At Bits, we're committed to offering flexible and innovative financial solutions to support your credit-building journey.
One of the unique features of the Bits credit card is its weekly payment schedule, designed to help you manage your finances more effectively.
Your Bits credit card payments are due weekly, which is by default every Tuesday. However, you can choose or change the payment day within the app. To view your current payment day, please visit the Credit Card section in the app where it will be displayed.
This article provides clarity on our weekly payment structure and what happens if a payment is missed. Please note the billing cycle cannot be changed to monthly at this time.
Weekly Payment Schedule
Why Weekly Payments?
Improved Budget Management: Weekly payments can help you stay on top of your spending and prevent you from falling into debt. They also ensure that your credit card balance remains manageable throughout the month.
Frequent Account Updates: This approach allows for more card repayments and gives you a clearer, up-to-date picture of your spending and available credit.
What Happens If a Payment Is Missed?
If a weekly payment is not covered, your Bits credit card will be temporarily frozen. This measure is in place to prevent further spending and to help you manage your existing balance without accruing more debt.
Reporting to Credit Bureaus
Monthly Reporting: Despite the weekly payment schedule, it's important to note that your credit card activity is reported to credit bureaus on a monthly basis.
Grace for Single Missed Transactions: We understand that occasional hiccups happen. Rest assured, missing a single weekly transaction will not immediately result in a missed payment being reported to credit bureaus. This policy is designed to give you a buffer to make up the missed payment without negatively impacting your credit score. We will provide you plenty of opportunities throughout the month to clear your balance until your card is reported.
Once the missed payment is covered, your credit card will be unfrozen, and you can resume using it as usual. We encourage you to make up the missed payment promptly to avoid any potential impact on your monthly credit reporting.
Should you have any questions about your weekly payments or if you encounter difficulties making a payment, our customer support team is here to assist you through the help section of your Bits app.