t expect a huge credit limit, but $1,000 is a little silly when you advertise your card as invite only with good rewards.
For me it seems to have pulled both Experian and TransUnion.
They are quite stingy with the credit lines – gave me only $2K
I got a pre approved offer on Experian with a 683 Fico score for the Ollo Optimum MasterCard. I applied and got approved with a 1,200.00 CL.
Yes, I do have some balances on some of my other cards, but that was because of my pay day schedule, I usually pay the balances off before the statement close date. Just an fyi: the 2.5 CB is only in a statement credit only, which is fine with me. That way I can use it maybe to pay off a big purchase someday. Hope this helps.
Offer great offers ..but it took them 4 months to send card and lost offers. AVOID this card..go with reputable company! Cancelled before ever using. Customer service doesnt do what they say. Supervisors cant do anything but refer you to a manager to call back, but they dont call you back.
I got the invite 2 to 3 months back. I applied and got approved on a 4000 limit. They don’t really give you a high credit limit. I reported 200k income. My credit score is about 720 to 780 depending on the credit agency. I don’t carry any balance on my accounts. It is great for paying property tax bills and places where they are credit card fees. I end up giving something in return instead of paying a check.
Is anyone with an invite finding it impossible to sign up via the website? I get through 3 of 4 pages of questions, then on the last page, I enter everything in and the “submit application” button does not work!!
I would really like an invite for this card.
I signed up for experian.com but did not see this card offered.
I would really like to get rid of my Alliant 2.5% cashback card.
I have no problem with the AF but their customer service just plain suck.
Any other ideas on how to get an invite?
Paul S., I am also an Alliant member. I have never had any issues with Alliant’s customer service. I had their 3% Visa for the first year, and then kept the 2.5% for a year, paying the $59 AF. When Alliant upped the AF, I decided to dump the 2.5% Visa for their free 2% Visa.
I, too, would apply for the Ollo Optimum 2.5%, but since I pay my credit card bills in full every month, perhaps they would not want that since they would lose money on the deal, which could mean I will never get an Ollo invitation. I, too, have an Experian account. No Ollo offer there, as you and others have reported.
I received an invite in the post but I will be below 5/24 next month so I am going to pass.
Hello – I am going to open a Chase Sapphire preferred card, and could use your referral link, if we could agree to split the value from the 15,000-pt bonus. Let me know if interested.
Dude, what to you think this is the wild-west out here?
Get outta here with that nonsense!!!