| Name | Score | Visit | Annual Fee | Regular APR | Intro Offer | Credit Needed | Disclaimer | |
|---|---|---|---|---|---|---|---|---|
 | 7.6 | Visitvaromoney.com | $0 | 0% | N/A | No credit score or history needed |
Let’s be honest, credit-building fees aren’t fun. That’s why Varo Bank created a fee-free credit-builder option for you: the Varo Believe credit card. There’s no annual or foreign transaction fee to worry about. And it doesn’t stop there—Varo card has no interest rate whatsoever.
Sounds too good to be true? Let’s explore all the details and find out if it is—
Whether Varo credit card is legit.
The ins and outs of the card.
Some credit-building alternatives.
Read more:
Varo Credit Card at a Glance
Full name: Varo Believe Secured Credit Card
Best for: Building credit
Issuer: Varo Bank
Credit score needed: No minimum credit score required
Security deposit: No minimum deposit required
How Does the Varo Believe Card Work?
The Varo Believe Program is an innovative credit-builder program designed to help you improve your credit score. It involves the use of the Varo Believe Card, which is a kind of secured credit card.
Here’s how it works:
You kick things off by depositing a certain amount of money into a dedicated, locked Varo Savings Account. This serves as the collateral for your Varo Believe Card.
This deposit then becomes your credit limit on the Varo Believe Card. For instance, if you deposit $200, your credit limit will be $200.
You use the Varo Believe Card just like any other credit card, for your everyday purchases, online shopping, and more.
You repay your balance each month. The key here is that Varo reports your payment history to all three major credit bureaus. So if you always make payments on time, this could help build your credit.
If you decide to close the account (or graduate from the program) your deposit in the savings account, plus any earned interest, will be returned to you. Of course, assuming your card balance has been paid in full.
Sounds easy, right?
Hold on, though—there are some things to check off before getting the card.
How to get the Varo credit card—requirements to qualify
Varo is like a credit-building checking account. You first have to create an account and have money on it to then get the card and use it.
Here’s how you get your hands on a Varo Believe Card:
First off, you must be a Varo Bank Account holder. If you’re not, you can download the Varo app and sign up. It’s a pretty straightforward process.
Next, set up direct deposits. Yep, you heard it right. Your paycheck needs a new home—that’s your Varo Bank Account.
Now, make sure you’re receiving at least $1,000 per month in direct deposits. It won’t work otherwise.
Then, apply for the Varo Believe Program through the app. Varo will check if you’re eligible.
If everything’s good (and you’re approved), you deposit a certain amount into a Varo Savings Account. This amount will set your Varo Believe Card’s limit.
And that’s about it. (Just remember to check all the details and make sure you’re good with the terms and conditions.)
Varo Credit Card: Overall Card Review
 | |
Category | Features |
APR | 0% |
Annual fee | $0 |
Starting limit | Up to $10,000 |
Overall credit card rating | 3.8/5 |
Now, let’s see Varo card’s pros and cons:
- No credit score needed: No credit score or history whatsoever.
- Designed to build credit: Varo reports to all three major credit bureaus.
- Secured by your own money: Your deposit sets your card’s limit.
- Earns interest: The funds in the dedicated Savings Account earn a competitive interest rate.
- No APR: 0% APR forever.
- No annual fee: You won’t have an extra yearly charge to worry about.
- No foreign transaction fees: Handy for international travels or purchases.
- No penalty fees: The card has no fees whatsoever.
- Requires cash upfront: You must have funds available to secure, and those funds are then locked.
- No rewards program: You don’t earn points or cashback.
- Limited to Varo customers: You must open a Varo bank account to be eligible.
- No balance carryover: You must pay your balance in full each month or risk program exit.
- Not for big spenders: The credit limit is typically lower than unsecured cards.
Key Varo Credit Card Fees & Rates
FEE | DETAIL |
|---|---|
Annual fee | $0 |
APR | 0% |
Balance transfer fee | N/A |
Cash advance fee | $0–$15* |
Foreign transaction fee | $0 |
Late fee | $15 |
Minimum interest charge fee | $0 |
Returned payment fee | $0 |
Over limit fee | $0 |
Expedited card replacement fee | $25 |
ATM withdrawal fee | $0–$2.50** |
*Depends on how much you borrow.
**Withdrawals are free at all AllPoint® ATMs and $2.50 at non-AllPoint® ATMs.
Here’s how much you’d need to fork out if you’d like to borrow money as a Varo Advance:
AMOUNT YOU BORROW | CASH ADVANCE FEE |
|---|---|
$20 | $0 |
$50 | $4 |
$75 | $5 |
$100 | $6 |
$150 | $9 |
$200 | $12 |
$250 | $15 |
Things to Know About the Varo Secured Credit Card
What’s the Varo Believe credit limit?
