Ollo Rewards Mastercard vs Mission Lane Visa

Intro: 2 Good Rebuilders but one has rewards

The Ollo Rewards Card and the Mission Lane are both very good credit cards for rebuilders and for those who have just emerged and discharged from bankruptcy. They both charge very reasonable annual fees and give you decent credit limits. Unlike many other subprime credit cards, they both have mobile apps and offer their card holders free FICO scores which are updated every month. Let us now compare both of these cards and see which is better.

The Basics

Ollo Rewards Basics

Ollo Rewards is one of two Ollo credit cards that are targeted at rebuilders and those who have just emerged from bankruptcy. It comes with a $39 annual fee and also a cash back rewards program. Card members will earn 2% cash back at gas station, grocery stores and drugstore purchases. You will earn 1% cash back on all other regular purchases. The Ollo Rewards card does not charge any foreign transaction fee and has no penalty APR as well. It also has a mobile app and provides free FICO score to their card members.

Mission Lane Visa Basics

The Mission Lane Visa is also a credit card that is targeted at rebuilders and also for those who have just emerged from bankruptcy. Their annual fee ranges from $0 to $59 and the starting credit limit ranges from $300 to $1,000. If you pay your first 7 bills on time, Mission Lane will increase your credit limit. Some of reported credit limits doubling or even tripling from their initial limits. Mission Lane also has a great record of consistently increasing credit limits thereafter. Many have reported credit limit increases every few months and ending up with $3,000 to $4,000 limits eventually. Mission Lane also has a sleek mobile app and provides free FICO scores for their card members.

Similarities

• Credit Limit Increases - Both cards have a track record of credit limit increases. Mission Lane will increase your limit after 7 months if you pay the first 7 bills on time. They also have an excellent track record of increasing your limits after that.


• Mobile Apps - Both cards have slick mobile apps.


• Free FICO Scores - Both cards also offer free FICO scores for their card members.

Differences

• Annual Fee - Mission Lane Visa has an annual fee that ranges between $0 and $59. The Ollo Rewards Mastercards has a $39 annual fee.


• Rewards - The Ollo Rewards Mastercard has a cash back program. You can earn 2% cash back at gas stations, grocery stores and drugstores and 1% on all other purchases. Mission Lane Visa in contrast has no reward program.


• Soft Pull vs Hard Pull - When you apply for the Ollo Rewards Mastercard, it will result in a hard inquiry (like most credit card applications). In contrast, Mission Lane requires you to go through a pre-approval process which involves a soft pull with no impact on your credit.


• Foreign Transaction Fee - The Ollo Rewards Mastercard has no foreign transaction fee and is a good card to use when you are travelling outside the US. The Mission Lane Visa charges the usual 3% for any foreign transactions.


• Initial Credit Limit - Mission Lane explicitly states that their starting credit limit ranges from $300 to $1,000. Ollo Rewards does not state their what their starting credit limit is through they are known to range from $500 to $2,000.

Which is better?

Both the Ollo Rewards Card and Mission Lane Visa are very good rebuilder credit cards. What makes them stand apart from their peers is the lack of monthly fees (on top of annual fees), decent credit limits and increases, mobile app and free FICO scores.

Ways which Ollo Rewards is better

The Ollo Rewards is slightly better than Mission Lane is the following aspects. Firstly, it has a cash back program that Mission Lanes does not have. They also do not have any foreign transaction fees so it is a better card if you use it abroad.

Ways which Mission Lane is better

The Mission Lane Visa is better than the Ollo Rewards is that it has a much better track record of credit limit increases. You will get a credit limit increase after paying your first 7 bills on time. But if you consistently use your card and pay on time, expect regular increases every few months. Many card holders have reported that their credit lines eventually reached $3,000 to $4,000. Mission Lane also makes you go through a pre-approval process so that you can avoid an initial hard inquiry until you are pre-approved and given the terms of the offer you will receive.

And the Winner is.......

Actually, I think both are great cards for rebuilders. If having cash back rewards and no foreign transaction fees are important to you, then the Ollo Rewards would be the card to go for. But if regular credit line increases and getting pre-approval first are more important to you, then Mission Lane would be the card to go for.

Either way, you would not go wrong with either card. They are both good rebuilder cards to get.