Start building credit with no minimum upfront deposit. No annual fees. No APR.
Apply for a Varo Bank Account today and start qualifying for the Varo Believe Program.
|Varo Believe Program has:||Other programs for building credit may have:***|
|No pre-set security deposit||As much as $500 up-front deposit required1|
|Flexibility to pay off balance with secured deposit||Fully-locked security deposit for the program lifetime|
|Applying does not impact credit score||Inquiries can negatively impact your credit score|
|No monthly account fees||Many fees|
|No APR||Up to ~23%2|
|Avoid runaway debt||Risk of getting trapped in debt|
The Varo Believe Program offers a new kind of credit card. You can make everyday purchases with your Varo Believe Card up to your credit limit.**
Varo Believe offers a credit card with credit reporting that has the potential to increase scores when you consistently make on-time and in-full payments. Every time you make a purchase or take a cash advance from an ATM with your Varo Believe Credit Card, the amount you have spent is set aside in your Vault Account to secure your monthly payment. With on-time payments, you can build a positive payment history, which can help improve your credit score. Varo will report on your payment history to the 3 major credit bureaus which can help you build your credit history. Note, we’ll also report a negative payment experience. On-time payments are critical to building a positive credit history.
When you use the Varo Believe Credit Card, money you’ve deposited into your Vault will be used to secure the amount of your purchase to ensure you can pay your statement balance each month on-time and in full. If you don’t pay your monthly statement balance on time, you’ll be charged a late fee of $15.00 and late payments could reflect negatively on your credit report. In order to keep using the Varo Believe Credit Card, you need to make on-time payments; late payments may cause you to lose your ability to use the product.
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Before October 1, 2020
After October 1, 2020