Varo Believe is a secured credit card designed to help you build credit; however, a variety of factors impact your credit and not all factors are equally weighted.
Move funds into your Secured Account to use your Believe Card for everyday purchases you would already be making to help establish or rebuild credit1 without the need for a traditional line of credit. Instead of extending a line of credit, Believe uses the transferred funds from your bank account to secure everyday purchases on your Believe card and reports that activity to the 3 major credit bureaus. Since Believe secures the funds for your owed balance, we repay your balance at the end of every statement cycle automatically and on time using Safe Pay.2 On time payments may help improve your credit score and establish the credit you need to help secure your financial future. Over time, better credit may help you on your financial journey to qualify for unsecured credit cards, auto loans, better insurance rates, fewer security deposits, etc.
If you’re looking for a small dollar line of credit, check out Varo Advance.3
To start using Believe:
- Once you qualify to apply, you’ll be invited right in your app.
- Move money to your Secured Account to cover your purchases, either automatically using Move Your Pay, or manually.1
- Turn on Safe Pay2 to automatically make on time payments, or you can make manual payments from a linked account or your Varo Believe Secured Account, or mail us a check.
- Track your credit score in the app and monitor your progress month to month.4
Varo Believe has no upfront security deposits, no annual fees, no maintenance fees, no international fees, and no interest charges.
While the Varo Believe Card has no interest charges, and no APR, you do need to pay your statement balance in full by the due date each month, or your use of the Varo Believe Card may be suspended. Late payments may negatively impact your credit history.
1You must add money before using, the money added sets the spending limit. Funds spent are held in your Varo Believe Secured Account to pay off any balance in full monthly, when due. Quals apply.
2By enrolling in Safe Pay, you authorize Varo Bank to auto pay your Varo Believe Card balance in full at the end of your billing cycle from funds in your Varo Believe Secured Account, before your actual due date. If the amount owed is more then your Secured Account balance your payment will not be made. You will have twenty-one (21) days to deposit additional funds to make your payment on time.
3Varo Advance(VA) is a small dollar line of credit. Initial limits range from $20-$250, work your way up to $500 over time. Fees range from $1.60 - $40 based on loan amount. Current limit can be viewed in the Varo App. Only one outstanding advance at a time, must be repaid in full prior to requesting a new advance. Varo Bank Account, with minimum Qualifying Direct Deposit (QDD) of $800 in current or previous calendar month required. Limits and eligibility evaluated daily and may change at any time. Add'l qualifications apply. Learn more here.
4Varo displays credit data at our discretion to customers that opt in.
The Varo Believe Card is issued by Varo Bank, N.A. pursuant to a license from Visa U.S.A. Inc.