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5 Things You Need to be aware of about the Varo Credit Card
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5 Things to be aware of about the Varo Credit Card
It encourages responsible use of credit and makes penalties relatively low if you happen to slip off -- that's difficult to commit.
By Jae Bratton, Lead Writer Credit cards Jae Bratton writes on the credit cards 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 teaching English as well as journalism. Her writing has been published in blogs, newspapers and an academic journal. Jae is from North Carolina.
Updated February 10, 2023, 10:19 AM PST
Written by Kenley Young Credit cards, credit scores Kenley Young oversees the daily credit cards coverage for NerdWallet. Prior to that, he worked as an editor of the homepage and digital content producer at Fox Sports, and before that a front page editor for Yahoo. He has years of experience in both digital and print media, with times as the chief of the copy desk as well as a wire editor, and an editor of the metro for The McClatchy newspaper chain.
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Varo Believe Secured Credit Card Varo Believe Secured Credit Card is issued by the internet-based bank Varo, shares many similarities to other cards designed for people who are looking to build or rebuild their credit. Its closest relative may be the . Similar to that card -- that is also targeted at people who are new to the field -- the Varo credit card doesn't offer an annual percentage, or APR; features no annual cost or minimum security deposits; It also does not perform a hard credit check when you apply for. The features you get with the Varo credit card can save you money and spare you from losing points from your credit score. This usually occurs following a .
The Varo Believe Secured Credit Card is designed to guard against overspending , late or missed payments. It's an option to get rewards. However, the safeguards built into the card may appear limiting and excessive to certain.
There are 5 things you need to know about the Varo credit card.
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1. You'll need a Varo bank account to get the Varo credit card
There's no cost to set up an account with a Varo bank account, but it's still a hurdle you'll need to cross. While there's no security deposit required to get this Varo credit card but you're only able receive one in the event that the Varo account has been able to receive direct deposits of at least $500 within the last 90 days. Deposits from an employer or the government count, but transfers made through peer-to-peer applications such as Venmo do not.
If your Varo bank account meets these conditions, you'll then receive an invitation to sign up for the Varo Believe Secured Credit Card within the Varo Bank app.
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2. You set the credit limits you want to set, to a point
In order to use to use the Varo Believe Secured Credit Card, you'll have transfer money out of the Varo bank account to your Varo Believe secured account, that can only be done via your Varo app. The balance that is in the secure account will be the credit limit.
In contrast to a typical credit card however, the Varo credit card imposes spending caps. You'll be limited to the amount of $2,500 per day in purchases and $1,000 per day for cash advances, and the sum of cash advances and purchases cannot exceed $10,000 per billing cycle.
A major purchase, such as a brand new furniture, may put you over the budget and require you to choose a different payment method in order to buy something else on that same day.
3. The process of making credit card payments is virtually impervious to fraud
The balance of the Varo Believe secured account is your credit limit, but it also serves as a source of funding for credit card transactions. To ensure you'll have enough money to cover your monthly bills in total, Varo automatically deducts the amount of credit card transactions from the balance of the account secured. This way, it's not possible to overspend with the Varo credit card. Varo also locks your card if you miss the payment, and they won't allow access until the amount is paid.
To ensure prompt payment, Varo offers a "SafePay" option. With SafePay enabled, balances are instantly paid in full at conclusion of the billing cycle.
Varo credit card reports to all three major bureaus. Varo credit card is reported to the three main U.S. credit bureaus. Therefore, these procedures will definitely help cardholders build or improving their credit score as they reward the payment of the balance on their credit card, and . However, such hand-holding is not typically available on traditional unsecured credit cards. If you decide to upgrade from the Varo Believe Secured Credit Card to a conventional card, you'll need to be more mindful regarding paying your monthly bill. (The secured product will be the sole credit card Varo offers, so there's no upgrade option within its portfolio.)
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4. The APR is 0%.
Even if you miss a credit card payment it won't cause your balance to increase due to interest since the APR for this Varo Believe Secured Credit Card is at 0%. It's a rare and possibly money-saving benefit and one of the highlights for this particular card.
But again, it's not the way traditional credit cards operate. If you're looking to make an upgrade to the Varo credit card, make sure you are aware of your new card's APR.
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5. Cash back is available on select purchases
The Varo Believe Secured Credit Card offers the cashback in two different ways: online offers and offers linked to cards. Varo's online offers -- akin to a with a traditional credit card -- award cash back from purchases at retailers are accessed via the Varo app or a promotional email from Varo.
You can also make use of a card-linked deal to earn cash back which works like a coupon. Card-linked offers must be activated first, and the purchase must be made with your Varo credit card to be eligible for the discount.
Cash back is automatically transferred into the Varo bank account once you've earned more than $5. Cash-back earning from this Varo Believe Credit Card are capped at $50 per month, while other credit cards with secured features offer unlimited cash back , and typically do not require that you shop through a specific portal or activate individual deals.
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Card art from Varo.
Chime Credit Builder Visa(r) Chime Credit Builder Visa(r) Credit Card is issued by Stride Bank, N.A., Member FDIC under a license from Visa U.S.A. Inc. and is able to be used anywhere Visa credit card are accepted.
About the writer: Jae Bratton is a writer for the credit card team at NerdWallet. Her writing has been published in newspapers, blogs and an academic publication.
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