Varo Confidence: Simplify Your Credit Building Journey

Named Varo Believe, this card is designed to empower you to showcase your potential and gain access to improved credit options.

The Varo Believe Credit-Builder Card is tailored to assist you in building your credit without any hidden surprises.

This card provides the reliable security of Visa while helping to enhance your credit score. Let’s explore how to apply.

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Varo Money was founded in 2015 by Colin Walsh and has been a fintech company for the past decade, offering its own banking app.

In 2020, it received its national bank charter, officially becoming a licensed neobank fintech.

Varo ensures security and protection through FDIC insurance up to $250,000 per customer, along with data encryption and fixed-rate loans.

The Varo Believe functions as a secured credit card, aiding you in building or repairing your credit score.

Unlike a prepaid card, the Varo Believe is a true credit card that operates on the Visa network, with your usage reported to credit bureaus.

The Varo Believe is supported by the same level of security and regulation as the Varo Bank, including its charter status and FDIC coverage.

As a cardholder, you deposit funds from your Varo checking account into a secured account, which serves as your credit limit.

This allows you to use your card for purchases just like any regular credit card, with the limit equivalent to your secured deposit.

The credit limit is based on the amount deposited into the secured account. Varo has no minimum deposit requirement, but the max limit is $10,000.

No, the Varo Believe Card does not provide any welcome bonuses for new cardholders.

There are no annual fees, a 0% APR, and no foreign transaction fees associated with this card.

Varo does not conduct extensive credit checks, as the card’s purpose is to assist users in building or rebuilding their credit.

Absolutely, you can apply directly through the bank’s digital platform and app in a secure manner.

You can enable Safe Pay: the app automatically reserves funds as a safeguard and pays your statement in full at the end of the billing cycle, helping you avoid interest charges.

Varo shares your payment history with all three major credit bureaus (Equifax, Experian, and TransUnion) and provides your VantageScore 3.0 at no cost through the app.

If you’re lacking a credit score, begin with Varo Believe.

If you already possess a score but wish to enhance it more quickly or increase it further, maintain the Believe and think about adding a second card that reports your limit.