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A new kind of credit card, linked to your Varo Bank Account.
The credit card for building credit that has no upfront deposit. No monthly fees. No APR.
Use the credit card for all your purchases.**
Varo Believe sets aside money from your Varo Bank Account into a secure Vault Account, to be used to pay on-time, and in full every month. No runaway debt.
Varo will report your payment history to the 3 major credit bureaus.
Monitor your score directly on your Varo Bank app for free.
| Varo Believe Program has: | Other programs for building credit may have:*** | |
|---|---|---|
| No monthly account fees | Many fees | |
| No up-front security deposit | As much as $500 up-front deposit required1 | |
| Avoid debt | Risk of getting trapped in debt | |
| Applying does not impact credit score | Inquiries can negatively impact your credit score | |
| No APR | Up to ~23%2 | |
When eligible, you will be invited to apply for the Varo Believe Program directly in the Varo Bank app.
It’s free — no upfront deposit and applying doesn’t impact your credit score. See “What we look for” below.
Make everyday purchases with your new credit card tied to your Bank Account balance.**
You’ll also open up a world of rewards, offers, and cashback.
When you make purchases, funds will be transferred from your Bank Account to a secured Vault Account. The Vault Account will help you pay your credit card balance every month on-time and in-full.
Varo will report on your payment history to the 3 major credit bureaus which can help you build your credit history.
You’ll be able to monitor your score right in your Varo Bank app for free. It’s that easy!
A minimum of two direct deposits totaling $1000 or more in the past 90 days.
Active use of your Varo Bank Account without any negative balances within the last 90 days.
Additional qualifications apply.
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 with your Varo Believe Credit Card, the transaction amount moves from your Varo Bank Account to your Vault Account where the money is stored until your payment is due. With on-time repayments of your monthly bill, 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.
The Varo Believe Program is designed to work hand-in-hand with your Varo Bank Account to set aside funds in real time as you make everyday purchases, withdraw cash at ATMs, and get cash back when you check out at the register. The Vault Account secures your monthly balance and helps you make sure you have the money on hand to pay your bill in full and on-time each month.
When you use the Varo Believe Credit Card, money will be moved from your Varo Bank Account to your Vault Account to help you pay your statement balance each month. If you don’t pay your monthly statement balance on time, you’ll be charged a late fee of $15. 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.
No, the money in your Vault Account is set aside to cover your Varo Believe Credit Card statement balance in full, each month when it’s due. If you have the Safe Credit Builder tool turned on, we’ll automatically pay your statement balance at the end of your billing cycle using the funds already stored in your Vault Account, making sure you’ll never miss a payment. If you prefer not to use Safe Credit Builder for automatic payments, you can always set up automatic payments from a linked account, do manual payments from a linked account or your Vault Account, or mail us a check. Keep in mind that if you choose to pay with a linked account or via check, the funds in your Vault Account will be returned to your Varo Bank Account 3 business days after we receive your payment in full.
Have other questions? Please visit our Help Center.
© 2021 Varo Bank, N.A. All Rights Reserved
Varo Bank, N.A. Member FDIC. The Varo Believe Card is issued by Varo Bank, N.A. pursuant to a license from Visa® U.S.A. Inc and may be used everywhere Visa credit cards are accepted.
Questions? Contact Varo Bank at [email protected] or call 1-877-377-8276. Varo Bank N. A. PO Box 108, Draper, UT 84020
*The Varo Believe Program is designed to help you build your credit; however, a variety of factors impact your credit including payment history, utilization, derogatory marks, account age, total number of accounts, and inquiries–not all factors are equally weighted. Building your credit may take time and is a process, but the Varo Believe Program may be able to help.
**You can make everyday purchases with your Varo Believe Card up to your credit limit which will be your current Varo Bank Account balance or $10,000 (whichever is lower).
***Such credit building programs may include reloadable programs, charge cards, secured credit cards, or low limit unsecured credit cards.
1 According to Nerdwallet, most secured credit cards require a deposit of $200 to $300.
2 According to a recent analysis by Credit Karma, secured credit card APR can range up to ~23%.
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