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Are balance transfers allowed on my Bits credit card?
Are balance transfers allowed on my Bits credit card?
Luís Camilo avatar
Written by Luís Camilo
Updated over 10 months ago

What is a Balance Transfer?

A balance transfer involves moving the balance (the amount owed) from one credit card to another, typically to take advantage of lower interest rates or consolidate debts for easier management. It's a common financial strategy used to reduce interest payments and streamline debts.

Bits Credit Card and Balance Transfers

After careful consideration and in alignment with our mission to promote responsible credit use and help our customers build their credit scores effectively, Bits does not currently offer the option to perform balance transfers to or from your Bits credit card.

This decision is rooted in our commitment to encouraging healthy financial habits and ensuring that our services are used in ways that most benefit your credit-building journey. Balance transfers, while beneficial in certain contexts, can sometimes lead to increased debt if not managed carefully. Our focus is on providing you with tools and resources that support sustained financial growth and credit improvement.

Alternatives and Suggestions

While balance transfers are not a feature of the Bits credit card, we are here to support you in other ways that can help manage your credit effectively:

  1. Credit Utilisation Management: Keeping your credit utilisation low can positively impact your credit score. Aim to use less than 30% of your available credit at any time.

  2. On-Time Payments: Ensure you make all your payments on time. Setting up automatic payments or reminders can help manage this.

  3. Credit Education: Take advantage of our educational resources to better understand how to use credit wisely.

  4. Customer Support: Our team is here to offer guidance and answer any questions you may have about managing your credit card and improving your credit score.

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