Show HN: Killing credit cards – meet Bits, a privacy first borrowing app

by faisalkhalid80on 6/13/2019, 9:58:49 PM with 4 comments
  • by timwison 6/14/2019, 2:38:05 PM

    Very intrigued. The things that threw me off were:

    1. It would be great if you could give an example of what the fees look like. For instance, borrowing £100 for 30 days costs £5 or something. Sounds like I have to sign up and load money into the app to get a sense of how expensive it would be.

    2. The nicknames for common banking terms may cause more confusion than they're worth :/ I had to make a mental map between "pocket" = account, "bit" = loan, "superpowers" = also loan? before I could understand what I was reading.

    Good luck!

  • by rahimnathwanion 6/14/2019, 10:47:26 PM

    I looked up the company listed on the page (Fea Card Limited) on the FCA's register, but there were no matches:

    https://register.fca.org.uk/shpo_nosearchresultpage?mainsear...

  • by krageonon 6/14/2019, 8:13:41 AM

    They're going to have to be making money somehow, yet they claim to charge no interest. I can't really find any information about this on their website. Does anyone know?

  • by Nilefon 6/14/2019, 2:20:05 PM

    This is a game changer - I don’t think enough fintechs focus on simple legibility of finance and this execution is simple but powerful

    Signed up for sure!