Ollo Rewards Credit Card Review

The Ollo Rewards Credit Card, issued by The Bank of Missouri, is designed to cater to individuals with poor to fair credit (300-669). It offers a straightforward rewards program featuring 2% cash back on gas station, grocery store, and drugstore purchases, and 1% cash back on all other purchases. With an annual fee ranging from $0 to $39, and a variable APR between 23.99% and 28.99%, this card presents a mixed bag of attributes that require careful consideration. This detailed review aims to provide comprehensive insights into the Ollo Rewards Credit Card, delving into its key takeaways, pros and cons, benefits, and concluding with an expert opinion.

Ollo Rewards Credit Card Key Takeaways

Rewards Structure

The Ollo Rewards Credit Card is structured to provide cash back on everyday purchases:
– 2% Cash Back on gas station, grocery store, and drugstore purchases.
– 1% Cash Back on all other purchases.

Fees and Charges

The card comes with an annual fee that varies between $0 and $39. Here’s a breakdown of the main charges:
– Annual Fee: $0 – $39.
– Purchase APR: 23.99% – 28.99% Variable.
– Balance Transfer APR: 23.99% – 28.99% Variable.
– Cash Advance APR: 23.99% – 28.99% Variable.
– Balance Transfer Fees: Either $5 or 4% of the amount of each balance transfer, whichever is greater.
– Cash Advance Fees: Either $10 or 5% of the amount of each cash advance, whichever is greater.
– Late Payment Fees: Up to $40.
– Foreign Transaction Fees: None.

Eligibility and Application

The card is specifically targeted at individuals with poor to fair credit scores. The application process is by invitation only, which may limit accessibility for some potential applicants.

APR and Interest

The card features a high variable APR range of 23.99% – 28.99%. There are no introductory APR offers for purchases or balance transfers, making it less attractive for those looking to transfer balances or finance large purchases over time.

Additional Features

– No Foreign Transaction Fees: Beneficial for those who travel internationally.
– Fraud Protection: Ensures security against unauthorized transactions.
– Purchase Protection: Offers coverage on eligible purchases.

Ollo Rewards Credit Card Pros and Cons

Pros

– No Foreign Transaction Fees: Ideal for international travelers.
– Cash Back on Everyday Purchases: 2% cash back on gas, groceries, and drugstore purchases can add up quickly.
– Low Annual Fee: Ranges between $0 to $39, making it affordable for most users.
– Fraud Protection: Provides peace of mind with robust security features.
– Purchase Protection: Adds an extra layer of security on eligible purchases.

Cons

– High APR: The variable APR range of 23.99% – 28.99% is considerably high, making it costly to carry a balance.
– No Introductory Offers: Lack of introductory APR on purchases or balance transfers reduces its appeal for new cardholders.
– Application by Invitation Only: Limits accessibility for potential applicants.
– Limited Rewards Categories: While 2% cash back is attractive, the categories are somewhat limited to gas stations, grocery stores, and drugstores.
– Penalty Fees: Late payment fees can go up to $40, which can be steep for some users.

Ollo Rewards Credit Card Benefits

Cashback Rewards Program

The Ollo Rewards Credit Card offers a simple and effective cash back rewards program. The 2% cash back on gas station, grocery store, and drugstore purchases makes it an excellent choice for everyday spending. The 1% cash back on all other purchases ensures that you earn rewards on every transaction, no matter where you shop.

No Foreign Transaction Fees

For frequent travelers, the absence of foreign transaction fees is a significant benefit. You can use your card abroad without worrying about additional charges, making it a convenient option for international travel.

Fraud Protection

Security is paramount when it comes to credit cards. The Ollo Rewards Credit Card provides robust fraud protection, ensuring that you are safeguarded against unauthorized transactions. This feature adds an extra layer of security, giving you peace of mind.

Purchase Protection

Purchase protection is another valuable benefit offered by the Ollo Rewards Credit Card. This feature provides coverage on eligible purchases, protecting you against damage or theft. It’s a useful benefit that enhances the overall value of the card.

Manageable Annual Fee

With an annual fee ranging from $0 to $39, the Ollo Rewards Credit Card is relatively affordable. The low annual fee makes it accessible to a broad range of users, including those with limited budgets.

Easy Account Management

The Bank of Missouri offers convenient online account management tools. You can pay your bill online, track your spending, and manage your rewards with ease. Additionally, customer service is readily available to assist with any queries or concerns.

Suitable for Poor to Fair Credit

The Ollo Rewards Credit Card is designed for individuals with poor to fair credit scores. It provides an opportunity to build or rebuild credit while earning rewards on everyday purchases. The card issuer reports to major credit bureaus, helping you improve your credit score over time.

Conclusion

The Ollo Rewards Credit Card is a solid option for individuals with poor to fair credit who are looking to earn cash back on everyday purchases. With 2% cash back on gas station, grocery store, and drugstore purchases, and 1% cash back on all other purchases, the rewards program is straightforward and easy to understand. The absence of foreign transaction fees is a significant advantage for international travelers, and the card’s fraud protection and purchase protection features add valuable security.
However, the card does have its drawbacks. The high variable APR range of 23.99% – 28.99% makes it expensive to carry a balance, and the lack of introductory offers on purchases or balance transfers limits its appeal for new cardholders. Additionally, the application process is by invitation only, which may restrict access for some potential users.
Overall, the Ollo Rewards Credit Card is a viable choice for those looking to rebuild their credit while earning rewards on everyday spending. The low annual fee, combined with the card’s benefits and rewards program, makes it an attractive option for budget-conscious consumers. However, it’s essential to pay your balance in full each month to avoid the high-interest charges and maximize the card’s value.
In conclusion, the Ollo Rewards Credit Card from The Bank of Missouri offers a balanced mix of rewards and benefits for individuals with poor to fair credit. If you fall within this credit score range and are looking for a card that offers cash back on everyday purchases without foreign transaction fees, the Ollo Rewards Credit Card is worth considering. Just be mindful of the high APR and aim to pay your balance in full each month to avoid costly interest charges.