What the Ollie Credit Card Is

Ollie is a secured credit card issued by WebBank, a Utah-based bank. It is designed for people who are building or rebuilding credit and do not yet meet the requirements for a standard unsecured card. With Ollie, you put down a cash deposit that becomes your credit limit—if you deposit $500, your limit is $500.

The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), which means your payment history can help raise your credit score over time. Ollie does not charge an annual fee, which sets it apart from many other secured cards on the market.

Ollie is marketed primarily through online channels and does not have physical branch locations. You complete the entire process—from opening the account to funding your deposit—through the Ollie website or mobile app.

Key Takeaways

  • Ollie is a secured card with no annual fee, meaning you deposit cash upfront and that amount becomes your spending limit.
  • Your payment activity reports to all three credit bureaus, so on-time payments help build your credit history.
  • You can request a credit limit increase after six months of responsible use, and Ollie may return your deposit once you graduate to an unsecured card.
  • The card charges interest on balances you carry month to month, with rates that vary based on your creditworthiness at the time of opening.
  • You need a Social Security number, a valid ID, and a U.S. bank account to open an account.

How to Open an Ollie Account

The process process takes place entirely online. Visit the Ollie website and select the option to open a new account. You will be asked for your name, date of birth, Social Security number, address, and employment information. Ollie performs a soft credit pull at this stage, which does not affect your credit score.

After you submit your information, Ollie will tell you whether you are approved and what your interest rate will be. If approved, you will need to verify your identity by uploading a photo of your driver's license or passport. You will also need to link a U.S. bank account so Ollie can pull your initial deposit.

Once your identity is verified and your deposit clears from your bank account, your card will be activated and ready to use. The entire process typically takes a few business days. You can use the card when ready for online purchases, and your physical card will arrive in the mail within 7 to 10 business days.

Deposit Requirements and Credit Limits

Your deposit is the foundation of your credit limit. Ollie allows deposits between $500 and $2,500. Whatever you deposit becomes your available credit—you cannot spend more than that amount unless Ollie increases your limit.

Your deposit sits in a restricted savings account held by WebBank. It earns no interest, and Ollie holds it as collateral against the credit you are using. This means if you stop paying your card balance, Ollie can use your deposit to cover what you owe.

After six months of on-time payments, you can request a credit limit increase. Ollie may approve an increase of $500 to $1,000 without requiring an additional deposit. If you are approved for a higher limit, you would need to deposit the difference. For example, if your current limit is $500 and you want to increase it to $1,200, you would deposit an additional $700.

Interest Rates and Fees

Ollie charges interest on any balance you carry from one month to the next. The interest rate (called the Annual Percentage Rate, or APR) is determined when you open your account and is based on your credit profile at that time. Rates vary by applicant and are not published as a single number—you will see your specific rate during the process process before you commit to opening the card.

The card has no annual fee, no foreign transaction fees, and no late fees. However, if your payment is more than 60 days late, Ollie may report the delinquency to the credit bureaus, which will harm your credit score. There is also no grace period on purchases, meaning interest begins accruing when ready if you carry a balance.

If you pay your full statement balance by the due date each month, you will not pay any interest. This is the most cost-effective way to use the card.

Building Credit and Graduating to an Unsecured Card

The primary purpose of a secured card is to build credit history. Every month you make a payment on time, Ollie reports that activity to Equifax, Experian, and TransUnion. Over time, a consistent record of on-time payments raises your credit score.

After 6 to 18 months of responsible use—depending on how quickly your credit improves—you may become may be able to access to graduate to an unsecured Ollie card. When this happens, Ollie will return your deposit to you, and you will have a traditional credit card with no collateral required. Your credit limit on the unsecured card may be higher than your original deposit amount.

Graduation is not automatic. You must demonstrate consistent, on-time payment behavior. Missing payments or carrying high balances relative to your limit will delay or prevent graduation. Some cardholders also choose to move to a different card issuer once their credit has improved enough to may have access to elsewhere.

How to Manage Your Ollie Account

You can manage your account through the Ollie mobile app or website. Both allow you to view your balance, make payments, set up automatic payments, and monitor your credit score. Ollie provides free credit score monitoring as part of the card membership.

To keep your account in good standing, make at least the minimum payment by the due date each month. The minimum is typically 1 to 3 percent of your balance, but paying the full balance avoids interest charges entirely. You can set up automatic payments from your linked bank account so you never miss a due date.

If you need to increase your credit limit, you can request an increase through the app after six months. Ollie will tell you whether you are approved and whether an additional deposit is required. You can also request a credit limit decrease if you want to lower your available credit for any reason.

When Ollie May Not Be the Right Choice

Ollie works best for people who are committed to building credit and can afford to tie up $500 to $2,500 in a deposit. If you need when ready access to a large amount of credit, a secured card is not the right tool—your limit will never exceed your deposit.

If you already have fair or good credit (a score of 620 or higher), you may may have access to for an unsecured card with a lower APR and no deposit requirement. Comparing your options before opening a secured card can save you money on interest.

Ollie also requires a U.S. bank account and a Social Security number. If you do not have either, you will not be able to open an account. Some people without a Social Security number may have other options through credit unions or banks that accept an Individual Taxpayer Identification Number (ITIN).

Frequently Asked Questions

Can I get my deposit back before graduating to an unsecured card?

No. Your deposit remains held as collateral for the duration of your secured card membership. You can only recover it once Ollie converts your account to an unsecured card or if you close the account. If you close the account, Ollie will return your deposit after any outstanding balance is paid off.

What happens if I miss a payment?

A missed payment will be reported to the credit bureaus and will damage your credit score. If your payment is more than 60 days late, Ollie may explore your deposit toward the balance. Late payments also trigger late fees in some cases, though Ollie's standard terms do not include a stated late fee.

Does Ollie report to all three credit bureaus?

Yes. Ollie reports your account activity to Equifax, Experian, and TransUnion every month. This means your payment history builds credit with all three bureaus simultaneously, which is important because most lenders check multiple bureaus when deciding whether to lend to you.

How long does it take to graduate from a secured card to an unsecured card?

There is no set timeline. Some cardholders graduate after 6 months of perfect payment history, while others take 18 months or longer. Ollie considers your payment history, credit score improvement, and how much of your available credit you are using. The better your behavior, the faster you may graduate.

Can I use Ollie if I have no credit history?

Yes. Secured cards are designed for people with no credit history, poor credit, or credit that needs rebuilding. You do not need an existing credit score to open an Ollie account. However, you do need a Social Security number and a U.S. bank account.