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Introducing Varo
Start building credit with no monthly fees. No APR. Avoid debt.
Apply for a Varo Bank Account today and start qualifying for the Varo Believe Program.
Make everyday purchases with your new credit card.*
Choose how much money you want to set aside from your Varo Bank Account to pay on time and in full every month.**
We'll 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 | |
| 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 |
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.
The Varo Believe Program offers a new kind of credit card linked to your Varo Bank Account. You can make everyday purchases with your Varo Believe Card up to your credit limit. Your credit limit can't exceed your Varo Bank Account balance, up to $2,500 for purchases and $1,000 for cash advances per day, totaling no more than $10,000 total per billing cycle.
Varo Believe offers a free credit card with credit reporting that has the potential to increase scores when you consistently make on-time and in-full payments. With on-time repayments of those bills, 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.
If you don’t pay your monthly statement balance on time, you’ll be charged a late fee of $15 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.
© 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.
** Your credit limit cannot exceed your Varo Bank Account balance, up to $2,500 per day for purchases or $1,000 a day for cash advances, totaling no more than $10,000 total per billing cycle.
*** 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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