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.
Summary: Bits does not support balance transfers into or out of the Bits Credit Card.
What this means
You can’t move a balance from another card to Bits.
You can’t move a balance from Bits to another card.
You can repay your Bits Credit Card using your linked payment method per your usual billing cycle.
Why we don’t offer balance transfers
Simplicity & responsible use: We keep the product simple to help customers manage what they spend and repay, without adding transfer mechanics that can be confusing or encourage shifting debt.
Product design: The Bits Credit Card is interest-free and works on a weekly billing cycle; balance transfers don’t fit this structure.
Compliance clarity: Clear, consistent repayment arrangements help ensure fair outcomes and straightforward communications.
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:
Credit Utilisation Management: Credit reference agencies may take into account how much of your available credit you use. Some people choose to keep their utilisation below around 30%, though there is no guaranteed outcome.
On-Time Payments: Ensure you make all your payments on time. Setting up automatic payments or reminders can help manage this.
Credit Education: Take advantage of our educational resources to better understand how to use credit wisely.
Customer Support: Our team is here to offer guidance and answer any questions you may have about managing your credit card.