Got a pre-approval mailer for the Ollo Optimum card, which I know is coveted by a good number of people.
But I don't think I'm going to get it.
I've been striving to get more than 2.5% return on my purchases by optimizing the cards I currently have. And I said in a recent thread that my current goal is to get approval for the CSP. I wanted to get the CSP before the current bonus vanishes, but two recent card approvals in the last 3 months have me hesitating. If I got THIS card as well, I'd never get the CSP.
So tell me why I'm crazy for not jumping on this and accepting the offer.
@Anonymous wrote:Well Ollo is known as a sub prime lender. If there is no AF I see no reason not to go for it. However, you need to pay attention to the interest rate and it may be best if you do not carry a balance on ths card since the rate may be really up there.
The sub prime banks are feeling the squeeze by prime banks that have revised what they are looking for to do approvals. It seems like many prime banks are cutting into the sub prime banks business so they have to re vamp what they are offering to try and compete.
Thanks
Mark
I wasn't aware that Ollo was a sub-prime lender. If they target people that carry a balance or have less than stellar spending habits, I wonder why they don't open the card up to more people, instead of making it invite only. (Also, now I feel insulted that they think I'm a good fit... 
) Thanks for the info, Mark.
While Ollo is typically a sub-prime lender, they are certainly not the kind of bank that takes part in predatory behavior and shouldn't be considered in the same class as say a Credit One or Fingerhut.
In addition, their Optimum card is invitation only, so it certainly is NOT an insult that they invited you! The Optimum card was their first step to moving into the Prime lending space, hence why the CB rate is so high. It's easily one of the best cash back cards ever with no AF and 2.5% on everything.
The CSP will always be there, but the invitation for the Optimum may not.
[2/2019]
Another thing to consider.....there are other cards out there in that neighborhood. Alliant has a 2.5% non-category card and CU's tend to offer better benefits, limits, etc to members. Another CU, AOD also has the unicorn 3% card, which I can attest is outstanding.
Chase is obviously your highest concern, so don't lose focus on that. Get the bonus while it's live. It looks like you're 3/24 (with a Chase card being one of the three). By Chase's rules, you should be good to go in Nov. unless you are the play-it-safe type and want to wait 6 mths (Beginning of Feb)
I wouldn't waste the effort on Ollo.
On Deck: No Plans Currently
@simplynoir wrote:
@jdbkiang wrote:The CSP will always be there, but the invitation for the Optimum may not.
I disagree here. The CSP will always be there but the current signup bonus will not. I imagine some time soon (maybe the end of this year) the SUB will change back to the standard 60k which while isn't bad is not 100k. Just using the CSP's 1.25x bonus redeeming through the Chase travel portal a person is sacrificing $500 in value by not getting the current bonus. This doesn't even include any pooling of points the OP can do from their two business cards to make it even more profitable since the only biz card that does that is the Chase Ink Preferred
Plus, as @Taurus22 pointed out there are close equivalents available assuming a 2% card isn't enough. You have to have a LOT of non-categorized spend to make the difference worth it
It does largely come down to what OP's spend looks like as well as whether or not OP is going to be traveling enough to make it worth it. My guess is that even if the SUB drops, it won't go back to 60K, but more likely 70K or even the 80K that we'd seen earlier. For myself, I'd probably just do both, but OP may not be able to do so.