Varo Confidence: Simplify Your Credit Building Journey

"Called Varo Believe, this card focuses on empowering you to showcase your potential and access improved credit opportunities."

The Varo Believe Credit-Builder Card serves as a fantastic tool from the digital bank, crafted to assist you in enhancing your credit without any hidden surprises.

This card combines the reliability of a Visa with the goal of boosting your credit score. Let’s explore the application process.

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Varo Money is a decade-old company, founded in 2015 by Colin Walsh, recognized as a fintech with its own banking application.

In 2020, it obtained its national bank charter, establishing itself as a fully licensed neobank fintech.

Varo guarantees security and safety with FDIC insurance covering up to $250,000 per customer, alongside data encryption and fixed-rate loans.

The Varo Believe serves as a secured credit card designed to assist you in building or rebuilding your credit.

Unlike a prepaid option, the Varo Believe is a genuine credit card that operates on the Visa network, and your usage is reported to credit bureaus.

The Varo Believe comes with the same security and regulations as Varo Bank itself — including its charter status and FDIC coverage.

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

This allows you to use your card for purchases like any other credit card, with a limit that matches your secured deposit.

The credit limit is based on the amount the cardholder deposits into the secured account. Varo has no minimum requirement, but the maximum is $10,000.

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

There’s no annual fee, a 0% APR, and no foreign transaction fees.

Varo does not conduct a deep credit inquiry, as the card is specifically intended to assist users in building or rebuilding credit.

Absolutely, you can apply directly via the bank’s digital platforms and app safely and reliably.

You can enable Safe Pay: the app automatically reserves funds as a guarantee and pays your statement in full at the end of each billing cycle, thus avoiding interest charges.

Varo shares your payment history with all three major credit bureaus (Equifax, Experian, and TransUnion) and provides your VantageScore 3.0 for free within the app.

If you don’t have a credit score yet, give Varo Believe a try.

If you already possess a score but wish to enhance it or elevate it further, maintain the Believe card and think about getting a second card that reports your limit.