Varo Visa® Believe Credit Card
- Best for: Varo Bank customers rebuilding or starting their credit
- What Sets It Apart: No interest at all, and you set your own limit by moving money in instead of handing over a deposit
- Features: Reports to Experian, Equifax, and TransUnion; no upgrade to an unsecured card, though on-time payments count toward eligibility for a Varo Line of Credit; Safe Pay autopay; credit score tracking; Varo cash back offers
- Annual Fee: $0
- Security Deposit: None; your limit is what you move in from your Varo Bank Account, and unspent money moves back any time
- APR: 0%; no interest, since the full balance is due each month
- Cost: No foreign transaction fee; no late fee
- Credit Needed: None; no credit check
- Eligibility: Money in a Varo Bank Account, $200 or more deposited to your Varo accounts in the past 31 days, and no overdue Varo cash advance
- Pros: No annual fee, interest, late fee, or foreign transaction fee; any credit history accepted; unspent money moves back any time; credit score tracking
- Cons: Varo Bank customers only; no graduation to an unsecured card; no rewards rate; a missed payment locks the card
Get the Varo Visa® Believe Credit Card to rebuild credit if your paycheck already lands at Varo or you’re willing to move it there. It skips the credit check, charges no annual fee or interest, and reports your payments to all three credit bureaus, but it spends only money you move in from your Varo Bank Account.
Varo holds the cost of each purchase in the card’s secured account until the bill is paid, so you never owe more than you’ve already set aside. That makes Varo Believe a low-risk way to rebuild credit with a secured card after missed payments, or to build a credit history from scratch.
Key Features
- $0 annual fee and no interest, since the full balance is due each month
- No credit check, but to apply you need money in a Varo Bank Account, $200 or more deposited to your Varo accounts in the past 31 days, and no overdue Varo cash advance
- Spending limit set by what you move in from your Varo Bank Account, up to $2,500 a day in purchases and $10,000 a billing cycle
- Reports to Experian, Equifax, and TransUnion
- Safe Pay, an optional autopay that pays the balance in full from your secured account when each billing cycle closes
Pros
- No annual fee, interest, late fee, or foreign transaction fee
- A low score or no credit history won’t block approval
- Unspent money moves back to your Varo Bank Account at any time
- On-time payments help you become eligible to apply for a Varo Line of Credit
- Credit score tracking in the Varo app (VantageScore 3.0 from TransUnion)
Cons
- Only for Varo Bank customers, funded solely from the Varo Bank Account
- No upgrade to an unsecured card, and the limit grows only as you add money
- No rewards rate, only Varo’s cash back offers at participating merchants
- A missed payment locks the card until you pay what’s overdue
Varo customers who route part of each paycheck into the card build a record of on-time payments at all three bureaus for $0 a year. Readers who won’t bank with Varo do better with the opensky Plus Secured Visa, which needs no checking account, charges no annual fee, and takes a refundable deposit of at least $300.
Learn more about the Varo Visa® Believe Credit Card or see how it compares to the best secured credit cards.
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