Bits - Edition One Credit Card

jasonwatkins

Appears to have recently launched.  Designed as a "Credit Building Card" it offers No Cash Withdrawals or Balance Transfers and reports to Equifax, Experian and TransUnion.

And also ..

Please note that the Bits Credit Card is not a regulated credit product, as it is structured under exemptions in the Consumer Credit Act.

https://www.getbits.app/Card-home

(I have nothing to do with them as well, aside from being 'pre-approved' for the card today)

adamp87

You have to be a bits member to get one - I wouldn’t touch this with a barge pole mind, no protection, not regulated… disaster waiting to happen 

emperormessia

I used to use this service in the last years, it had a positive infarcts but closed it because I did not see a good reason to pay for credit, 

I was going to ask is this new service free?

jasonwatkins

emperormessia said:

I used to use this service in the last years, it had a positive infarcts but closed it because I did not see a good reason to pay for credit, 

I was going to ask is this new service free?

At the moment I'm not sure.  I decided to give it a try and I had to pay to re-activate my Bits account as I closed it 2 years ago so chose the lowest £6 tier.

I completed the application process and the card was confirmed with .. a £50 limit.

I don't have a huge problem with that as it is since it's 0% APR but, at the moment, I don't know if you have to keep your Bits membership active to keep the card.   Might have to email them.

emperormessia

jasonwatkins said:

emperormessia said:

I used to use this service in the last years, it had a positive infarcts but closed it because I did not see a good reason to pay for credit, 

I was going to ask is this new service free?

At the moment I'm not sure.  I decided to give it a try and I had to pay to re-activate my Bits account as I closed it 2 years ago so chose the lowest £6 tier.

I completed the application process and the card was confirmed with .. a £50 limit.

I don't have a huge problem with that as it is since it's 0% APR but, at the moment, I don't know if you have to keep your Bits membership active to keep the card.   Might have to email them.

I paid £2 at the time for £72 limit, I find amusing I did that. I’m with you with the 0 apr and other perks but If I have to pay continuously I will pass.
 Please post a update when you figure it thanks 

RBYHS

by reading their TnC you need an active subscription 

jasonwatkins

emperormessia said:

jasonwatkins said:

emperormessia said:

I used to use this service in the last years, it had a positive infarcts but closed it because I did not see a good reason to pay for credit, 

I was going to ask is this new service free?

At the moment I'm not sure.  I decided to give it a try and I had to pay to re-activate my Bits account as I closed it 2 years ago so chose the lowest £6 tier.

I completed the application process and the card was confirmed with .. a £50 limit.

I don't have a huge problem with that as it is since it's 0% APR but, at the moment, I don't know if you have to keep your Bits membership active to keep the card.   Might have to email them.

I paid £2 at the time for £72 limit, I find amusing I did that. I’m with you with the 0 apr and other perks but If I have to pay continuously I will pass.
 Please post a update when you figure it thanks 

The poster above has correctly pointed it out, but I did get official email confirmation earlier that the “credit” card is directly linked to their store card and cannot be used without an active membership so I’ll be cancelling as soon as my one arrives, or earlier if I can.

It’s a shame because of the 0% APR but I’m certainly not paying for the privilege.

WillPS

It's not really 0% APR if there's a fee associated with it, bit sneaky really - any compulsary membership fees or similar should be included in the APR, as Amex have done with their Vitality credit card (which requires a Vitality membership):

https://icm.aexp-static.com/Internet/internationalcardshop/en_gb/pdf/vitality-credit-card/Vitality_American_Express_Credit_Card_Summary_Box.pdf

