What the Ollo Card Is and Who It's For
The Ollo Card is a secured credit card issued by Oportun, a financial services company. You put down a cash deposit, and that deposit becomes your credit limit. The card reports to all three major credit bureaus, so payments you make show up on your credit report and can help build or rebuild your credit history.
This card is designed for people who have limited credit history, a low credit score, or past credit problems. Because your deposit secures the card, the issuer takes less risk, which is why they can approve people who would not may have access to for a standard unsecured card. You are not borrowing against your deposit—it sits in a savings account while you use the card to make purchases.
The card itself has no annual fee, which is unusual for secured cards. That said, there are other costs to understand before you decide whether this card makes sense for your situation.
Key Takeaways
- Your cash deposit becomes your credit limit, and the deposit stays in a separate account while you use the card.
- The card reports to all three credit bureaus, so on-time payments build your credit history.
- There is no annual fee, but you will pay interest on purchases you do not pay off in full each month.
- After you show responsible use over time, you may be able to graduate to an unsecured card and recover your deposit.
- The card comes with a savings account that earns interest on your deposit, though the rate is typically low.
Deposit, Credit Limit, and Interest Rate
You choose your deposit amount when you open the account, and it can range from $250 to $5,000. That amount becomes your credit limit. Your deposit earns interest in a linked savings account, though the rate is set by Oportun and changes over time—currently it is modest, typically under 1 percent annually.
The interest rate you pay on purchases depends on your creditworthiness at the time you open the account. Ollo does not publish a single APR; instead, rates vary by applicant. You will see your specific rate before you complete the account opening. If you carry a balance from month to month, you will pay interest on that balance at your assigned APR.
If you pay your full statement balance by the due date each month, you will not pay any interest. This is true for most credit cards, but it matters more here because your goal is usually to build credit without accumulating debt.
How to Open an Ollo Account
You can open an account online through Oportun's website. The process asks for your name, address, Social Security number, income, and employment information. Oportun will check your credit report, though they may approve you even if your score is low or you have no credit history at all.
Once you are approved, you choose your deposit amount and link a bank account to fund it. The deposit is transferred to the savings account that secures your credit limit. You should receive your physical card in the mail within one to two weeks, though you may be able to use a virtual card number for online purchases before the physical card arrives.
You will also set up online account access so you can check your balance, make payments, and monitor your credit report activity. Ollo provides free access to your credit score through their online portal.
Making Payments and Building Credit
Payments are due on a set date each month, just like any other credit card. You can pay online, by phone, or by mail. To build credit effectively, make your payment on or before the due date every month. Payment history is the largest factor in your credit score, so consistent on-time payments are the main way this card helps you.
Ollo reports your account activity to Equifax, Experian, and TransUnion. This means your credit limit, balance, and payment history all show up on your credit report. Even small purchases paid on time will be reported and will contribute to your credit history.
You do not need to use the card heavily to build credit. Many people use it for one small recurring charge—a subscription or utility bill—and pay it off in full each month. This keeps the account active and generates a monthly payment record without the risk of carrying a balance.
Fees and Costs to Know
Ollo charges no annual fee, which saves you money compared to many other secured cards. However, there are other costs you should expect:
- Late payment fee: If your payment arrives after the due date, you will be charged a late fee. The amount depends on your account terms.
- Returned payment fee: If a payment you make bounces due to insufficient funds, Ollo charges a fee.
- Interest on purchases: If you carry a balance, you pay interest at your assigned APR.
- Foreign transaction fee: If you use the card outside the United States, Ollo charges a percentage of the transaction amount.
The best way to avoid most of these fees is to pay your full balance on time each month and use the card only within the United States.
When You Can Graduate to an Unsecured Card
After you demonstrate responsible use—typically 6 to 12 months of on-time payments and low balances—Oportun may offer to convert your Ollo Card to an unsecured card. When this happens, your deposit is returned to you, and your credit limit may increase.
You do not have to wait for Oportun to offer this conversion. You can also request a review of your account if you believe you are ready. The exact timeline and requirements vary by account, so check your online portal or contact Oportun directly to ask about your options.
Graduation to an unsecured card is a sign that your credit has improved enough that the issuer is willing to lend to you without a deposit. At that point, you have successfully used the secured card as a stepping stone, and you can close the Ollo account or keep it open to maintain your credit history length.
Comparing Ollo to Other Secured Cards
Several other companies offer secured credit cards, and they differ in deposit requirements, fees, and features. The Capital One Secured Mastercard, for example, also has no annual fee but requires a minimum deposit of $200. The Discover Secured Card offers cashback rewards on purchases, which Ollo does not.
The main advantage of Ollo is that it has no annual fee and your deposit earns interest. The main disadvantage is that Ollo does not offer rewards or cashback. If you want to maximize the credit-building benefit without paying an annual fee, Ollo is competitive. If you want rewards, you may want to compare other options.
Your choice should depend on your specific situation: how much you can deposit, whether you want rewards, and how soon you expect to graduate to an unsecured card. All secured cards work similarly—your deposit secures your credit limit, and on-time payments build your credit—so the differences are usually in fees and features rather than the core function.
Frequently Asked Questions
Can I use my deposit if I need the money?
No. Your deposit is held in a separate savings account and is not available for withdrawal while the card is open. It earns interest, but you cannot access it. If you close the account, your deposit is returned to you, but closing the account will remove an active credit line from your credit report, which may lower your score temporarily.
What happens if I miss a payment?
A missed payment will be reported to the credit bureaus and will hurt your credit score. You will also be charged a late fee. If you miss a payment, contact Oportun as soon as possible to bring your account current. The sooner you pay, the less damage to your credit report.
Does Ollo offer a rewards program?
No. The Ollo Card does not earn cashback, points, or other rewards on purchases. The benefit of the card is building credit history, not earning rewards. If rewards are important to you, you may want to compare other secured cards or wait until you graduate to an unsecured card that offers them.
How long does it take to build credit with this card?
Credit building is gradual. You should see your score start to improve within a few months of on-time payments, but significant improvement typically takes 6 to 12 months. The longer your account stays open with a good payment history, the more it helps your credit.
Can I increase my credit limit without adding more money?
Possibly. After you show a strong payment history, Oportun may increase your credit limit without requiring an additional deposit. You can also request a review of your account to ask about a limit increase. However, there is no may provide, and the decision depends on your account history and creditworthiness.