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5 Things You Need to Know About the Varo Credit Card
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5 Things You Need to Know About the Varo Credit Card
It promotes responsible credit usage and makes penalties relatively low should you make a mistake down the road, which is hard to do.
By Jae Bratton Lead Writer Credit card Jae Bratton is a writer on the credit card team at NerdWallet. She earned a bachelor's in English from Wake Forest University and a master's degree in English from the University of North Carolina at Greensboro. Before she began writing for NerdWallet, Jae spent 13 years in teaching English in addition to journalism. Her writing has appeared in newspapers, blogs as well as an academic publication. Jae is based in North Carolina.
Updated February 10, 2023 10:19AM PST
Edited by Kenley Young Credit score, credit cards Kenley Young is the director of daily credit cards coverage for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer for Fox Sports, and before that a front page editor for Yahoo. He has decades of experience in both digital and print media, including stints as an editor at the copy desk as well as a wire editor, and a metro editor of The McClatchy Newspaper chain.
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Varo Believe Secured Credit Card Varo Believe Secured Credit Card issued by the online bank Varo It shares many of the same characteristics to other cards designed for consumers who want to improve or build their credit. The closest cousin could be the . Similar to that card -- which is also aimed at people who are new to the field The Varo credit card does not have an annual percent rate, or APR, and has no annual cost or minimum security deposit; it does not run an actual credit check each time you apply. The features you get with the Varo credit card can save you money as well as keep you from losing points on your credit score, which often occurs following a .
Varo Believe Secured Credit Card Varo Believe Secured Credit Card is designed to guard against overspending , late or missed payments. It's capable of earning rewards. However, the security measures included in the card might appear limiting and too much for certain.
Here are five things you need to know about the Varo credit card.
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1. You'll need an account at a Varo bank account to get the Varo credit card
There's no fee for setting up a Varo bank account, but there's still a hoops you have to leap through. While there's no security deposit required to get the Varo credit card, you're only eligible to get one if your Varo account has been able to receive direct deposits that are at least $500 in the past 90 days. The deposits of an employer or the government count, but transfers made through peer-to-peer applications like Venmo don't.
If your Varo bank account meets these conditions, you'll then get invited to submit an application for Varo Believe Secured Credit Card on the Varo Bank app.
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2. You can set your own credit limit, up to a point
To use to use the Varo Believe Secured Credit Card You'll need to transfer money out of your Varo bank account to your Varo Believe secured account, which can only be done in the Varo app. The balance in the account that's secured becomes the limit of your credit.
But unlike a traditional credit card, this Varo credit card comes with spending caps. The limit is the amount of $2,500 per day in purchases, and $1,000 per day for cash advances, and the sum of purchases and cash advances cannot exceed $10,000 for each billing cycle.
One major purchase, like a new furniture, may put you over the spending limit and would require you to choose a different payment method in order to purchase something else on the same day.
3. Making credit card payments is almost foolproof
The balance in the Varo Believe secured account is your credit limit, however it's also the funding source for credit card payments. To ensure you'll be able to cover your monthly expenses in total, Varo automatically deducts the amount of any credit card transactions from the available balance in the secure account. It's therefore impossible to overspend with the Varo credit card. Varo will also lock your card in the event of missing a payment and won't restore access until the entire amount is paid.
To ensure timely payment, Varo offers a "SafePay" option. With SafePay activated, any balances will be immediately paid in full by the close of each billing cycle.
The Varo credit card provides information to the three main U.S. credit bureaus. So these measures undoubtedly can aid cardholders in building or improving their credit score since they encourage paying off the credit card balance, and . But, this hand-holding feature is typically absent from traditional unsecured credit cards. If you decide to switch from Varo Believe Secured Credit Card to a conventional card, you'll have to be more careful regarding paying your monthly statements. (The secured card offers the only card Varo offers, so there's no option to upgrade within the portfolio.)
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4. The APR is 0%.
Even if you miss a credit card payment, your balance will not grow due to interest because the APR of the Varo Believe Secured Credit Card is at 0%. That's an incredibly rare, potentially money-saving perk and one of the advantages that this credit card offers.
But again, it's not how traditional credit cards work. So when you're ready for an upgrade from your Varo credit card, make sure to know the current card's rate of APR.
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5. Cash back can be earned on select purchases
It's the Varo Believe Secured Credit Card offers the cashback in two ways: offer on the internet and cards linked offers. The online deals offered by Varo -- akin to those offered by a traditional credit card -- award cash back from purchases at retailers that you've made purchases through the Varo app or through an email promotional from Varo.
Or you could utilize a card-linked offer to get cash back, that functions as a coupon. Card-linked offers must be activated first and the purchase has to be made using the Varo credit card to qualify in the sale.
Cash back is automatically deposited into the Varo bank account once you've earned more than $5. Cash-back rewards from the Varo Believe Credit Card are capped at $50 per month. In contrast, other credit cards with secured features offer unlimited cash back and generally do not require you to shop through a specific portal or sign up for specific deals.
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The artwork on the card is by Varo. Varo.
Chime Credit Builder Visa(r) Chime Credit Builder Visa(r) Credit Card is issued by Stride Bank, N.A. and is a member of the FDIC under an authorization from Visa U.S.A. Inc. as well as is able to be used anywhere Visa credit cards are accepted.
About the author: Jae Bratton is a writer for the credit card team at NerdWallet. Her writing has been published in various blogs, newspapers and an academic journal.
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