The Varo Believe Secured Credit Card is designed to help establish or rebuild credit.* The Varo Believe Card comes with tools to help reserve funds to pay your bill on-time and in full. We report your payments to the 3 major credit bureaus and provide credit monitoring directly in the Varo Bank app. Here’s how to join!
- Open a Varo Bank Account and set up direct deposit (you’ll need direct deposits of $500 within 90 days).
- Once you're eligible, you’ll be invited to apply for the program in the app. It’s free — there’s no upfront security deposit and applying doesn’t impact your credit score. See how to qualify here.
- Add money to your Varo Believe Secured Account to set the spending limit for your Varo Believe card.
- Your spending limit can’t exceed your Varo Believe Secured Account Available to Spend 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. Transactions that exceed your limit will decline.
- Use your new Varo Believe Card for all your everyday purchases and to withdraw cash. The amount spent is locked as secured funds in your Varo Believe Secured Account, which can then be used to repay your statement balance automatically with Safe Pay at the end of the billing cycle. If you choose not to use Safe Pay, you can also repay manually from your Varo Secured Account or another linked account.
- Monitor your VantageScore 3.0 credit score from the Varo Bank app for free. We report payment history to the 3 major credit bureaus, which can help you build your credit history. We also report any negative payment experience, so it’s important to pay on time!
The Varo Believe Program may help build your credit when you consistently make on-time and in-full payments each billing cycle. We make this easy and automatic with Safe Pay, a tool that automatically pays your full balance on time every month from the secured funds in your Varo Believe Secured Account one day after your billing cycle closes. See how to turn Safe Pay on.
*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 is a process that may take time, but the Varo Believe Program may be able to help.