Varo Bank, the first fully digital nationally chartered bank in the United States, today launched the Varo Believe program, an innovative credit creation product that includes a Visa credit card and credit monitoring.

The Believe program is for the 45 million Americans who are “credit invisible” – meaning they have insufficient credit histories to qualify for credit – and the millions more who are looking to improve their credit rating. credit score.

The Varo Believe program is a new type of credit card program linked to a Varo bank account to help avoid uncontrollable debt. The card reserves money spent from a real-time linked Varo bank account to a secure Vault account to pay your credit card balance on time and in full each month **. The Varo Believe program is a unique credit creation program with no initial security deposit, no monthly or annual fees, no APR, no administration fees and no foreign transaction fees. Varo then reports your payment history to the three major credit bureaus and customers can view and monitor their credit score right in the Varo Bank app for free.

About half of Millennials and Gen Z have a “Fair” or “Bad” credit profile, and one in five Americans has no credit profile at all. A lower credit score or a thin credit history can result in limited access to credit offers and a higher cost of credit, while a better credit score leads to better deals on some of life’s biggest purchases. Varo’s commitment to helping clients build and maintain a strong credit profile is part of the bank’s larger vision to build social and economic resilience within our communities.

“A good credit score is so important for so many fundamental aspects of our daily lives – renting an apartment, accessing utilities, buying a car, or even applying for a job in many cases,” said Colin Walsh, CEO and founder of Varo. Bank, NA “And access to affordable credit is fundamental to long-term financial health. That’s why we knew Varo’s first credit card had to innovate and directly target one of the biggest challenges facing us. Millions of American Consumers Face Today: Responsible Building, Repair, and Access to Credit.

Varo reinvents the traditional banking experience by delivering fully digital premium banking products designed to support financial inclusion and opportunities for its customers and their communities. The Varo Believe program complements the features of Varo’s premium banking products, including early payroll deposits up to two days ***, savings accounts with rates that pay several times the national average and Varo Advance ****, a short-term cash advance line of credit. which allows eligible customers to access up to $ 100 according to their needs directly in the Varo Bank app. Varo Advance was launched in December 2020 and remains free until March 2021 due to the continuing effects of the COVID-19 pandemic.