5 Things to Know About the Varo Credit Card Advertiser disclosure We’ll make you our top priority. Every time. We believe that every person should be able to make sound financial decisions with confidence. And while our site does not feature every business or financial product available on the market however, we’re confident that the guidance we offer as well as the advice we provide and the tools we develop are independent, objective simple, and free. So how do we earn money? Our partners compensate us. This could influence which products we write about (and the places they are featured on the site) however it doesn’t affect our recommendations or advice that are based on many hours of research. Our partners are not able to pay us to guarantee favorable reviews of their products or services. . 5 things to know about The Varo credit Card It encourages responsible credit usage and also keeps the penalties low if you happen to slip down the road, which is a difficult thing to do. By Jae Bratton, Lead Writer Credit card Jae Bratton writes for the credit card team of NerdWallet. She has a bachelor’s degree in English from Wake Forest University and a master’s degree in English from the University of North Carolina at Greensboro. Before creating content for NerdWallet, Jae spent 13 years teaching English and journalism. Her writing has appeared in newspapers, blogs as well as an academic journal. Jae is based in North Carolina. Feb 6, 2023 edited by Kenley Young Assigning Editor Credit scores, credit cards Kenley Young directs daily credit cards coverage for NerdWallet. Before that, he was a web editor and digital content producer for Fox Sports, and before that , a front page editor for Yahoo. He has a wealth of experience in both digital and print media, including times as an editor at the copy desk as well as a wire editor, and an editor of the metro at McClatchy. McClatchy newspapers chain. Email:
. Many or all of the products featured here are from our partners who pay us. This impacts the types of products we write about as well as the place and way the product appears on the page. But, it doesn’t affect our assessments. Our opinions are entirely our own. Here is a list of and . The Varo Believe Secured Credit Card is issued by the online bank Varo, shares several similarities with other credit cards designed for those who wish to improve or build their credit. Its closest relative may be the . It’s a similar card designed for beginners The Varo credit card does not offer an annual percent rate, or APR, and has no annual fee or minimum security deposits; it does not run an invasive credit screening when you apply. These features can help you save money as well as prevent you from losing points from your score on credit, as typically occurs following the application process has been completed . The Varo Believe Secured Credit Card is designed to guard against excessive spending and late or missed payments. It’s also feasible to get rewards. However, the safeguards included in the card might appear limiting or even excessive to some. Here are five things to learn about this Varo credit card. >> MORE: 1. You need an Varo bank account to be able to apply for the Varo credit card. There’s no charge for opening the Varo bank account, but it’s still a hoop you’ll need to cross. There’s no security deposit needed for the Varo credit card but you’re only able receive one in the event that your Varo account has had direct deposits of at least $500 in the past 90 days. The deposits from an employer or the government count. Transfers from peer-to-peer applications such as Venmo don’t. If you have a Varo bank account meets the requirements above, you’ll be invited to apply for the Varo Believe Secured Credit Card within the Varo Bank app. >> MORE: 2. You can set your own credit limit, to a point To use this Varo Believe Secured Credit Card, you’ll have to transfer money from the Varo banking account into your Varo Believe secured account, which can only be done in your Varo app. The money in the secured account will be the credit limit. But unlike a traditional credit card, the Varo credit card has spending limits. You’ll be limited to the amount of $2,500 per day when you purchase and 1,000 per day for cash advances and the total amount of cash advances as well as cash advances is not more than $10,000 in a single billing cycle. A major purchase, like a furniture that is new, can put you over the limit on spending, and could necessitate a different payment method in case you had to purchase another item within the same day. 3. Credit card transactions are practically foolproof The balance in your Varo Believe secured account will be your maximum credit amount however, it’s also the financing supply for credit card payments. To ensure that you always have enough cash to pay your monthly bill in full, Varo automatically deducts the amount of any credit card transaction from the remaining balance in the account secured. That way, it’s impossible to spend more than you can afford with the Varo credit card. Varo will also lock your account if you fail to make the payment, and it won’t allow access until the amount is paid. To ensure that payments are made on time, Varo offers a “SafePay” option. With SafePay activated, the balances are instantly paid in full at the close each billing period. The Varo credit card reports to the three main U.S. credit bureaus. Therefore, these procedures will definitely benefit cardholders who are building or repairing a credit history because they incentivize paying off the credit card balance, and . However, such hand-holding is not typically available on traditional credit cards with no security. If and when you upgrade from the Varo Believe Secured Credit Card to a traditional card, know that you’ll probably need to be more mindful regarding paying the monthly bills. (The secured card is the only credit card Varo offers, so there’s no upgrade path within the portfolio.) >> MORE: 4. The APR is 0%. If you fail to make the payment on your credit card the balance will not increase due to interest since the APR on the Varo Believe Secured Credit Card is 0%. That’s an incredibly rare, potential savings perk, and one of the highlights that this credit card offers. However, this isn’t how traditional credit cards work. If you’re looking to make an upgrade to the Varo credit card be sure to know the credit card’s annual percentage rate. >> MORE: 5. Earn cash back on select purchases With the Varo Believe Secured credit card, you can earn cash back on certain purchases. Card earns money back through two distinct ways: through online offers and card-linked offers. The online deals offered by Varo — similar to those offered by a credit card that is a traditional one — award cash back from purchases made at stores that have been accessed via the Varo app or an email that is a promotion from Varo. You can also utilize a card-linked deal to get cash back, which functions like a coupon. The offer must be activated first, and the purchase must be completed using your Varo credit card in order to be eligible in the sale. Cash back is deposited automatically in your Varo bank account when you’ve earned a minimum of $5. Cash-back rewards with this Varo Believe Credit Card are capped at $50 per month. However, other secured credit cards provide unlimited cash back and generally don’t require that you use a particular portal or sign up for specific deals. >> MORE The artwork on the card is from Varo. The Chime Credit Builder Visa(r) Credit Card is issued by Stride Bank, N.A. as a Member of the FDIC under a license from Visa U.S.A. Inc. and may be used everywhere Visa Credit Cards are accepted. About the author: Jae Bratton is a writer for the credit cards department at NerdWallet. Her writing has been published in newspapers, blogs and an academic magazine. Similar to… Discover the right credit card for you. Whether you want to pay less interest or earn higher reward points, the right card is available. Just answer a few questions and we’ll narrow the results for the right card for. Explore even more in Credit Cards Get more smart money moves right to your inbox Sign up and we’ll email you Nerdy articles about the topics in finance that are important to you as well as other methods to get the most out of your money. Make the best money moves
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