MP999

I actually don’t have anything really bad to say about Bits, my credit score is awful and I’ve always been refused credit elsewhere. I’ve always wanted to find a way that my rent payment could be a factor in my credit score because I knew it was a thing. I came across Bits and took a look, I seen they had the store card but what caught my eye was the free rent reporting to three different credit agencies included in whatever membership you choose. Rent reporting you have to pay for anywhere so I thought okay and then if I ever need something from the store card I could. So I chose the £6 a month subscription with £200 store credit limit. I’ve never used the store card but have been making on time payments since I started and that was about 6 or so months ago. I didn’t get Bits for the store card it was purely for me to be making payments that count towards my credit score and the rent reporting included was a huge bonus because I know each month that’s 2 positive impacts to my file. I then recently received an email about the Bits Edition One credit builder card and I was placed number 20 on the waitlist. In a few days I was accepted and my card was on the way. I have a £200 credit limit with a 20% cut off cap so if I spend more than 20% the card is put on a hold so I avoid spending more than I could or want to pay back, you only pay back what you spend. You can request a credit review from Bits at anytime if you think you want more credit or less credit and you can also request for the 20% cap to be removed by applying to them for this but you have to show good Bits payment history. If you keep your utilisation down that’s good. At the moment I like the structure because I won’t spend more than I need or make unnecessary purchases, my aim is to build my credit score and stay with Bits for the foreseeable. As your payment history and credit file improves, your credit limit can be increased (which is something I’ll do when my credit score gets to a point I like) which means you have more access to credit and helps enrich your life slightly if you use it the correct way and don’t abuse it all while building your credit file, which is hard to do because that’s why my credit score is so poor in the first place. That’s why I’m grateful to Bits because they give me that ‘chance’ when other credit company’s won’t. I really needed a way to help build my score and Bits is doing that. I have used my credit card for many purchases since and sometimes I pay it back before it’s due, you can also choose to make smaller payments before the full payment day is due the following month, or you pay back what you’ve used in full each month. I have also used the credit card to make an electric payment when I had a tight week, that helped a lot, and sometimes I’ll use it to treat myself so it’s there for when you need and when you want it. I’ve never missed a payment or made late payment for any subscription or balance due. 

emperormessia

MP999 said:

I actually don’t have anything really bad to say about Bits, my credit score is awful and I’ve always been refused credit elsewhere. I’ve always wanted to find a way that my rent payment could be a factor in my credit score because I knew it was a thing. I came across Bits and took a look, I seen they had the store card but what caught my eye was the free rent reporting to three different credit agencies included in whatever membership you choose. Rent reporting you have to pay for anywhere so I thought okay and then if I ever need something from the store card I could. So I chose the £6 a month subscription with £200 store credit limit. I’ve never used the store card but have been making on time payments since I started and that was about 6 or so months ago. I didn’t get Bits for the store card it was purely for me to be making payments that count towards my credit score and the rent reporting included was a huge bonus because I know each month that’s 2 positive impacts to my file. I then recently received an email about the Bits Edition One credit builder card and I was placed number 20 on the waitlist. In a few days I was accepted and my card was on the way. I have a £200 credit limit with a 20% cut off cap so if I spend more than 20% the card is put on a hold so I avoid spending more than I could or want to pay back, you only pay back what you spend. You can request a credit review from Bits at anytime if you think you want more credit or less credit and you can also request for the 20% cap to be removed by applying to them for this but you have to show good Bits payment history. If you keep your utilisation down that’s good. At the moment I like the structure because I won’t spend more than I need or make unnecessary purchases, my aim is to build my credit score and stay with Bits for the foreseeable. As your payment history and credit file improves, your credit limit can be increased (which is something I’ll do when my credit score gets to a point I like) which means you have more access to credit and helps enrich your life slightly if you use it the correct way and don’t abuse it all while building your credit file, which is hard to do because that’s why my credit score is so poor in the first place. That’s why I’m grateful to Bits because they give me that ‘chance’ when other credit company’s won’t. I really needed a way to help build my score and Bits is doing that. I have used my credit card for many purchases since and sometimes I pay it back before it’s due, you can also choose to make smaller payments before the full payment day is due the following month, or you pay back what you’ve used in full each month. I have also used the credit card to make an electric payment when I had a tight week, that helped a lot, and sometimes I’ll use it to treat myself so it’s there for when you need and when you want it. I’ve never missed a payment or made late payment for any subscription or balance due. 

It good bits card worked for you however I would recommend you check your eligibility for credit card apply and close this bits card. it possible you were not eligible before but you have demonstrated your ability to manage credit with bits credit, have you considered a Vanquis card, Aqua or Capital or even a zilch account, do you have access to your credit files you can do a soft eligibility check to see what available to you now you might consider loqbox, or maybe a sim only contract £5, Catalogue account like next, very? It unlikely you aren’t eligible for any of this except you have CCJ, several defaults in the last year or two the idea of paying for a card is ridiculous especially in the long term especially to build credit not for point or cashback, please reconsider my advise 

finallyfree23

For anybody who took this out at the £6 fee level (I know it’s awful value with a tiny limit, but as a former bankrupt it was a way to rebuild some credit history when nobody else would touch me - and has allowed me to build up a history of on time, in full payments) just had an email notification that the fee is increasing to £14 per month in 11 days time! 

Now it’s reached Wonga levels of value, so time for it to go. 133% fee increase…£14 per month to access £100 credit limit. Those green ticks are no longer worth that.