We earn a commission from brands listed on this site. This influences the order and manner in which these listings are presented.
BestMoney logo

Varo Believe Review

Varo Believe
Visit Site
Varo Believe
Varo Believe
Michael Graw
Nov. 07, 2022
3 min read
Michael Graw
Varo Believe Summary
The Varo Believe card offers a unique way to safely build credit. You choose how much money to add from your bank account to set how much you can spend on the card. Varo reports payment activity to the credit bureaus each month to help build your credit, and you can track your score in the Varo app. Best of all, applying for the card won’t impact your credit score and no security deposit is required.


  • No minimum security deposit required
  • No annual fee, interest, or APR


  • Doesn't offer any rewards
  • Spending limit is dependent on the amount added to your account

Varo Believe at a glance

Editorial score


No annual fee




FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication

Customer service

Multiple communication options, wide range of hours

Online experience

Excellent site and app with detailed FAQs, help center, and transparency of rates and features

Varo Believe Varo Believe Apply Now


The Varo Believe credit card is a unique card designed to help you safely build credit. The card is linked to your Varo bank account and money is set aside into a Vault account every time you make a purchase. At the end of each month, the money in your Vault is used to pay off your credit card bill.

The Varo credit card has no annual fee and doesn’t charge interest since you always pay your statement in full. It also doesn’t require a security deposit and there’s no impact on your credit score when you apply. Varo reports your payment history to the 3 major credit bureaus to help you build credit.

Suitable for?

The Varo Believe card is suitable for anyone looking for a way to build credit without high fees. Varo automatically sets aside money from your bank account when you make purchases and encourages you to use its Safe Credit Builder feature to enable automatic payments. Your payment history is reported to the 3 major credit bureaus, which can improve your credit score over time.

Interest Rates and Fees

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

Annual Fee
Interest Rate

Rewards & Cashback

The Varo credit card does not offer a rewards program or cash back. There is also no sign-up bonus at this time.

The Application Process

To be eligible to apply for the Varo Believe Card, you need to have received either 1 qualifying direct deposit of $1000 or more in the past 28 days or 2+ qualifying direct deposits totaling $1000 in the past 90 days to your Varo Bank Account. Direct deposits need to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Venmo) are not considered a direct deposit. Funds deposited using a Varo Money routing number are not considered a direct deposit.

Once eligible, you will be invited to apply for Varo Believe through the Varo mobile app. Application decisions are typically made in 2 business days. Once you’re approved, it can take up to 2 weeks for your card to arrive.

Help & Support

Varo offers customer support by phone and email from 8am to 9pm (ET) Monday to Friday and 11amto 7pm Saturday and Sunday. The Varo website also has a detailed FAQs page that explains how to use your bank account and credit card.

Phone call hours: 8am-9pm (ET) Monday-Friday; 11am-7pmSaturday-Sunday


All of your personal and financial information with Varo is protected by 256-bit AES encryption. The Varo Believe credit card comes with an EMV chip and you can receive mobile alerts whenever a transaction is made using your card. You can also lock your card at any time using the Varo mobile app. 


Will making late payments hurt my credit score?

Varo reports missed payments as well as on-time payments to the 3 major credit bureaus. You may also be disqualified from the Varo Believe program if you repeatedly miss payments.

What is the credit limit for the Varo Believe credit card?

Your credit limit is equal to the balance in your Varo bank account or $10,000 per billing cycle, whichever is smaller.

Can I withdraw money from the Vault account?

No, funds transferred to your Vault account cannot be withdrawn. If you pay your statement balance using a third-party account, funds in your Vault will be returned to your Varo bank account.


The Varo Believe credit card enables you to build credit without paying an annual fee or interest. To qualify, you must have a Varo bank account with at least $1,000 in direct deposits over the past 90 days. Varo automatically sets aside funds from your bank account to cover your credit card purchases and reports your payment history to the 3 major credit bureaus. 


This review was completed using information from the Varo website.


* Customers who had an existing credit score showed an average score increase of approximately 40 points after three months of having Varo Believe and no late payments on their credit. Individual results may vary.

Some customers may not see an increase, but customers with bad or thin credit histories are likely to see the biggest positive impact on their score from using Varo Believe and making consistent on-time payments.

Score increase is based on the VantageScore 3.0, a credit score alternative to the FICO score. VantageScore and FICO use different models and weigh factors differently when determining a credit score.

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
Top Credit Cards
Chase Sapphire Preferred
Chase Sapphire Preferred
Read Review|Visit Site
Read all reviews

Must Reads

How to Get Approved for a Credit Card
Jun. 23, 2024
The Ultimate Travel Credit Card Guide
Jun. 23, 2024
What is a Credit Builder Credit Card?
Jun. 23, 2024
Read all articles