Review: Ollo Select Rewards Mastercard® (Invitation Only Offer)
This review is based strictly on publicly available offer details and terms associated with the Ollo Select 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 Select Rewards Mastercard® is available by invitation only. You must receive a mail offer with a reservation number and access code to apply.
Key Features and Benefits
- Earn Tiered Cash Back:
- 3% at gas stations and EV charging stations.
- 2% at grocery stores.
- 1% at restaurants and drugstores.
- No limit on total cash back earned.
- No Annual Fee: Your specific invitation states there is no annual fee.
- No Hidden Fees or "Gotchas":
- No over-limit fees.
- No foreign transaction fees.
- 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 in the app if lost or stolen.
Pricing and Drawbacks
- High Variable APR: 23.99%–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.
- Those focused on building or rebuilding their credit score.
- Cardholders who spend frequently on gas and groceries and want rewards in those categories.
- Users 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 Select Rewards Mastercard® is a strong rewards-based option for those in the credit-building category. A $0 annual fee combined with tiered cash back on common spending makes it a very appealing offer.
Recommendation: If you receive an invitation, this is an excellent choice provided you use it responsibly. The high APR means it is essential to pay in full each month rather than carry a balance. Used correctly, it offers 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 Everyday Rewards Mastercard® (Invitation Only Offer)
- Review: Ollo Rewards+ Mastercard® for Nurses & Educators (Invitation Only Offer)
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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.
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