How to Manage Spend Control Mode on Your Bits Account
Spend Control mode is an innovative feature we've designed with your financial well-being in mind. It's aimed at helping you maintain a healthy credit utilization ratio, which is a crucial component of your credit score.
Understanding Spend Control Mode
Here’s why Spend Control mode can be beneficial for you:
Credit Utilization: It limits the use of your card to no more than 20% of your credit limit.
Credit Score Impact: Utilizing more than 20% of your credit limit can sometimes be viewed unfavorably by credit reference agencies, which may impact your credit score negatively.
You're in Control
We understand that financial situations can vary greatly, and what works for one person might not work for another. That's why we’ve made it possible for you to control the Spend Control mode according to your personal financial needs.
How to Turn Off Spend Control Mode:
Open the Bits App: Launch your Bits application on your mobile device.
Navigate to Settings: Scroll to the 'Settings' section of the app.
Credit Card Settings: In the 'Settings' menu, select 'Credit Card settings'.
Deactivate Feature: Look for the option to 'Deactivate' under 'Spend'. Selecting this will turn off the Spend Control mode.
Confirm Your Choice: Follow any additional prompts to confirm that you want to deactivate this feature.
Best Practices:
We encourage you to manage the Spend Control mode in alignment with your financial objectives. While this feature can be beneficial for maintaining a good credit score, you may decide to deactivate it based on your current financial situation and goals.
Remember that making informed decisions about credit card usage is vital for financial health.