The Believe Program is aimed at the 45 million Americans who are "credit invisibles" - meaning they have insufficient credit history to qualify for credit - and the millions more who are seeking to improve their credit score.

The Varo Believe Program is a new kind of credit card program that is linked to a Varo bank account to help avoid runaway debt. The card reserves the money that is spent from a linked Varo bank account in real-time into a secure Vault Account to pay your credit card balance on time and in full every month**. The Varo Believe Program is a unique credit building program with no upfront security deposit, no monthly or annual fees, no APR, no application 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 directly in the Varo Bank app for free.

Roughly half of Millennials and Gen Z'ers have "Fair" or "Poor" credit profiles and one in five Americans don't have a credit profile at all. A lower credit score or a thin credit file can result in limited access to credit offerings and higher cost of credit, whereas a better credit score enables better deals on some of life's biggest purchases. Varo's commitment to helping customers build and maintain a strong credit profile is part of the bank's broader vision to build social and economic resilience within our communities.

"A healthy credit score is so important to many of the foundational 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, N.A. "And access to affordable credit is fundamental to long-term financial health. That's why we knew that Varo's first credit card needed to lead with innovation and directly target one of the biggest challenges facing millions of American consumers today: responsibly building, repairing, and accessing credit."

Varo reimagines the traditional banking experience by offering all-digital premium banking products designed to support financial inclusion and opportunity for its customers and their communities. The Varo Believe Program complements Varo's premium banking product features including up to two day early payroll deposits***, savings accounts with rates that pay several times the national average, and Varo Advance****, a short term cash advance line of credit that allows qualifying customers to access up to $100 as needed right in the Varo Bank app. Varo Advance launched in December 2020 and remains fee-free through March 2021 due to the ongoing effects of the COVID-19 pandemic.