Introduction:
The Varo Believe Secured Credit Card, issued by the online bank Varo, is an instrumental tool for individuals keen on building or rebuilding their credit. This credit card, often referred to as the Varo credit card, shares similarities with other credit-building cards like Chime’s Secured Credit Builder Visa® Credit Card. Here, we delve into five essential aspects of the Varo credit card that potential users should consider:
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- Varo Bank Account Requirement:
- Owning a Varo bank account is a prerequisite for obtaining the Varo credit card.
- There’s no fee for opening a Varo account; however, eligibility for the Varo credit card demands direct deposits of at least $200 in the last 90 days, excluding peer-to-peer transfers.
- Customizable Credit Limit with Spending Caps:
- Users have the flexibility to set their credit limit by transferring funds from their Varo bank account to the secured credit account.
- Spending is subject to caps: $2,500 per day for purchases, $1,000 per day for cash advances, and a total limit of $10,000 per billing cycle. This unique feature distinguishes the Varo credit card.
- Simple Credit Card Payments:
- Varo simplifies credit card payments by linking the credit limit to the balance in the secured account, a feature unique to the Varo credit card.
- Automatic deductions for credit card transactions from the secured account prevent overspending.
- The “Safe Pay” option guarantees full payment at the end of the billing cycle, promoting positive payment history for Varo credit card users.
- Zero APR:
- The Varo credit card boasts a 0% APR, even if a payment is missed. This exclusive feature prevents interest accrual, providing financial benefits to Varo credit card users.
- Cash Back Earnings:
- Varo incentivizes responsible spending by offering cash back through online and card-linked offers, a distinctive feature of the Varo credit card.
- Online offers reward cash back for purchases made through the Varo app or promotional emails.
- Card-linked offers, akin to coupons, require activation and Varo credit card usage for qualifying purchases.
- Cash back, capped at $50 per month, is automatically deposited into the Varo bank account, offering additional savings for Varo credit card users.
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Varo credit card Additional Information:
Feature | Details |
---|---|
Annual Fee | None |
Credit Check | No hard credit check during application |
Upgrade Path | No direct upgrade path; transitioning to a traditional card requires careful consideration, a crucial aspect for Varo credit card users |
Cash Back Cap | $50 per month, a notable benefit for Varo credit card users |
Conclusion:
The Varo Believe Secured Credit Card, often recognized as the Varo credit card, provides a user-friendly approach to credit-building, emphasizing responsible credit use and offering financial perks such as a zero APR and cash back rewards. While there are limitations, this credit card serves as a valuable tool for individuals working on improving their credit history, making it a go-to choice for Varo credit card users. Understanding the transition to traditional credit cards and associated terms is crucial for continued financial success as Varo credit card users progress.