Varo Believe card limit depends on how much cash you feel comfortable stashing away in a Varo savings account—and that’ll become your credit limit.
Keep in mind there might be some caps or rules set by Varo on how high you can go—so look through Varo’s terms to make sure you know what’s up.
Is Varo Bank’s interest rate really 0%?
Yes, Varo credit card has no APR. But it comes with a caveat—if you pay your statement balance in full by the due date each month.
If you don’t, your card will be suspended. And let’s not forget, any late payments could leave a black mark on your credit history. (That’s Varo’s method of cultivating responsible spending.)
Varo card activation step-by-step
To activate your card, you can pick any of these three options:
Whip out your Varo app, hit “Activate your card,” and set your unique PIN.
Hop over to www.bank.varomoney.com/login, sign in to your account, and then click “Activate your card,” chilling in the upper right-hand corner.
Call 1-877-377-8276 and simply follow the friendly voice guiding you to activate your card and set your PIN.
What’s the Varo withdrawal limit at ATMs?
At ATMs, Varo gives you a daily withdrawal limit of up to $750. For over-the-counter cash withdrawals, the limit is $500 per day.
These limits are subject to change and might also depend on the regulations of the ATM you’re using.
Let’s see how it stacks up against its competitors:
How Does Varo Compare to Other Credit Cards for No Credit?
VARO BANK CARD 3.8/5 | PETAL 2 4.4/5 | CAPITAL ONE PLATINUM 2.8/5 |
|---|---|---|
Annual fee $0 | Annual fee $0 | Annual fee $0 |
APR 0% | APR 17.74%–31.74% (variable) | APR 29.99% (variable) |
Starting limit Up to $10,000* | Starting limit Up to $10,000 (depending on your creditworthiness) | Starting limit $1,000 |
Learn more | Learn more |
*Security deposit isn’t required, but you need cash deposited to your Varo account to even apply for the card.
Read more:
Alternatives: Noteworthy Credit-Builders
There are many other secured and credit-building cards apart from the Varo Believe Card.
Here are a few:
Discover it Secured
This secured card has the unique advantage of offering cashback rewards—which isn’t common for secured cards.
Discover will also match all the cashback you’ve earned at the end of your first year.
OpenSky Secured Visa credit card
If bad or no credit is an issue, this card could help—that’s because it doesn’t require a credit check for approval. It reports to all three major credit bureaus to help build your credit.
It’s important to choose a credit card based on your individual financial situation, credit goals, and spending habits.
VARO BANK CARD 3.8/5 | DISCOVER IT SECURED 4/5 | OPENSKY SECURED VISA 3.2/5 |
|---|---|---|
Annual fee $0 | Annual fee $0 | Annual fee $35 |
APR 0% | APR 27.99% variable APR | APR 21.64% |
Starting limit $0* | Starting limit Up to $2,500, depending on your creditworthiness | Starting limit $200–$3,000* |
*Subject to approval
Useful Links & Details
Apply for a Varo card (by applying for the Varo account first) at the Varo website.
Download the Varo banking app.
Call Varo customer service Monday–Friday from 8 a.m. to 4:30 p.m. MT on 1-877-377-VARO.
Visit Varo Bank’s website for more information.
Varo Believe Credit Card Reviews Found Online
“Nothing wrong, but nothing particularly helpful about getting a boost on your Vantage score. Almost no lender actually uses Vantage for underwriting. In exchange, you sell them a lot of personal data. We’re all different, but it’s not a worthwhile trade-off for me.”
“Remember the amount of money on your Varo card is the amount you “owe” on your credit report I kept mine at zero for a while, and it showed as a dead card now I keep $4 on there, it shows $4 in debt on my score.”
“The money you add is used to automatically make the payment every month. That’s exactly it.
It literally functions only as a debit card, but on paper, it’s a credit card, so it reports to the credit bureaus.”
Is Varo Credit Card Good for Me?
Varo Believe is one of the free credit cards that can help you build credit.
Ask yourself these questions before you lay your hands on it:
Looking to build your credit?
Interested in a 0% APR?
Fancy no annual or foreign transaction fees?
Confident you can pay your full balance every month?
A fan of banking from your phone?
If the answer to most of these questions is “yes,” then the Varo Believe Card could be worth considering.
But then—
It seems like a lot of work for a secured card—you need to open a bank account, reroute your direct deposit, and then deposit $200 to start using it.
We bet you could do much better. Perhaps with the Petal 2 card (or a more standard secured card).
It’s essential to choose the right type of credit card that suits your needs and aligns with your financial goals. Whether you’re seeking rewards points or low-interest rates, understanding the various options available will increase your chances of approval.Vaibhav Kakkar, CEO Digital Web Solutions
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