Boosting Credit Confidence with Varo

Introducing Varo Believe, a card designed to help you showcase your potential and unlock better credit opportunities.

The Varo Believe Credit-Builder Card serves as the digital bank’s creative approach to help you improve your credit without any hidden surprises.

This card combines the trust of a Visa while working to elevate your credit score. Let’s explore how to apply.

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Varo Money is a fintech company established in 2015 by Colin Walsh, operating with its own banking app and has been serving customers for ten years.

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

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

The Varo Believe serves as a secured credit card, designed to help you build or enhance your credit.

Unlike a prepaid card, the Varo Believe is a real credit card that runs on the Visa network, and your transactions are reported to credit bureaus.

The Varo Believe is backed by the same security and regulations as Varo Bank, including its charter status and FDIC protection.

As a cardholder, you will transfer money from your Varo checking account into a secured account, which determines your credit limit.

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

The credit limit is determined by the amount the cardholder deposits in the secured account. There’s no minimum, but the maximum is $10,000.

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

This card comes with no annual fee, a 0% APR, and no foreign transaction fees.

Varo does not perform an extensive credit check, as the card is designed to assist users in building or improving their credit.

Absolutely! You can easily apply through the bank’s online platforms and app securely.

You can activate Safe Pay: this feature automatically sets aside funds as a guarantee and pays your bill in full at the end of each billing cycle, preventing any interest charges.

Varo provides your payment information to the three leading credit bureaus (Equifax, Experian, and TransUnion) and offers you your VantageScore 3.0 at no cost within the app.

If you’re still waiting on your credit score, start your journey with Varo Believe.

If you already possess a credit score but want to boost it faster or take it to new heights, maintain your Believe account and consider acquiring a second card that reports your limit.