Bits Marketplace has been developed to streamline your credit card search, allowing you to explore various credit card options directly within the Bits app. This eliminates the need to navigate multiple websites and setups, thereby saving you time and effort.
Functionality and Permissions
Bits uses its credit broking permissions to operate this feature. We are not lenders but act as brokers, matching you with suitable credit card plans based on your eligibility.
Scope and Eligibility
Bits Marketplace is available to everyone, free of charge. It doesn’t matter whether you are a subscriber to the Bits credit building service or not. Simply download the Bits app, available on both iOS and Android platforms, to access this service.
Third-Party Involvement
To determine the best credit card plans for you, we share your data with Freedom Finance Limited, which is regulated by the Financial Conduct Authority (FCA) under firm reference number 662079. This data sharing is primarily used to conduct a credit check, which will show up as a soft inquiry from Freedom Finance on your credit file.
Revenue Model
If you accept a credit card offer through Marketplace, Bits receives a commission from Freedom Finance. Additionally, Freedom Finance receives a commission from the credit card issuer if you proceed with their product.
Offer Selection Process
The offers displayed in Bits Marketplace are chosen by Freedom Finance based on your likelihood of approval. The first offer shown is the one you are most likely to be approved for, followed by others in descending order of approval probability.
Risks to Consider
There are a few risks associated with using Bits Marketplace:
There is a possibility that no offers will be shown, which could potentially be a waste of your time.
High approval odds do not guarantee acceptance; the final decision lies with the lender.
Each search within the Marketplace will register as a soft search on your credit file. While this does not impact your credit score, it's important to be aware of these footprints.
Bits Marketplace offers a convenient way to compare credit card offers, enhancing your experience by keeping everything integrated within our app. If you have any questions or need further assistance, please contact our support team.