Magazine article American Banker

Team of Industry Veterans Launches New Subprime Credit Card

Magazine article American Banker

Team of Industry Veterans Launches New Subprime Credit Card

Article excerpt

Byline: Kevin Wack

The subprime credit card market, which contracted sharply during the Great Recession but has since bounced back, has a new competitor.

The Ollo card is being launched by a newly formed company called Fair Square Financial Holdings that has the backing of a team of several big names in finance.

Rob Habgood, a veteran of the credit card businesses at Bank of America and Capital One Financial, is CEO of the Wilmington, Del.-based firm. The firm's senior executive team includes several former executives from B of A, Capital One and JPMorgan Chase.

In addition, the company's board members include former Citigroup CEO Vikram Pandit, former E-Trade CEO Steven Freiberg and onetime credit card industry executive Ajay Mookerjee.

"Almost a decade after the financial crisis, millions of Americans are still limited in their access to competitively priced card products," Habgood said in a press release. "We believe there is an opportunity to better meet the credit needs of hard-working Americans, while helping them achieve their financial goals."

The standard annual percentage rate on the company's Ollo Platinum card is currently a variable rate of 24.99%. That is slightly above the average 23.04% APR for consumers with bad credit, according to the most recent weekly report from CreditCards. …

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