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Five Things You Should Know About Varo Credit Card Varo Credit Card
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5 Things You Need to Know About Varo's Credit Card Varo Credit Card
It promotes responsible credit usage and also keeps the penalties light should you make a mistake down the road, that's very difficult to do.
By Jae Bratton Credit cards Jae Bratton works as a journalist for the credit cards department at NerdWallet. She holds a bachelor's degree in English from Wake Forest University and a master's in English from University of North Carolina at Greensboro. Before she began writing for NerdWallet, Jae spent 13 years in teaching English and journalism. Her writing has appeared in newspapers, blogs and an academic magazine. Jae is from North Carolina.
Updated February 10, 2023, 10:19 AM PST
Written by Kenley Young, Assigning Editor Credit score, credit cards Kenley Young oversees the daily coverage of credit cards for NerdWallet. Previously, he was a homepage editor and digital content producer for Fox Sports, and before that , a front page editor for Yahoo. He has a wealth of experience in both digital and print media, with stints as the chief of the copy desk as well as a wire editor as well as a metro editor of McClatchy. McClatchy newspaper chain.
The majority or all of the items featured on this page come from our partners who pay us. This influences which products we write about and where and how the product is featured on a page. However, this does not influence our evaluations. Our opinions are entirely our own. Here is a list of and .
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The Varo Believe Secured Credit Card is issued by the internet-based bank Varo It shares many of the same characteristics to other cards designed for those who wish to improve or build their credit. The closest cousin could be the . Like that card -- designed for beginners -- the Varo credit card doesn't have an annual percent rate or APR, and has no annual fee , or minimum security deposit, It also does not perform an invasive credit screening when you apply. These features could help you save money and keep the possibility of losing points from your credit score, which usually occurs following a .
Varo Believe Secured Credit Card Varo Believe Secured Credit Card is designed to guard against overspending and missed or late payments, and it's even possible to earn rewards. However, the security measures built into the card may appear limiting and too much for certain.
There are 5 things you need to be aware of about the Varo credit card.
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1. You need a Varo bank account to get the Varo credit card
There's no charge for setting the Varo bank account, but it's still a hurdle you'll need to cross. There's no security deposit needed to be used for the Varo credit card, you're only eligible to receive one when your Varo account has had direct deposits that are at least $500 in the last 90 days. Deposits from an employer or from the government count; transfers from peer-to-peer apps such as Venmo don't.
If your Varo bank account meets these specifications, you'll receive an invitation to sign up for the Varo Believe Secured Credit Card on the Varo Bank app.
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2. You can set yourself your personal credit limit to a point
In order to use this Varo Believe Secured Credit Card You'll need transfer money out of your Varo bank account to your Varo Believe secured account, which can only be done in your Varo app. The balance in the secured account becomes the limit of your credit.
In contrast to a typical credit card however, the Varo credit card imposes spending limits. You'll be restricted to $2,500 per day for purchases, and $1,000 per month for cash advances. The total of purchases and cash advances can't exceed $10,000 per billing cycle.
One big purchase, such as new furniture, can increase your limit of spending and force you to use another payment method if you needed to buy something else the same day.
3. Credit card transactions are almost foolproof
The balance of the Varo Believe secured account is your credit limit, but it's also the funding source for credit card payments. To ensure that you always have enough cash to cover your monthly bills in full, Varo automatically deducts the amount of any credit card transactions from the balance of the secure account. This way, it's not possible to overspend with the Varo credit card. Varo also locks your card if you miss an installment and will not allow access until the balance is paid off.
To ensure timely payments, Varo offers a "SafePay" option. When SafePay disabled, the balances are instantly paid in full at end of the billing cycle.
Varo credit card reports to all three major bureaus. Varo credit card provides information to all three major U.S. credit bureaus. This means that these steps will aid cardholders in building or fixing credit histories as they reward the payment of the credit card balance, and . However, such hand-holding is not typically available on traditional unsecured credit cards. If and when you upgrade from the Varo Believe Secured Credit Card to a standard credit card, know that you'll have to be more careful about paying off the monthly bills. (The secured card offers the only card Varo offers, so there's no option to upgrade within its portfolio.)
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4. The APR is 0%
If you fail to make a credit card payment, your balance will not grow due to interest because the APR for this Varo Believe Secured Credit Card is zero percent. That's an incredibly rare, potentially money-saving perk and one of the highlights for this particular card.
But again, it's not the way traditional credit cards operate. When you're ready to take an upgrade from the Varo credit card be sure to know the new card's APR.
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5. You can earn cash back on select purchases
The Varo Believe Secured Credit Card offers money back through two different ways including online offers and offers linked to cards. Varo's online offers -- similar to a with a traditional credit card offer cash back for purchases at retailers that are accessed via the Varo app or an email promotional from Varo.
It is also possible to utilize a card-linked offer to get cash back, which works like a coupon. Offers linked to cards need to be activated prior to activation and the purchase needs to be made with the Varo credit card in order to be eligible to receive the discounted.
Cash back is automatically deposited into your Varo bank account once you've earned more than $5. Cash-back earnings from this Varo Believe Credit Card are limited to $50 per month. In contrast, other secured credit cards provide unlimited cash-back and don't require that you browse through a particular portal or make use of individual deals.
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Artwork on cards from Varo.
The Chime Credit Builder Visa(r) Credit Card is issued by Stride Bank, N.A., Member FDIC under the license of Visa U.S.A. Inc. It may be used everywhere Visa credit cards can be used.
About the writer: Jae Bratton is a writer for the credit card team at NerdWallet. Her writing has appeared in blogs, newspapers and an academic publication.
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