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.
Furnishing Account and Payment info to Credit Bureaus
Monthly updates: Although your Bits Credit Card bills weekly, we share factual account information (e.g., balance, status and payment activity) with the main credit reference agencies on a monthly basis.
Grace for a single missed weekly payment: We understand occasional hiccups happen. Missing one weekly transaction will not automatically trigger an adverse entry. You’ll have opportunities during the month to clear the amount before it’s included in our monthly update.
If an amount remains overdue: If an amount remains overdue when we submit our monthly update to the credit reference agencies, it may be reflected in your account status. Clearing the overdue amount before that monthly update is the best way to avoid any negative reflection of the missed payment.
Card usage after payment: Once the missed payment is covered, your credit card will be unfrozen and you can resume using it as normal.
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.