Varo Believe Credit Builder Review

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▽MY FINANCIAL TOOLS▽

�� Credit Cards
➤ BEST Credit Cards: https://linktr.ee/Magnified.Money

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�� Chime Fully Online Banking
➤ Sign-Up for Chime HERE: https://magnified.reviews/Chime
➤ Chime Credit Builder HERE: https://magnified.reviews/Credit-Builder

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�� SoFi Complete Money Management
➤ Checking & Savings – https://magnified.reviews/SoFi
➤ Credit Card – https://magnified.reviews/SoFiCreditCard
➤ Invest – https://magnified.reviews/SoFiInvest
➤ Budgeting – https://magnified.reviews/SoFiRelay

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�� Bankrate | Checking, Savings, and CDs
➤ Checking – https://magnified.reviews/Savings
➤ Savings – https://magnified.reviews/Savings
➤ CD – https://magnified.reviews/CD

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�� Wealthfront Automated Investing
➤ First $5,000 Managed for FREE – https://magnified.reviews/Wealthfront

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�� Current Card
➤ Current | Modern Banking App – https://magnified.reviews/CurrentCard

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�� MY CAMERA GEAR
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Typically with a credit-builder card you are basically prepaying the card in some way and then when you use that to make purchases, the card issuer is going to report that as an on-time payment and use the money that you’ve already set aside to pay off the card and therefore that helps build your credit score without you accruing debt or taking on any kind of interest. And the Varo Believe card is very similar but it does have some minor differences from the Chime credit builder that I’m personally a huge fan of. First of all from what I can tell you do not need to have a Varo bank account in order to fund this card and you should be able to fund it from any external bank account.

Once you open up your Varo believe secured account you’re going to preload the card with a predetermined amount of money from your external bank account. Then like I mentioned earlier you’re just going to use this product as you would with any other credit or debit card to pay for your regular everyday purchases. From there you simply use the money that you already set aside to pay off the balance of this card and Varo is going to report that as in on-time payment to the three major credit bureaus which are Equifax, TransUnion, and Experian, and as a result your credit score is going to start to increase very quickly especially if you have really bad credit or you have no credit history because your on-time payment history is the most important factor in calculating your credit score.

So one other important difference that’s worth noting here from similar products is that you do still have to make a payment whereas with the chime product this happens automatically but this isn’t necessarily a bad thing because it does build that habit of going in and making sure that you are paying off your balance so even though that may be a little bit of a headache, I do actually see the purpose behind it because if and when you do get a true credit card, you will already have built that habit of going in and making sure that you are not missing any payments because if you do with a real credit card then not only are you going to damage your credit score but you’re also going to start to accrue interest and fees and that is the last thing that we want.

I will mention that there is a $15 late fee if you do not make your payment on time and again I get that that absolutely sucks and you all know that I am not a fan of any kind of banking fee but because this is a trainer card in a small sense I do actually see the purpose behind that fee because again if you were to miss a payment with a real credit card then in most cases you would be slapped with a much higher fee then $15. So I can’t necessarily recommend this over any other product because they all do basically the exact same thing but if you do already have a Varo bank account or you’re just a fan of Varo as a company then this is a fantastic product that I would definitely check out if you feel it is a good fit for your financial situation.

0:00-NEW Varo Believe Credit Builder
1:25-How do Credit Builder Cards Work?
2:33-How Does the Varo Credit Builder Work?
5:48-UNLIMITED Credit Limit!
7:02-The FINAL Verdict!

Music from Epidemic Sound

Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Chime Bank vs. Varo Bank:

Sign-Up for Chime HERE: https://magnified.reviews/Chime
Apply For the Chime Credit Builder HERE: https://magnified.reviews/ChimeCreditBuilder

Click “Show More” to see my Favorite Financial Tools

▽MY FINANCIAL TOOLS▽

�� Credit Cards
➤ BEST Credit Cards: https://linktr.ee/Magnified.Money

———-

�� Chime Fully Online Banking
➤ Sign-Up for Chime HERE: https://magnified.reviews/Chime
➤ Chime Credit Builder HERE: https://magnified.reviews/Credit-Builder

———-

�� SoFi Complete Money Management
➤ Checking & Savings – https://magnified.reviews/SoFi
➤ Credit Card – https://magnified.reviews/SoFiCreditCard
➤ Invest – https://magnified.reviews/SoFiInvest
➤ Budgeting – https://magnified.reviews/SoFiRelay

———-

�� Bankrate | Checking, Savings, and CDs
➤ Checking – https://magnified.reviews/Savings
➤ Savings – https://magnified.reviews/Savings
➤ CD – https://magnified.reviews/CD

———-

�� Wealthfront Automated Investing
➤ First $5,000 Managed for FREE – https://magnified.reviews/Wealthfront

———-

�� Current Card
➤ Current | Modern Banking App – https://magnified.reviews/CurrentCard

———-

�� MY CAMERA GEAR
➤ My Camera: https://magnified.reviews/Camera
➤ My Microphone: https://magnified.reviews/Microphone
➤ My Lights: https://magnified.reviews/Lights

First up we have Chime Bank which is still going to offer that 1% interest which has really remained unchanged in recent months despite many competitors lowering their interest rates. You’re also going to have that no fee structure that we’ve come to expect which means no minimum balances, no monthly fees, no foreign transaction fees, no overdraft fees, as well as free access to their network of 38,000 money pass ATMs. So Chime has a few different accounts that they offer which essentially breaks down to their spending account which is like a checking account and their savings account. These two accounts alone are going to give you access to some great features like early paycheck payment up to two days early, the ability to make mobile payments to friends right from within the app, and even some amazing savings tools such as their roundup spending option. You’re also going to be fully FDIC insured up to $250,000 and Chime has 24/7 customer support. Now one big change that they’ve added since my original review is the credit builder account which is kind of like a credit card but not exactly. Instead of you using a credit card and paying that amount back which is basically a short-term debt, you instead are able to get a chime credit builder account and move money from your chime spending account to that credit card like a prepaid card. From there you can use that credit card up to the amount that you transferred and Chime is going to report these payments to the credit bureaus who calculate your credit score.

Varo bank is going to offer a slightly more complicated interest rate but I promise it’s not that hard to keep track of so let’s break this down. First off in your savings account you’re going to earn 0.81% and you’re going to get that 2.8% interest if make at least 5 qualifying purchases with your Varo card per month which should be pretty easy to use if you’re using this for your regular everyday purchases and receive $1000 or more in qualifying direct deposits each month. Beyond that slightly confusing interest rate system, Varo bank is also going to offer the same get paid early feature as well as the same no fee structure meaning no monthly fees minimum balance fees overdraft fees foreign transaction fees and access to their network of 55,000 Allpoint ATMs.

Music from Epidemic Sound

Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

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DISCLAIMER: Please note that TruFinancials is not a financial advisor, and these videos are for entertainment purposes only.

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Watch ‘The Opportunity Gap’, where we discuss how systemic financial inequality affects communities of color and what can be done to change the status quo. Presented by Varo Bank