Varo Credit Card – Learn How to Apply

While I do have a good credit history, I am always searching to find the best credit cards for improving my FICO score. With that in mind, the Varo Believe card seems to be a nice option for building credit without facing fees and interest rates.

According to the bank, the credit card is connected to a Varo savings account with which I would get money each time I make a purchase. This amount can later be directed towards paying off my credit card statement. Let’s look at how it works and whether or not it is suitable for people who have a low score.

  • About Varo Bank
  • What Is the Varo Credit Card All About?
  • Who Is the Varo Credit Card For?
  • Interest Rates/Fees for the Varo Credit Card
  • Applying for the Varo Credit Card
  • Features of the Varo Credit Card
  • Building Credit with Varo
  • Credit Builders to Consider
  • Credit Card Alternatives
  • Varo Bank Contact Details
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About Varo Bank

Varo Bank was established in 2015. According to my research, reviews of the Varo services are overwhelmingly positive, with happy users lauding the bank’s ease of use.

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Varo Bank got an “excellent” rating from Trustpilot and an A+ rating from the Superior Trade Bureau.

In 2021, Varo declared plans to discharge the Varo Accept Card – a credit card meant to help individuals build positive credit history while dodging charges and monthly fees.

Varo Accept Card

Currently, the Varo Accept Card isn’t fully launched.

Be that as it may, users who plan on getting the Varo Accept Card when it launches can begin the process by opening a Varo bank account.

What Is the Varo Credit Card All About?

The Varo Credit Builder Card is a revolutionary financial product offered by Varo to help clients make strides in their credit scores.

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Launched in 2021 as part of the Varo Believe program, it’s still in the introduction phase.

How does it work, though? With Varo, I would put cash in my Vault account, which sets my investing constraints.

Varo will pull cash from my account and transfer it to my Vault for each purchase I make.  This amount can be used to pay off my credit card statement.

Improving Credit Score

Once I make full payments, Varo sends this data to the credit bureau for reporting. I like the thought of having a Vault account since it allows me to pay off my balance in full and on time.

With expansion and with the announcements of the Varo Accept Card, it becomes a viable financial product.

Making on-time credit card payments goes a long way when it comes to improving your FICO score and being able to apply for credit cards that offer a wide variety of perks.

Who Is the Varo Credit Card for?

The Varo credit card is suitable for anyone who is searching for the simplest way to build credit without high fees.

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Varo automatically sets aside money from my checking account, allowing me to make purchases and encouraging me to use its Safe Credit Builder feature to enable automatic payments.

My payment history is reported to the three major credit bureaus, which helps me improve my credit score over time.

This Varo product has no annual fee and doesn’t charge interest as long I pay my statement in full monthly. It also doesn’t require a down, and there’s no impact on my credit score when I apply.

Is Varo Safe?

Yes. Varo bank deposits are FDIC-insured up to $250,000, and Varo uses industry-standard, 256-bit AES level encryption to keep my personal information secure.

The Varo Believe credit card has an EMV chip, and I can receive smartphone alerts every time my card is used for a purchase.

Interest Rates/Fees for the Varo Credit Card

The Varo Believe credit card does not have an annual fee. If your balance is always paid at the end of the month, there are no interest charges.

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If you choose to opt-out of automatic payments, Varo charges a $15 late fee if you miss your payment due date.

Unfortunately, this credit card doesn’t come with a sign-up bonus. 

In addition to that, I didn’t find any information on potential cashback programs or additional rewards related to using this credit card.

Can It Be Used at an ATM?

Absolutely. When withdrawing money from an ATM, it all comes down to selecting a credit card instead of a savings account.

It is great to know that there aren’t any cash advance fees and that it is a card that can be used at thousands of different ATMs.

This includes those in huge retail stores such as Walgreens and Target.

Applying for the Varo Credit Card

To get started, I needed to open a Varo bank account and make sure that it had no negative balances for 90 days to be eligible for the Varo Believe credit card.

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Another condition is to make two $1,000 deposits to the savings account in the same 90-day period.

While the credit score doesn’t affect approval chances, as this is a credit-building card, I needed to prove that I am over 18 years old and that I am a citizen of the United States.

Also, I had to fill in other personal information, such as residence address and social security number.

Approval Process

Once I was approved for the bank account, I was able to get the Believe credit card through the Varo mobile app.

Decisions on applications are usually made within two business days. It took 10 days to receive confirmation in the mail at my residence.

Features of the Varo Credit Card

Among the main advantages of applying for the Varo credit card is the Vault account. 

Varo Credit Card - Learn How to Apply
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When I use my Varo card to buy anything or pay for a service, the amount I spent is transferred from my Varo bank account to a safe Vault account.

This money is set aside each month to pay off my credit card amount and ensure that payments are made on schedule.

The Vault account is necessary because it aids in the development of a history of timely credit card payments and the avoidance of credit card debt.

Credit Score Monitoring

All of these payments can be easily tracked using the Varo smartphone app.

One of the coolest points is that I can monitor my payment schedule and whether I am improving my credit score through the Varo app.

The ratings can be further improved by avoiding late payment fees.

Building Credit with Varo

As for how I built my credit score with Varo, the first step was timely payments.

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The Varo Believe card is used to transfer funds to the Vault account, which is used to make payments.

As long as I have funds in my account, the credit card statement will be paid off on time.

Consequently, increased credit score allows me to apply for loans and mortgages in the future.

Payments in Full

Varo charges $15 for late payments, so keep that in mind. Varo also informs the credit bureaus about these bad payment experiences.

It is not only about making payments on time but also in full. As a result, my score will remain positive and improve.

Credit Builders to Consider

The credit builder from Chime Bank has no annual charge or interest. There is no requirement for a security deposit, and I wasn’t subjected to a credit check during the application process.

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The bank will pay the balance on time and automatically, as well as update the credit bureaus if I was to choose this option.

It features an intuitive Chime app for monitoring credit scores and making timely payments.


To qualify for the Chime credit builder card, I must first open a Chime Spending Account, just like I did for the Varo credit builder card.

After that, the next step is to transfer the funds to my credit-building card and start making timely payments.

Credit Card Alternatives

For example, the Discover it® Secured Credit Card is a credit-building card that rewards me for everything I buy.

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I get 2% cashback at gas stations and restaurants (up to $1,000 in combined spending every quarter) and 1% on everything else.

Plus, during my first year as a cardholder, Discover will automatically double all cashback rewards I earn.

This is a secured credit card, which means I would have to pay a small, refundable security deposit before I can increase my credit limit.

Capital One Platinum Card

After eight months, Discover will assess my account to see if I qualify for an upgrade to a normal credit card.

The Capital One Platinum card doesn’t offer any benefits, but it also doesn’t require a security deposit.

This makes it a fantastic alternative for folks who are just getting started with credit.

Varo Bank Contact Details

One of the main concerns that I have with online banks is that they don’t have a physical location. Thus, unless their virtual customer service is good, I won’t be able to solve any issues.

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Fortunately, Varo excels in this sphere by offering an extensive page of frequently asked questions.

While they don’t offer a social media account on which I could contact them, [email protected] is led by their customer service and will answer within hours.

Address and Telephone Line

You can also visit them at their head office located at 222 Kearny Street Ninth Floor San Francisco, CA 94108, USA.

Last but certainly not least is the ability to call Varo customer support at 1-877-377-8276. They are available 24/7 365 days a year.


In the end, I would say that the Varo Credit Card is a fantastic choice for anyone who wants to build their credit score without facing huge interest rates and card maintenance fees.

Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.