Yes, the Varo Believe Card is a secured credit card. However, unlike a traditional secured credit card, there’s no minimum security deposit. Instead, you choose your own spending limit for the Varo Believe Card based on the amount you transfer from your Varo Bank Account to your Varo Believe Secured Account.
Your credit (spending) limit is established by the amount of money you deposit into your Varo Believe Secured 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 Varo Believe Secured Account 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 a positive credit history over time.