Varo Believe Program Agreements Nov 6

The Varo Believe Program Agreements Nov 6 2023 filing from Varo Bank sets out a 0% purchase APR and no annual fee. Against the 4,587 filings on this site, that rate lands around the 1st percentile.

The disclosed terms

Varo Bank filed this agreement for Varo Believe Program Agreements Nov 6 2023 with the Consumer Financial Protection Bureau. It is issued on the Visa network and the filing runs 23 pages.

The disclosure covers a purchase rate, an annual fee line, a foreign transaction fee and a grace period. No figure appears for a cash advance rate, a balance transfer rate and a penalty rate.

Confidence in the parse of this filing is moderate rather than high, so the figures below are best checked against the original.

Pricing the purchase rate

Set beside the rest of the index, the purchase APR of 0% lands at the 1st percentile; it is lower than almost every other agreement here.

What the rate means in dollars

Put $1,200 on the card and never reduce it, and twelve months of interest at the disclosed purchase rate comes to approximately $0.

Measured against the 21.99% corpus median, the same $1,200 costs approximately $295 less per year here.

Broken down to a single thirty-day cycle, the same balance accrues roughly $0.

Treat this as an illustration of what the disclosed rate does, not as a projection of a real account, which would be shaped by payments and by the fees described elsewhere in the filing.

Fees, and what triggers them

No annual fee appears in the filing, in line with the roughly 75% of disclosing agreements in this index that charge nothing to hold the card.

Foreign transactions carry no fee. Only about 22% of the filings here that disclose a foreign transaction fee set it at zero, so this is a genuine point of difference.

The no-interest path

The filing gives 21 days' grace on purchases, meaning a statement balance paid in full within that window attracts no interest. That is shorter than the 25-day corpus median.

What the filing does not tell you

This page cannot tell you anything about cash advances, balance transfer terms and penalty pricing, because the filing's disclosure table as read does not contain them.

More broadly, a CFPB agreement filing is a legal and pricing document. It does not describe rewards, benefits, sign-up offers, eligibility or approval criteria, and nothing of that kind has been inferred on this page. Where a card has features of that sort, they live outside this document entirely.

Reading the agreement yourself

Everything here is a reading of the filed agreement, 23 pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

At 0% the purchase rate is low relative to this corpus, which is the clearest thing the filing has going for it on cost. Because there is no annual fee, everything depends on the revolving behaviour: used as a payment instrument and cleared monthly, this agreement costs nothing. All of this rests on figures read from the filing with less than full confidence, which is reason enough to check the document before relying on any of it.