Varo Believe: Build Credit in an Easy Way

With a name like Varo Believe, this card is all about helping you prove your potential and unlock better credit.

The Varo Believe Credit-Builder Card is the digital bank’s product designed to help you build credit without surprises.

The card brings all the security of a Visa while aiming to improve your credit score. Let’s see how to apply.

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Varo Money is a 10-year-old company, founded in 2015 by Colin Walsh, and operates as a fintech with its own banking app.

In 2020, it earned its national bank charter, becoming a fully licensed neobank fintech.

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

The Varo Believe is a secured credit card that helps you build or rebuild your credit.

Unlike a prepaid card, the Varo Believe is a real credit card that works on the Visa network. In addition, your activity is reported to the credit bureaus.

The Varo Believe is backed by the same level of security and regulation as the Varo Bank itself — including its charter status and FDIC protection.

As a cardholder, you transfer funds from your Varo checking account to a secured account, which becomes your credit limit.

This means you can use your card for purchases just like any other credit card, with a limit exactly equal to your secured deposit.

The credit limit depends on how much the cardholder deposits into the secured account. Varo does not set a minimum, but the maximum is $10,000.

No, the Varo Believe Card does not offer any welcome bonus to cardholders.

The card has no annual fee, a 0% APR, and no foreign transaction fees.

Varo does not perform a deep credit check, since the card’s purpose is exactly to help users build or rebuild credit

Yes, it is possible to apply directly through the bank’s digital channels and app in a safe and reliable way.

You can activate Safe Pay: the app automatically sets aside funds as a guarantee and pays your statement in full at the end of the billing cycle, avoiding interest.

Varo reports your payment history to all three major credit bureaus (Equifax, Experian, and TransUnion) and shows your VantageScore 3.0 for free in the app.

If you don’t have a credit score, start with Varo Believe.

If you already have a score but want to boost it faster or raise it further, keep the Believe and consider a second card that reports your limit.