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This article was last updated Jul 10, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
If you want to get a credit card to help build or establish your credit without submitting a security deposit, the Ollo Platinum Mastercard® should be on your radar.
Along with offering tools to promote responsible card usage, such as access to your free FICO Score and automatic credit line increase reviews, the card also doesn’t impose a penalty APR if you pay your bill late.
Just know, you can only apply for the Ollo Platinum Mastercard® if you’ve received an invitation from the issuer.
We break down the pros and cons of the Ollo Platinum Mastercard®, and show how it compares to another credit card designed for individuals with less than perfect credit – the Capital One® Platinum Credit Card.
- Ollo Platinum Mastercard® pros
- Ollo Platinum Mastercard® cons
- Compare it to the Capital One® Platinum Credit Card
- Which credit card is best for me?
Ollo Platinum Mastercard® pros
Possible 0% intro APR. With the Ollo Platinum Mastercard®, you may be offered a 0% intro APR on purchases for 9 months. After that, a regular APR of 24.99% variable will apply to any unpaid portion.
Possible $0 annual fee. Depending on the offer you receive, your Ollo Platinum Mastercard® annual fee may range from $0 to $39.
Limited fees. The Ollo Platinum Mastercard® does not charge over-the-limit fees or returned payment fees. And as for foreign transaction fees, there are none.
No penalty APR. If you pay your bill late – whether you fall upon hard times or simply forget that your bill is due – the Ollo Platinum Mastercard® will not increase your purchase APR.
Additional Ollo Platinum Mastercard® benefits:
- Zero fraud liability for unauthorized purchases
- 24/7 U.S.-based customer service
- Online and mobile account access
Ollo Platinum Mastercard® cons
No rewards program. The Ollo Platinum Mastercard® does not offer a sign-up bonus or rewards on the purchases you make. However, that’s common for a credit card designed for individuals with little-to-no credit history.
High APR. If you don’t pay your credit card balance in full each month, you may be subject to high interest charges at a rate of 24.99% variable on any remaining balance.
Invitation required. To be eligible for the Ollo Platinum Mastercard®, you must first receive an offer letter in the mail inviting you to apply. Once you receive an offer, you can enter your reservation number and access code here.
Compare it to the Capital One® Platinum Credit Card
Similar to the Ollo Platinum Mastercard®, the Capital One® Platinum Credit Card is intended for individuals looking to establish or improve their credit. The $0 annual fee card also offers automatic credit line reviews as well as unlimited access to your credit score and credit monitoring through CreditWise® from Capital One®.
Read our CreditWise® from Capital One® review.
See how the cards stack up side by side below.
Ollo Platinum Mastercard® vs. Capital One® Platinum Credit Card
|Ollo Platinum Mastercard®||Capital One® Platinum Credit Card|
|Annual fee||$0 to $39||$0|
|Sign-up bonus||N/A||No bonus|
|Rewards rate||N/A||Non-rewards Card|
|Regular purchase APR||24.99% variable||26.99% (variable)|
|Foreign transaction fees||None||None|
|Late payment fee||Up to $40||Up to $39|
Although the Capital One® Platinum Credit Card comes with a slightly higher ongoing APR on purchases than the Ollo Platinum Mastercard®, it also offers more travel and retail benefits, including travel accident insurance, auto rental collision damage waiver, roadside assistance, extended warranties and 24-hour travel assistance services.
Additionally, the Capital One® Platinum Credit Card offers account alerts and virtual card numbers from Eno and the ability to lock your card through the Capital One® mobile app if your card is ever lost, stolen or misplaced.
Read our Capital One® Eno review.
Like the Ollo Platinum Mastercard®, the Capital One® Platinum Credit Card does not increase your APR if you pay your bill late; however, you will be subject to a late payment fee of up to $39.
Which credit card is best for me?
Overall, the Ollo Platinum Mastercard® and the Capital One® Platinum Credit Card are both good options if you have less-than-perfect credit and want to increase your credit score. That’s because each card offers the opportunity to increase your credit line when you demonstrate responsible card usage – meaning, paying your bill on time each month and staying well under your credit limit.
But if you want access to more benefits, such as extended warranties on your purchases, the Capital One® Platinum Credit Card will be a better fit. Plus, unlike the Ollo Platinum Mastercard®, you don’t need an invitation to apply.