Varo Believe is coming soon!
Yes, Varo Believe offers a secured credit card. However, unlike a traditional secured credit card, there’s no upfront deposit. Instead, as you make purchases, Varo Believe secures each purchase or cash advance transaction in your Vault Account by transferring an amount equal to that purchase or cash advance from your Varo Bank Account.
This means that your available Varo Bank Account balance is your Varo Believe spending limit for each transaction, up to a maximum of $10,000. Your credit limit is your available balance or $10,000, whichever is less for each transaction. If you attempt a transaction in excess of the balance available in your Varo Bank Account, it will be declined.
Like other secured credit cards, Varo Believe also reports to the major credit bureaus, which can help you build credit history over time.