Review: Ollo Everyday Rewards Mastercard® (Invitation Only Offer)
This review provides accurate information based on publicly available offer details for the Ollo Everyday Rewards Mastercard®, an invitation-only card issued by Merrick Bank. It is designed to inform potential applicants about the card's features, pricing, and suitability.
Important Note: Invitation Only
The Ollo Everyday Rewards Mastercard® is available by invitation only. You must receive a mail offer with a reservation number and access code to apply. Applicants typically need a fair credit score to qualify.
Key Features and Benefits
- Earn Simple Cash Back:
- 3% cash back at gas stations, public EV chargers, grocery stores, and drugstores.
- 1% cash back on all other purchases.
- No limit on total cash back earned; rewards never expire.
- Transparent Fees: No over-limit fees, no foreign transaction fees, and no penalty APR increases after a late payment.
- Credit Building & Management:
- Account activity reported to Experian, Equifax, and TransUnion.
- Free access to your FICO® Score to track credit progress.
- Automatic credit line reviews conducted by the issuer.
- Strong Security:
- 24/7 fraud monitoring and Zero Fraud Liability.
- Instantly lock your card via the app if lost or stolen.
Pricing and Drawbacks
- Potential Annual Fee: Varies by invitation, ranging from $0 to $39. Check your specific mail offer.
- High Variable APR: 24.99%–29.99% (variable). Carrying a balance is expensive.
- Cash Advance & Balance Transfer Fees:
- Balance Transfer Fee: 4% or $5 (whichever is greater).
- Cash Advance Fee: 5% or $10 (whichever is greater).
- No Customer-Initiated Credit Limit Increases: Must wait for automatic reviews.
Who is This Card For?
- Individuals who have received an invitation.
- Focused on building or rebuilding credit.
- Frequent spenders on gas, groceries, and drugstores who want consistent rewards.
- Cardholders who plan to pay their balance in full each month to avoid high APR.
Note: Ollo credit cards are issued and managed by Merrick Bank, a subsidiary of CardWorks, Inc.
Final Verdict
The Ollo Everyday Rewards Mastercard® offers valuable 3% cash back categories and transparent terms. The primary consideration is the annual fee assigned in your specific offer.
Recommendation: This is a solid choice provided you use it responsibly and are comfortable with the annual fee disclosed. The high APR means it is essential to pay in full each month rather than carry a balance. Used correctly, it provides both rewards and a clear path to improving your credit history.
Related Ollo Credit Card Reviews
- Review: Ollo Platinum Mastercard® (Invitation Only Offer)
- Review: Ollo Select Rewards Mastercard® (Invitation Only Offer)
- Review: Ollo Rewards+ Mastercard® for Nurses & Educators (Invitation Only Offer)
Found this guide helpful? Bookmark it for future reference as you continue your financial journey!
FICO® Credit Scores
A FICO® Score is a proprietary credit score created by the Fair Isaac Corporation (FICO). About 90% of top U.S. lenders use it to make lending decisions.
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
FICO categorizes scores as Poor, Fair, Good, Very Good, and Exceptional.
What is a Credit Score?
A credit score is a three-digit number (300–850) predicting your creditworthiness. Lenders use it to evaluate risk and determine rates and terms for credit.
Why it matters: A higher score can help you qualify for loans and lower interest rates. A lower score can lead to higher borrowing costs or application denials.
FICO® Credit Score Facts
- Three-Digit Number: Summarizes your credit risk.
- Range: 300–850; higher scores = lower risk.
- Data Source: Uses your credit reports from Experian, Equifax, and TransUnion.
- Industry Standard: Lenders rely on FICO for mortgages, auto loans, and credit cards.
Note: Credit scores reflect your creditworthiness but do not guarantee approval for any credit product.
Security Notice: All participating issuers use secure application systems protected by Transport Layer Security (TLS) encryption to help protect your information.
*See the online credit card applications for details about terms and conditions of credit card offers. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the " Apply Now " button you can review the credit card terms and conditions on the credit card issuer's web site.
Advertiser Disclosure: The card offers that appear on this site are from companies from which Gettingacreditcard.com may receive compensation when a customer clicks on a link, when an application is approved, or when an account is opened. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Gettingacreditcard.com does not include all card companies or all card offers available in the marketplace.