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5 Things You Need to Know About the Varo Credit Card
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Five Things to be aware of about Varo Credit Card Varo Credit Card
It encourages responsible use of credit and keeps penalties pretty light should you make a mistake up -- which is hard to do.
By Jae Bratton Lead Writer Credit card Jae Bratton writes for the credit cards department at NerdWallet. She has a bachelor's degree in English from Wake Forest University and a master's degree in English from University of North Carolina at Greensboro. Prior to writing for NerdWallet, Jae spent 13 years teaching English in addition to journalism. Her writing has appeared in newspapers, blogs as well as an academic magazine. Jae lives in North Carolina.
Updated Feb 10, 2023, 10:19 AM PST
Edited by Kenley Young Credit scores, credit cards Kenley Young is the director of daily credit cards coverage for NerdWallet. Previously, he was an editor on the homepage as well as a digital content producer at Fox Sports, and before being a front-page editor for Yahoo. He has years of experience in digital and print media. This includes periods as an editor at the copy desk as well as a wire editor as well as metro editor of The McClatchy Newspaper chain.
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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 with other cards intended for people who are looking to rebuild or improve their credit. Its closest kin 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 rate, or APR. It also does not have an annual fee or minimum security deposit, and does not conduct an invasive credit screening 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 after the application process has been completed .
The Varo Believe Secured Credit Card is designed to ward off overspending , late or missed payments. It's an option to get rewards. However, the safeguards that are built into the card could feel restrictive and even overbearing to certain.
Here are five things you need to be aware of about the Varo credit card.
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1. You need an account at a Varo bank account to get the Varo credit card
There's no fee for setting an account with a Varo bank account, but there's still a hoops you have to leap through. And while there's also no security deposit requirement to get this Varo credit card itself however, you're only able to receive one if you have a Varo account has received 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 apps like 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 application.
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2. You decide on yourself your personal credit limit to a point
To make use of the Varo Believe Secured Credit Card you'll need to transfer funds from the Varo bank account to your Varo Believe secured account, which can only be done in using the Varo app. The balance in the account that's secured becomes the credit limit.
However, unlike a conventional credit card, the Varo credit card comes with spending limits. 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.
A major purchase, such as a brand new furniture, may increase your limit of spending and force you to use another payment method if you had to purchase something else on this day.
3. Credit card transactions are almost impossible to falsify.
The balance in the Varo Believe secured account is your credit limit, but it's also the source of funds for credit card payments. To ensure you'll be able to cover your monthly bills in total, Varo automatically deducts the amount of credit card transactions from the balance of the account secured. That way, it's impossible to overspend with the Varo credit card. Varo also locks your account if you fail to make an installment and will not allow access until the entire balance is paid.
To ensure prompt payment, Varo offers a "SafePay" option. When SafePay disabled, the balances are automatically paid in full at close of each billing cycle.
It is important to note that the 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 because they incentivize paying off the credit card balance 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 standard credit card, know that you'll have to be more careful about paying off your monthly bill. (The secured product is the only credit card that Varo provides, and there's no upgrade option within the portfolio.)
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4. The APR is 0%.
If you fail to make a credit card payment it won't cause your balance to grow due to interest because the APR of this Varo Believe Secured Credit Card is zero percent. That's an incredibly rare, possibly money-saving benefit and one of the highlights that this credit card offers.
But again, it's not the way traditional credit cards operate. So when you're ready for an upgrade to 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
It's the Varo Believe Secured Credit Card offers the cashback in two different ways such as online offers and offers linked to cards. Varo's online offers -- similar to the conventional credit card -- offer cash back for purchases at retailers that are accessed via the Varo app or an email that is a promotion from Varo.
Or you could use a card-linked offer for cash-back, that functions as coupons. Card-linked offers require activation first, and the purchase must be made using credit card Varo credit card to qualify in the sale.
Cash back is automatically deposited to your 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, whereas other secured credit cards offer unlimited cash-back and don't require that you go through a specific website or sign up for individual offers.
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The artwork on the card is from Varo.
Chime Credit Builder Visa(r) Chime Credit Builder Visa(r) Credit Card is issued by Stride Bank, N.A., Member FDIC, pursuant to an authorization from Visa U.S.A. Inc. It can be used wherever Visa credit cards can be used.
About the writer: Jae Bratton is a writer for the credit cards group at NerdWallet. Her writing has been published in blogs, newspapers as well as an academic magazine.
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