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Five things to know about the Varo Credit Card Advertiser disclosure Our first priority is you. Every time. We believe that everyone should be able to make sound financial decisions without hesitation. And while our site does not include every company or financial product available in the marketplace, we’re proud of the advice we offer, the information we provide as well as the tools we design are independent, objective, straightforward — and free. So how do we earn money? Our partners compensate us. This may influence which products we write about (and the places they are featured on the website) however it in no way affects our recommendations or advice which are based on many hours of research. Our partners do not promise us favorable ratings of their goods or services. . Five Things You Need to Know About Varo Credit Card Varo credit Card It promotes responsible use of credit and makes penalties relatively low in the event that you slip up — which is difficult to commit. By Jae Bratton Credit card Jae Bratton is a writer on the credit card team of NerdWallet. She earned a bachelor’s in English from Wake Forest University and a master’s degree in English from the University of North Carolina at Greensboro. Before writing for NerdWallet, Jae spent 13 years in teaching English as well as journalism. Her writing has been published in blogs, newspapers, as well as an academic journal. Jae is based in North Carolina. Feb 6, 2023 Edited by Kenley Young Assigning Editor Credit score, credit cards Kenley Young oversees the daily coverage of credit cards for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer at Fox Sports, and before being a front-page editor at Yahoo. He has decades of experience in both digital and print media, including stints as a copy desk chief as well as a wire editor, and an editor of the metro for The McClatchy newspapers chain. Email:

. The majority of items featured here come from our partners, who pay us. This impacts the types of products we feature and the location and manner in which the product is featured on a page. But this doesn’t affect our assessments. Our opinions are entirely our own. Here is a list of and . It is called the Varo Believe Secured Credit Card is issued by the online bank Varo It shares numerous similarities to other cards intended for consumers who wish to rebuild or improve their credit. The closest cousin could be the . Similar to that card — designed for novices and newcomers Varo credit card doesn’t offer an annual percent rate or APR, and has no annual fee , or minimum security deposit; and does not conduct an actual credit check each time you apply for. These features could save you money as well as prevent you from losing points from the credit report, something that typically happens after a . The Varo Believe Secured Credit Card is designed to guard against overspending and missed or late payments. It’s also an option to accumulate rewards. However, the security measures that are built into the card could seem limiting and perhaps even a bit overbearing to certain. There are 5 things you need to be aware of about the Varo credit card. >> MORE: 1. You’ll require a Varo bank account to be able to apply for this Varo credit card. There’s no charge for opening an account with a Varo Bank account but it’s still a hurdle you’ll have to leap through. There’s no security deposit required for to get the Varo credit card itself, you’re only eligible to receive one if the Varo account has received direct deposits of at least $500 in the past 90 days. Deposits from an employer or from the government count. Transfers from peer-to-peer apps such as Venmo aren’t. When the account you’re using with your Varo bank account meets these requirements, you’ll be invited to make an application to the Varo Believe Secured Credit Card within the Varo Bank app. >> MORE: 2. You set yourself your personal credit limit, to a point To use this Varo Believe Secured Credit Card You’ll need to transfer money out of your Varo bank account to the Varo Believe secured account, that can only be done in your Varo app. The balance in your secured account becomes your limit on credit. In contrast to a typical credit card however, the Varo credit card has spending caps. It is limited to $2500 per day for purchases and $1,000 per day for cash advances, and the total amount of cash advances as well as cash advances is not more than $10,000 per billing cycle. One major purchase, like furniture or furniture, may cause you to go over your limit of spending and require you to use another payment method if you needed to purchase another item within the same day. 3. Credit card transactions are virtually foolproof. The balance of your Varo Believe secured account is your credit limit, but it’s also a funding base for your credit card payments. To ensure you’ll have enough money to pay your monthly bill fully, Varo automatically deducts the amount of credit card transactions from the available balance in the secure account. That way, it’s impossible to overspend with the Varo credit card. Varo will also lock your account if you fail to make the payment, and it won’t allow access until the entire balance is paid. To ensure prompt payments, Varo offers a “SafePay” option. With SafePay set, all balances will be automatically paid in full by the expiration of the billing cycle. It is important to note that the Varo credit card reports to the three main U.S. credit bureaus. So these measures undoubtedly can aid cardholders in building or improving their credit score as they reward the payment of the balance on their credit card, and . However, such hand-holding is not typically available on traditional unsecured credit cards. If you decide to change from Varo Believe Secured Credit Card to a traditional card, know that you’ll need to be more conscientious in paying your monthly bill. (The secured product is the only credit card Varo provides, and there’s no option to upgrade within the portfolio.) >> MORE: 4. The APR is 0%. If you fail to make a credit card payment the balance won’t grow due to interest because the APR of this Varo Believe Secured Credit Card is 0%. That’s an incredibly rare, possibly money-saving benefit and one of the advantages the card. However, this isn’t how traditional credit cards work. When you’re ready to take an upgrade from the Varo credit card be sure you know your current card’s rate of APR. >> MORE: 5. You can earn cash back for purchases you make This Secured Varo Credit card earns money back through two ways: online offers and card-linked offers. The online deals offered by Varo — similar to those offered by a credit card that is a traditional one — offer cash back on purchases made at stores that you’ve accessed through the Varo app or an email promotional from Varo. You can also utilize a card-linked deal to earn cashback and functions similarly to coupons. Card-linked offers need to be activated prior to activation and the purchase has to be made using you Varo credit card in order to be eligible for the discount. Cash back is automatically deposited in the Varo bank account when you’ve earned more that $5. Cash-back rewards with Varo Believe Credit Card Varo Believe Credit Card are capped at $50 per month. However, other secured credit cards offer unlimited cash back and generally don’t require that you shop through a specific portal or make use of individual promotions. More The artwork on the card is provided by Varo. Chime Credit Builder Visa(r) Chime Credit Builder Visa(r) Credit Card is issued by Stride Bank, N.A. as a Member of the FDIC in accordance with an authorization from Visa U.S.A. Inc. and may be used everywhere Visa credit card is accepted. About the author: Jae Bratton is a writer for the credit card team at NerdWallet. Her writing has been published in various blogs, newspapers and an academic publication. In a similar vein… Find the right credit card for you. Whether you want to lower your interest rate or earn more rewards, the perfect card is out there. Just answer a few questions and we’ll narrow the search for you. Dive even deeper in credit Cards Get more smart money moves delivered straight to your inbox. Sign-up and we’ll email you Nerdy posts on the topics in finance that matter most to you and other strategies to get the most from your money. Make all the right financial decisions

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