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Ally Bank to buy Ollo Cards

GlennvilleGA
Regular Contributor

Ally Bank to buy Ollo Cards

This might be old news, I don't think anyone mentioned this on here. I heard this tonight on Youtube... that Ally Bank is buying a company called Fair Square that currently operates the Ollo Credit Cards.

 

Ally Financial to enter credit card space with $750M acquisition of Fair Square - Charlotte Business...

 

 

Message 1 of 7
6 REPLIES 6
RehabbingANDBlabbing
Frequent Contributor

Re: Ally Bank to buy Ollo Cards


@GlennvilleGA wrote:

This might be old news, I don't think anyone mentioned this on here. I heard this tonight on Youtube... that Ally Bank is buying a company called Fair Square that currently operates the Ollo Credit Cards.

 

Ally Financial to enter credit card space with $750M acquisition of Fair Square - Charlotte Business...

 

 


Ally was trying to buy Merrick Bank during 2020, but that fell through due to the pandemic. It looks to me like they are going to Target more subprime customers since these were the two card operations they were interested in. To

me, their banking products seem to cater to more wealthy people, so this is interesting. They do offer subprime auto loans, so maybe they have more of a mixed business, similar to Cap1.

Message 2 of 7
Anonymalous
Regular Contributor

Re: Ally Bank to buy Ollo Cards

With their emphasis on low or no fees and no minimum balances, and their complete lack of tiers like Chase or Bank or America, I'm not sure why you'd come to the conclusion that Ally caters to the wealthy. If anything, with the minor barrier imposed by being an online bank, they cater to the relatively young and tech saavy. With that in mind, the Ollo purchase could make sense. They might want cards for those without a deep credit history.

Message 3 of 7
SouthJamaica
Super Contributor

Re: Ally Bank to buy Ollo Cards

Article is paywalled.


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 4 of 7
BearsCubsOtters
Frequent Contributor

Re: Ally Bank to buy Ollo Cards


@GlennvilleGA wrote:

This might be old news, I don't think anyone mentioned this on here. I heard this tonight on Youtube... that Ally Bank is buying a company called Fair Square that currently operates the Ollo Credit Cards.

 

Ally Financial to enter credit card space with $750M acquisition of Fair Square - Charlotte Business...

 

 


Thank you. I was reading about this just last night but could not figure out which cards Fair Square Financial opperated. I wonder if they will continue the Ollo name or slap Ally on the cards. 

Message 5 of 7
Space_Daddy
New Visitor

Re: Ally Bank to buy Ollo Cards

I was wondering when Ally was going to get into the credit card game.

Message 6 of 7
FinStar
Moderator

Re: Ally Bank to buy Ollo Cards


@Space_Daddy wrote:

I was wondering when Ally was going to get into the credit card game.


They used to issue CCs in partnership with TD Bank so it's not their first time in the CC rodeo.

Message 7 of 7
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