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01.03.2023Five things to know about the Varo Credit Card Advertiser disclosure You’re our first priority. Every time. We believe that every person should be able to make financial decisions with confidence. Although our site does not feature every business or financial product available on the market however, we’re confident that the guidance we offer and the information we offer and the tools we create are objective, independent easy to use and cost-free. So how do we earn money? Our partners compensate us. This could influence which products we review and write about (and the way they appear on the website) However, it doesn’t affect our advice or suggestions that are based on thousands of hours of research. Our partners cannot pay us to guarantee favorable ratings of their goods or services. . Five Things You Need to Know About Varo Credit Card Varo Credit Card It promotes responsible credit use and makes penalties relatively low if you happen to slip on the side — and is difficult to do. By Jae Bratton Lead Writer Credit cards Jae Bratton writes for the credit card team of NerdWallet. She earned a bachelor’s in English from Wake Forest University and a master’s degree in English from University of North Carolina at Greensboro. Prior to writing for NerdWallet, Jae spent 13 years in teaching English as well as journalism. Her writing has appeared in blogs, newspapers, and an academic publication. Jae lives in North Carolina. February 6, 2023 Edited by Kenley Young Assisting Editor Credit scores, credit cards Kenley Young is the director of daily coverage of credit cards for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer at Fox Sports, and before that a front page editor for Yahoo. He has a wealth of experience in both digital and print media. This includes stints as an editor at the copy desk, a wire editor and a metro editor at The McClatchy Newspaper chain. Email:
. Many or all of the products featured here are from our partners who compensate us. This affects the products we review and where and how the product is featured on a page. But, it doesn’t influence our evaluations. Our opinions are our own. Here’s a list of and . The Varo Believe Secured Credit Card is issued by the online bank Varo, shares numerous similarities to other cards intended for consumers who wish to rebuild or improve their credit. The closest cousin could be the . Like that card — designed for beginners — the Varo credit card doesn’t have an annual percent rate or APR, and has no annual cost or minimum security deposit; and does not conduct a hard credit check when you apply. These features could save you money as well as prevent you from losing points on your credit score, which typically occurs after a . The Varo Believe Secured Credit Card is designed to ward off overspending and missed or late payments. It’s an option to accumulate rewards. However, the security measures built into the card may appear limiting or even excessive to some. There are 5 things you need to be aware of regarding Varo credit card. Varo credit card. >> MORE: 1. You need an Varo bank account to get this Varo credit card There’s no charge for opening an account with a Varo bank account, however it’s still a hoop you’ll need to jump through. And while there’s also no security deposit required to get this Varo credit card itself, you’re only eligible to get one in the event that the Varo account has been able to receive direct deposits that are at least $500 in the last 90 days. The deposits from an employer or from the government count; transfers from peer-to-peer apps such as Venmo don’t. In the event that your Varo bank account meets these criteria then you’ll be invited apply for the Varo Believe Secured Credit Card on the Varo Bank app. >> MORE: 2. You can set the credit limits you want to set, to a point To use your Varo Believe Secured Credit Card You’ll have to transfer funds to your Varo banking account into the Varo Believe secured account, which can only be done through using the Varo app. The amount in the secured account becomes your limit on credit. However, unlike a conventional credit card however, the Varo credit card comes with spending caps. It is limited to $2500 per day for purchases and $1,000 per day for , and the total of purchases and cash advances can’t exceed $10,000 in a single billing cycle. One big purchase, such as new furniture, could increase your limit on spending, and could require you to use another payment method in the event that you need to purchase something else in that day. 3. Credit card transactions are almost foolproof. The balance in your Varo Believe secured account serves as your limit on credit but it’s also a funding source for credit card transactions. To ensure that you’ll always have enough money to cover your monthly bills in full, Varo automatically deducts the amount of any credit card transaction from the available balance in the secured account. This way, it’s not possible to spend more than you can afford with the Varo credit card. Varo also secures your account if you fail to make an installment and will not allow access until the amount is paid. To ensure timely payments, Varo offers a «SafePay» option. When SafePay activated, the balances are automatically paid in full by the close of the billing cycle. It is important to note that the Varo credit card is reported to all three major U.S. credit bureaus. So these measures undoubtedly can aid cardholders in building or repairing a credit history as they reward the payment of the balance on their credit card, and . But this type of hand-holding is typically absent from traditional credit cards with no security. If and when you switch from Varo Believe Secured Credit Card to a standard credit card, be aware that you’ll likely need to be more mindful about paying off the monthly bills. (The secured card is also the one credit card Varo offers, so there’s no upgrade path within the portfolio.) >> MORE: 4. The APR is 0%. Even if you miss the credit card’s payment the balance will not increase due to interest since the APR of the Varo Believe Secured Credit Card is zero percent. That’s an incredibly rare, possibly money-saving benefit and one of the advantages of this card. It’s just not what traditional credit cards do. When you’re ready to take an upgrade to the Varo credit card make sure you know your credit card’s annual percentage rate. >> MORE: 5. You can earn cash back on certain purchases. The Varo Believe Secured Credit Card earns money back through two ways: online offers and cards-linked offers. Online offers from Varo — akin to those offered by a traditional credit card — award cash back from purchases at retailers that you’ve made purchases through the Varo app or through an email that is a promotion from Varo. You can also use a card-linked offer to earn cashback and functions similarly to a coupon. The offer must be activated first and the purchase needs to be made with the Varo credit card to qualify to receive the discounted. Cash back is automatically deposited in your Varo bank account when you’ve earned more that $5. Cash-back earnings on Varo Believe Credit Card Varo Believe Credit Card are limited to $50 per month, whereas other credit cards with secured features offer unlimited cash back and generally don’t require that you shop through a specific portal or activate special promotions. >> MORE Artwork of the card from Varo. The Chime Credit Builder Visa(r) Credit Card is issued by Stride Bank, N.A. and is a member of the FDIC under an authorization from Visa U.S.A. Inc. and is able to be used anywhere Visa credit cards are accepted. About the author: Jae Bratton is a writer for the credit cards department at NerdWallet. Her writing has appeared in newspapers, blogs and an academic publication. Similar to… Choose the perfect credit card for you. If you’re looking to pay less interest or earn rewards, the right card’s out there. Answer a few simple questions and we’ll narrow down the selection for you. Get even deeper into credit Cards Get more smart money moves delivered straight to your inbox. Sign up and we’ll send you Nerdy content on the money topics that are important to you along with other ways to help you make the most from your money. Take all the appropriate money-making decisions
