A clarification from Bits, issued in response to an unexpected number of enquiries.
£50. Not £500. Please stop asking.
The clarification, in full.
Two short films. Everyone in them has been asked. Everyone in them has answered.
This film lands here shortly.
This film lands here shortly.
Still wondering?
We understand. Ask away.
Right. That's twenty times.
The limit is £50. Here is the form. It is also for £50.
Get the £50 cardStatements from the film.
Collected from members of the public who were asked, and would prefer not to be asked again.
I was told £500. It is £50. Please stop asking.
They told me £500. It is £50. I have said this before. Please stop asking.
I will be frank. The limit is £50, not £500. I would rather not discuss it further.
To be absolutely clear, the limit is £50. Please stop asking.
£50. Forgive me. But not £500. Please stop asking.
The limit is £50. Not £500. Please stop asking. We have a train to run.
It is £50, not £500. Please stop asking. I have customers.
I wish it were £500. It is £50. Please stop asking.
The limit is £50. Not £500. Please stop asking.
Dramatised. Nobody was harmed, but everybody was asked.
Why is it £50?
Because this is a card for building a credit history, not for buying a sofa.
Every repayment you make on the Bits card, on time or missed, is reported to the three UK credit reference agencies: Experian, Equifax and TransUnion. A small limit, used a little and cleared every week, gives you a simple record of paying back what you borrowed.
£50 is also very hard to get into trouble with. There are no hidden fees and no FX fees abroad. You spend, and you repay what you spent each week.
Bits is a monthly membership, from £6 a month, which includes the card. It isn't for everyone: if you're struggling with debt, or you've recently entered an IVA or a Debt Management Plan, please don't apply.
Building credit isn't guaranteed, and there are free ways to do it too. Not repaying on time is reported to the credit reference agencies and may negatively affect your credit score.
What £50 is for
- A big shop, if you're disciplined in the biscuit aisle
- The train to see your mum, booked three weeks early
- A round. A small round, in a decent pub
- Petrol, a haircut, and a coffee afterwards
- Paying it back on Friday, so it shows up on your file
What £50 is not for
- A sofa
- A holiday
- A decision made at 3am
- Anything you'd rather not explain to your mum
- Asking whether it's £500
Frequently asked question.
And a few others, for completeness.
Is it £500?
No.
Is it £500 if I ask nicely?
It is £50. Thank you for asking nicely.
Will my limit go up?
Limits start at £50 and are reviewed as you repay on time. Some members have been given £100. They have been asked to keep it down.
Can it reach £500? We would rather not discuss it further.
What does it cost?
Bits is a monthly membership, from £6 a month. The card itself has no hidden fees and no FX fees. Checking your eligibility is free and uses a soft search, which doesn't affect your credit score.
Does it build my credit score?
It's designed to help. Your repayments, on time or missed, are reported to Experian, Equifax and TransUnion every month, and a record of regular repayment is what credit scores are built from.
Improvements to your credit score are not guaranteed. Credit building takes time and depends on your circumstances, and there are free ways to build credit as well. Missing repayments can harm your score.
Is it a real Mastercard?
Yes. It works wherever Mastercard is accepted, in store, online and abroad, with a few exceptions such as gambling. It will not work at the £500 you are imagining, because that is not the limit.
Who can apply?
UK residents aged 18 or over, with valid ID. Bits isn't suitable if you're struggling with debt, and you shouldn't apply if you've recently entered an IVA or a Debt Management Plan.
Is this website a joke?
The website, yes. The limit, no.
Can I speak to the vicar?
Reverend Hugh has asked us to say £50 on his behalf.
£50.
That's the limit. That's the whole clarification.
Get the £50 card