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Five Things You Should Learn About Varo Credit Card Varo Credit Card
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5 Things to Know About Varo's Credit Card Varo Credit Card
It encourages responsible use of credit and also keeps the penalties light if you happen to slip down the road, that's hard to do.
By Jae Bratton Credit card Jae Bratton writes on the credit cards department at NerdWallet. She earned a bachelor's in English from Wake Forest University and a master's in English from the 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 journal. Jae is based in North Carolina.
Updated Feb 10, 2023 10:19AM PST
Edited by Kenley Young Assigning Editor Credit cards, credit scores Kenley Young is the director of daily credit card coverage for NerdWallet. Before that, he was an editor of the homepage and digital content producer at Fox Sports, and before that a front page editor at Yahoo. He has decades of experience in both digital and print media, including times as the chief of the copy desk, a wire editor and an editor of the metro of The McClatchy newspapers chain.
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A LOT LIKE THIS
The Varo Believe Secured Credit Card, issued by the online bank Varo has many similarities with other credit cards designed for consumers who want to build or rebuild their credit. The closest cousin could be the . It's a similar card that is also targeted at novices -- 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 a hard credit check when you apply for. These features could save you money and spare the possibility of losing points from your credit score, which usually happens after the application process has been completed .
The Varo Believe Secured Credit Card is designed to ward off overspending and missed or late payments, and it's even an option to get rewards. However, the security measures that are built into the card could feel restrictive and even overbearing to some.
Here are five things you need to be aware of regarding 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 an account with a Varo bank account, but it's still a hoop you'll need to jump through. While there's no security deposit needed to be used for to get the Varo credit card itself, you're only eligible to get one in the event that the Varo account has been able to receive direct deposits of at least $500 in the past 90 days. Deposits from your employer or from the government count. Transfers from peer-to peer apps like Venmo do not.
In the event that your Varo bank account meets these requirements, you'll get invited to submit an application for Varo Believe Secured Credit Card on the Varo Bank app.
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2. You set yourself your personal credit limit, to a point
To use to use the Varo Believe Secured Credit Card you'll need to transfer funds out of your Varo bank account to your Varo Believe secured account, which can only be done through your Varo app. The amount in the account that's secured becomes the limit of your credit.
In contrast to a typical credit card, the Varo credit card has spending caps. You'll be restricted 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 can't exceed $10,000 per billing cycle.
A major purchase, such as a brand new furniture, could cause you to go over your spending limit and would require you to find a different payment method if you had to buy something else on the same day.
3. The process of making credit card payments is almost foolproof
The balance of your Varo Believe secured account is your credit limit, but it's also the funding source for credit card transactions. To ensure you'll have enough money to cover your monthly bills in total, Varo automatically deducts the amount of any credit card transactions from the balance of the secured account. This way, it's not possible to spend more than you can afford with the Varo credit card. Varo also blocks your account if you fail to make an installment and will not allow access until the balance is paid off.
To ensure prompt payment, Varo offers a "SafePay" option. When SafePay disabled, the balances are instantly paid in full by the conclusion of each billing cycle.
It is important to note that the Varo credit card reports to all three major 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 usually not available with traditional credit cards with no security. If and when you change from Varo Believe Secured Credit Card to a traditional card, know that you'll likely need to be more mindful regarding paying the monthly bills. (The secured card is the only credit card that Varo offers, so there's no upgrade path within its portfolio.)
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4. The APR is 0%.
Even if you don't make a credit card payment it won't cause your balance to be impacted by interest because the APR for this Varo Believe Secured Credit Card is 0%. It's a rare and potential savings perk, and is one of the advantages of this card.
But again, it's not how traditional credit cards work. When you're ready to take an upgrade to the Varo credit card, make sure to know the new card's APR.
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5. You can earn cash back on certain purchases
Varo Believe Secured Credit Card Varo Believe Secured Credit Card earns the cashback in two different ways including online offers and card-linked offers. The online deals offered by Varo -- similar to the traditional credit card offer cash back for purchases made at stores that you've made purchases through the Varo application or via an email promotional from Varo.
It is also possible to use a card-linked offer for cash-back, that functions as coupons. Card-linked offers must be activated first and the purchase has to be made using the Varo credit card to qualify to receive the discounted.
Cash back is deposited automatically in your Varo bank account once you've earned more than $5. Cash-back earnings from Varo Believe Credit Card Varo Believe Credit Card are capped at $50 per month. In contrast, other secured credit cards provide unlimited cash back and generally don't require that you go through a specific website or make use of special promotions.
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The artwork on the card is courtesy of 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, pursuant to an authorization from Visa U.S.A. Inc. It is able to be used anywhere Visa credit card are accepted.
About the author: Jae Bratton is a writer for the credit cards group at NerdWallet. Her writing has been published in various blogs, newspapers and an academic journal.
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