Hello everyone,
My ex received a mailer at my house from Ollo for their unlimited cash back master card. The outside of the envelope says there's no AF and it's an unlimited cash back master card. I've never heard of them before and was wondering if anyone has the card and what their experience has been with it. I did a little searching and found some threads on it, but they are all from last summer and 2020; nothing new but the common assessment indicates it's by invite only and some said it was a subprime card for people with poor credit, but I wonder about that since my ex has really good (just below the 800's) scores, a very high income, and low DTI - I still have access to his scores and info because we are still untangling things. I'm wondering what current info anyone can provide because I want to determine if it's a MC I want to add to my list of goal cards. I plan to ask him what the offer says after he picks up his mail, but in the meantime want to see if anyone has any helpful info on the card and bank.
Thanks in advance for any insight anyone can give.
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I don't have that particular card, but I do have a plain vanilla Platinum MC. It has no rewards, but I've had no issues so far, and I've had it for almost a year now. They did double my limit after 6 months ($1.5k -> $3k).
I think they're somewhat subprime, but Ally financial us acquiring them by the end of this quarter, so who knows how they'll be after that.
@OmarGB9 wrote:I don't have that particular card, but I do have a plain vanilla Platinum MC. It has no rewards, but I've had no issues so far, and I've had it for almost a year now. They did double my limit after 6 months ($1.5k -> $3k).
I think they're somewhat subprime, but Ally financial us acquiring them by the end of this quarter, so who knows how they'll be after that.
Thanks so much for the response. I scoured their website and most of the comments were from people who have low credit scores. Most of the reviews are good and people seem happy with the card, but there are some threads on this platform that say otherwise when it comes to the banks sensitivity for usage/spending. Anyway, I'm thinking that perhaps they're trying to change their target audience or maybe mix their client base to lower their risk of loss.
It appears they have two cards:
1. A 2% CB MC (gas, groceries, drug stores) - No return payment, over limit, FA fees or late payment rate hikes. It looks like their SUB is temporary suspension of the AF (which they tout as being low).
2. A Platinum MC with auto CL increases - No AF, return payment, over limit, FA fees or late payment rate hikes.
My ex hasn't picked up his mail yet, but I'm assuming he was offered the 2% CB with no AF based upon what the outside of the envelope says compared to their website; it's interesting that they sent him an invite. In the meantime, if they are absorbed by Ally then their product line up and target client base could end up looking a lot different. But, it loooks like I am going to forego adding this card to my list of goal cards for now ... which means I'm still on the hunt for a really good MC.
I've had an Ollo Rewards MC for about 2-1/2 years. It's been a good cash back card with 2% for gas, grocery, and pharmacy. No annual fee. I got the card invite from the Experian site. My issue is that there's no way to request a credit line increase. It's stuck at $1,800 while I'm getting regular increases on other cards as my scores have improved.
I have no reason to get rid of it but it will have limited usage with the low credit limit. It will be interesting to see if they make any changes to the card when acquired by Ally.
@nwa479 wrote:I've had an Ollo Rewards MC for about 2-1/2 years. It's been a good cash back card with 2% for gas, grocery, and pharmacy. No annual fee. I got the card invite from the Experian site. My issue is that there's no way to request a credit line increase. It's stuck at $1,800 while I'm getting regular increases on other cards as my scores have improved.
I have no reason to get rid of it but it will have limited usage with the low credit limit. It will be interesting to see if they make any changes to the card when acquired by Ally.
Thank you for the info and response. It sounds like this is def not going to be a card to have on my wishlist. Sounds good for temporary use for build or rebuilding but not much else.
@Anonymous wrote:There's also an Ollo 2.5% CB MC available by invite only. DD has it, and if it weren't for the existence of several other equivalent cards I'd be extremely jealous.
Thanks for this info. My ex finally picked up his mail and his offer was for a 2.5% CB MC W/ no AF, which doesn't show up on their website. So, they must have other cards that are available by invite only.
That is great news that he got offered the 2.5% card. I was going to suggest he look into if he had received the offer for another card. This card is called the Ollo Optimum and they don't really advertise the card but you can search it out directly to find the webpage for it.
I've had it just over 2 years now, overall it has been a good card for daily spend. The CLI have been pretty slow, started with $2500, gave me a whole extra $100 when I nearly maxed the card out, and not that long ago they raised me to $3100.
