Ollo - Another New Credit Card Company - Invite Only

[Hex]

I’ve been getting various preapprovals for Ollo for the last year. They finally sent me one for the rewards version with no annual fee. I’ve be pondering it so long the prequal had expired. I know it’s a subprime card but since I PIF each month the interest rate isn’t a factor for me and the rest of the terms seened prime to me. I used my “expired” code and applied. I got approved for $3K (I make $150K a year). Does anyone know if the rewards verson comes with the free FICO score and automatic CLI at 5 momths like the platinum one does?

[Hex]

I’ve had this card for 2 months. I have a no annual fee version wirh rewards and CL of 3K. The card reports as a revolving line of credit/CC. I have made two online payments via their website -once on my PC and once on the mobile version of their website with my iPhone (pulled payments from checking accounts). They do not have a stand alone mobil app. Both payent were processed in 3 days without any issues. I like this card. Just wanted to give an update on it for those considering it.

[Gonzozap]

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@Hex wrote:
I’ve had this card for 2 months. I have a no annual fee version wirh rewards and CL of 3K. The card reports as a revolving line of credit/CC. I have made two online payments via their website -once on my PC and once on the mobile version of their website with my iPhone (pulled payments from checking accounts). They do not have a stand alone mobil app. Both payent were processed in 3 days without any issues. I like this card. Just wanted to give an update on it for those considering it.

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Paying on their site was never an issue.  I have never had an issue paying a bill on any creditor's site.   As we discussed earlier, the problem comes when trying to pay the bill via your online billpay from your bank.  That entails a LONG, unusual delay that everyone must be aware of with this creditor.  In my experience after paying bills via billpay for umpteen years,  I have never encountered such an unacceptable delay in applying billpay payments.

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[Anonymous]

According to my daily USPS "Informed Delivery" digest, I have another Ollo preapproved offer coming in today. This one is for the Rewards MC, with "unlimited cash back" according to the envelope (I take it this is still the 2% cash back on grocery, gas station and drugstore purchases, with 1% on other purchases) and no annual fee (Ollo's site only shows the Rewards with $39 annual fee, so I assume the no-fee version is the invite-only version). Previously, I'd just let their basic MC offers slide, but I'll have to think carefully about this one once I actually read through the offer. The things I've read about slow processing of payments do concern me, but otherwise this seems like a pretty attractive card (particularly since my TU scores are still not good enough for the Marvel MC). Will have to cogitate on this...

[Gonzozap]

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@Anonymous wrote:

According to my daily USPS "Informed Delivery" digest, I have another Ollo preapproved offer coming in today. This one is for the Rewards MC, with "unlimited cash back" according to the envelope (I take it this is still the 2% cash back on grocery, gas station and drugstore purchases, with 1% on other purchases) and no annual fee (Ollo's site only shows the Rewards with $39 annual fee, so I assume the no-fee version is the invite-only version). Previously, I'd just let their basic MC offers slide, but I'll have to think carefully about this one once I actually read through the offer. The things I've read about slow processing of payments do concern me, but otherwise this seems like a pretty attractive card (particularly since my TU scores are still not good enough for the Marvel MC). Will have to cogitate on this...

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You should be fine with payments if you just pay via Ollo's site.  Avoid your bank's billpay.  And probably never send anything via snail mail.  But does anybody even do that any longer?

[Anonymous]

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@Gonzozap wrote:

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@Anonymous wrote:

According to my daily USPS "Informed Delivery" digest, I have another Ollo preapproved offer coming in today. This one is for the Rewards MC, with "unlimited cash back" according to the envelope (I take it this is still the 2% cash back on grocery, gas station and drugstore purchases, with 1% on other purchases) and no annual fee (Ollo's site only shows the Rewards with $39 annual fee, so I assume the no-fee version is the invite-only version). Previously, I'd just let their basic MC offers slide, but I'll have to think carefully about this one once I actually read through the offer. The things I've read about slow processing of payments do concern me, but otherwise this seems like a pretty attractive card (particularly since my TU scores are still not good enough for the Marvel MC). Will have to cogitate on this...

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You should be fine with payments if you just pay via Ollo's site.  Avoid your bank's billpay.  And probably never send anything via snail mail.  But does anybody even do that any longer?

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I only write 1 or 2 checks a month nowadays, and that's generally my apartment rent, which I drop off in the night deposit slot or hand direct to the desk clerk.

[Sloedough]

I got a pre-approval for these guys too. So I researched them. It looks to me like a re-builder. Maybe a fee harvester, but only if you are bad with the card. OK if you are good with it.

For me, not worth leaving the garden.

[Anonymous]

So I pulled the Ollo pre-approval out of the mailbox.

- No annual fee

- Single-figure APR of 24.99%

- 2% cash back on groceries, gas and drugstore, 1% on everything else

- $5 fee or 4% on balance transfers, whichever is greater

Have to think about this some more. I have until 7/20 to make up my mind, so no big rush. In fact, I was going to wait at least a few weeks anyway until the HP's from my Walmart and Apple FCU cards aged to at least 1 year (and so did the cards themselves), as well as my Penfed card, which will age to 1 year at the beginning of next month. Also, the HP from my unsuccessful USAA application will age off next month.

Furthermore, I'm interested now in the Paypal 2% Mastercard as an alternative, since that card gives 2% back on everything. I'm going to need to collect some data points, though.