Ollo Optimum Mastercard® Review

Navigating the vast world of credit cards can sometimes feel overwhelming, but as a financial expert, I’m here to offer clear, concise, and comprehensive insights to help you make informed decisions. One card that stands out with its unique blend of benefits is the Ollo Optimum Mastercard® from The Bank of Missouri. In this review, we’ll delve into the features, advantages, and drawbacks of this card, and provide you with a thorough understanding of how it can fit into your financial portfolio.

Ollo Optimum Mastercard® Key Takeaways

The Ollo Optimum Mastercard® is a versatile credit card designed to offer significant cash back rewards on all purchases, along with a generous introductory APR offer. Here are the key highlights:
– 2.5% Cash Back on All Purchases: This is a straightforward and lucrative rewards rate that applies to every purchase without category restrictions or limits.
– 0% Introductory APR for 15 Months on Purchases and Balance Transfers: This can be a great way to finance large purchases or manage existing debt without incurring interest for over a year.
– Annual Fee: The card has an annual fee ranging from $0 to $39, depending on your creditworthiness.
– High Regular APR: After the introductory period, a variable APR of 24.99% applies to purchases, balance transfers, and cash advances.
– No Foreign Transaction Fees: A significant benefit for frequent travelers.
– Credit Requirements: Suitable for individuals with fair to good credit scores (580-739).
With these key points in mind, let’s dive deeper into the various aspects of the Ollo Optimum Mastercard®.

Ollo Optimum Mastercard® Pros and Cons

Every credit card has its pros and cons, and understanding these can help you determine if the card aligns with your financial goals and spending habits.

Pros

1. High Cash Back Rate:
– 2.5% on All Purchases: One of the highest flat-rate cash back cards available, which means you earn the same rate on every purchase without needing to track spending categories.
2. Generous Introductory APR:
– 0% Intro APR for 15 Months on Purchases and Balance Transfers: This can be extremely beneficial if you plan to make large purchases or transfer existing balances from higher-interest cards.
3. No Foreign Transaction Fees:
– Ideal for travelers, as you won’t incur extra charges when making purchases abroad.
4. Flexible Annual Fee:
– Depending on your creditworthiness, you could potentially enjoy this card with no annual fee.

Cons

1. High Regular APR:
– 24.99% Variable APR: This is relatively high, so carrying a balance could result in significant interest charges after the introductory period ends.
2. Balance Transfer and Cash Advance Fees:
– Balance Transfer Fee: 4% or $5, whichever is greater.
– Cash Advance Fee: 5% or $10, whichever is greater.
– These fees can add up if you frequently transfer balances or take out cash advances.
3. Limited Perks Beyond Cash Back:
– While the cash back rate is attractive, the card lacks some of the additional perks and benefits that other cards might offer, such as travel insurance or concierge services.

Ollo Optimum Mastercard® Benefits

The Ollo Optimum Mastercard® comes with several benefits that make it a compelling choice for many cardholders. Here’s a closer look at what you can expect.

Cash Back Rewards

The standout feature of the Ollo Optimum Mastercard® is its flat-rate cash back rewards. You earn 2.5% cash back on every purchase, which is higher than many other cash back cards that often offer 1% to 1.5%. This makes it an excellent card for everyday spending, as you don’t need to worry about rotating categories or spending limits.

Introductory APR Offer

The 0% introductory APR for 15 months on both purchases and balance transfers is a significant benefit. This feature can be particularly useful if you’re planning a major purchase or looking to consolidate debt. However, it’s crucial to pay off the balance before the introductory period ends to avoid the high regular APR.

No Foreign Transaction Fees

For those who travel frequently or make purchases in foreign currencies, the absence of foreign transaction fees is a major plus. Many credit cards charge a fee (typically 3%) for transactions made outside the United States, but with the Ollo Optimum Mastercard®, you can save money on these purchases.

Annual Fee Flexibility

The annual fee ranges from $0 to $39, depending on your creditworthiness. If you qualify for the $0 annual fee, this card becomes even more attractive. However, even with a $39 annual fee, the 2.5% cash back rate can easily offset this cost if you use the card regularly.

Fraud Protection and Purchase Protection

The Ollo Optimum Mastercard® offers robust fraud protection, ensuring that you are not held responsible for unauthorized charges. Additionally, it provides purchase protection, which can cover eligible items against damage or theft for a certain period after the purchase.

How to Maximize the Benefits

To get the most out of the Ollo Optimum Mastercard®, consider the following strategies:
1. Pay Off Your Balance Monthly:
– To avoid the high regular APR, make sure to pay off your balance in full each month. This way, you can enjoy the cash back rewards without incurring interest charges.
2. Utilize the Introductory APR Period:
– Plan any large purchases or balance transfers during the 15-month 0% APR period. This can help you save money on interest and manage your finances more effectively.
3. Travel and Shop Internationally:
– Take advantage of the no foreign transaction fees when traveling or shopping online from international retailers.
4. Monitor Your Credit Score:
– Since the annual fee is based on your creditworthiness, maintaining or improving your credit score could potentially qualify you for the $0 annual fee.

Conclusion

The Ollo Optimum Mastercard® from The Bank of Missouri offers a compelling mix of high cash back rewards, a generous introductory APR period, and no foreign transaction fees. It’s particularly well-suited for individuals with fair to good credit who are looking for a straightforward, high-reward cash back card.
However, the high regular APR and balance transfer/cash advance fees are points to consider, especially if you tend to carry a balance. By strategically using the card to maximize cash back rewards and taking full advantage of the introductory APR period, you can make the most of the Ollo Optimum Mastercard®.
In summary, the Ollo Optimum Mastercard® is a strong contender in the cash back credit card market, offering significant value for everyday spending and large purchases alike. Evaluate your spending habits and financial goals to determine if this card is the right fit for you.