Review: Ollo Select Rewards Mastercard® (Invitation Only Offer)
This review is based strictly on the 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 specific mail offer with a reservation number and access code to apply.Key Features and Benefits
The primary appeal of the Ollo Select Rewards Mastercard® is its tiered cash back structure combined with transparent pricing:- 3% at gas stations and EV charging stations.
- 2% at grocery stores.
- 1% at restaurants and drugstores.
- No limit on the total cash back you can earn.
- No fees for going over your credit limit.
- No foreign transaction fees.
- No rate hikes after a late payment.
- The card reports account activity to the three major credit bureaus (Experian, Equifax, and TransUnion).
- Free access to your FICO® Score is provided to track your credit progress.
- Automatic credit line reviews are conducted by the issuer.
Pricing and Drawbacks
Potential applicants should be aware of the standard financial terms that apply if a balance is carried:- Balance Transfer Fee: 4% or $5 (whichever is greater).
- Cash Advance Fee: 5% or $10 (whichever is greater).
Who is this card for?
This card is best suited for individuals who have received an invitation and: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 crucial to use this card as a payment tool (paying it off monthly) rather than a financing tool (carrying a balance). Used correctly, it offers both rewards and a clear path to improving your credit history.
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FICO® Credit Scores
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
What is a Credit Score?
A credit score is a three-digit number, typically ranging from 300 to 850, that predicts your creditworthiness—how likely you are to repay borrowed money on time. Lenders use this score to assess the risk of lending to you and to determine the interest rates and terms of any credit you might receive.
Why is a Credit Score Important?
A credit score is important because it acts as your financial reputation. Lenders, landlords, insurers, and employers use this single number to quickly judge how reliable you are with money. A higher score helps you qualify for loans and credit cards, often securing lower interest rates that can save you significant money. Conversely, a poor credit score can lead to application denials or much higher costs for borrowing, making it a key factor in your overall financial opportunities.
FICO® Credit Score Facts
- Three-Digit Number: Like other credit scores, FICO® Scores are a three-digit number that summarizes a consumer's credit risk.
- Range: Most standard FICO® Scores range from 300 to 850. Higher scores indicate lower credit risk.
- Data Source: FICO® Scores are calculated using data from your credit reports maintained by the three major credit bureaus: Experian, Equifax, and TransUnion. Your score may vary slightly depending on which bureau's data is used.
- Industry Standard: Lenders rely on FICO® Scores for mortgages, auto loans, and credit cards because they provide a consistent, statistically sound assessment of the likelihood that a borrower will repay their debt.
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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