The Varo Believe Program is coming soon!
Yes, the Varo Believe credit card is a secured credit card. However, unlike a traditional secured credit card, there’s no minimum upfront deposit. Instead, you establish your own spending limit for the Varo Believe Card based on the amount you transfer from your Varo Bank Account to your Vault Account. Varo Believe secures the amount of each purchase or cash advance transaction in your Vault.
Your credit limit-or “spending limit” is established by the amount of money you deposit into your Vault account, to a maximum of $2,500 per day for purchases, $1,000 per day for cash advances at the ATM, totaling no more than $10,000 per billing cycle total for all purchases and cash advances. If you attempt a transaction greater than the balance available in your Vault or over your credit limit, it will be declined.
Like other secured credit cards, Varo Believe also reports to the major credit bureaus, which can help you build positive credit history over time.