Bits Marketplace

Product Information
This product has been launched with the intention of giving you another way to see what you are currently eligible for in the credit market.

The idea here is to create a seamless user experience for you, so that if you do want to get a credit card, you can explore your options from within the Bits app now, not having to leave and invest time/energy into getting set up on a new website.

Bits utilises its credit broking permissions for this product - it is not a lender in this context. It only matches you with suitable credit card plans, nothing else.

Scope & Eligibility
Put simply, this service is available to everyone. Bits Marketplace can be accessed for free by anyone who wants it, regardless of whether they have a subscription to the Bits credit building service. To activate this service, download our app (iOS/Android).

Third-Party Involvement
In order to determine which credit card plans are best suited to you, your data is shared with Freedom Finance Limited, which is regulated by the Financial Conduct Authority (FCA) with firm reference number 662079 for providing credit broking services.

In particular, it will be used to conduct a credit check on you, and once this check has been completed, their name will be visible on your file.

How we make money
In case you end up taking up any of the credit card offers that we show you in Marketplace, then we will be paid a commission by Freedom Finance. Freedom Finance, in turn, also gets paid a commission by the credit card issuer, if you successfully take up their product.

How we decide what offers to show you
Bits does not actually decide what offers you get shown. This decision is made by Freedom Finance, and the way Freedom Finance does this is by looking solely at your chances of approval.

The "first" or top offer that we show you is the one you have the highest chance of approval for, and the next one will be the next highest chance of approval and so on.

Risks
Please note that there are risks involved with our Marketplace product, and you should be aware of them.

Firstly, there is a risk that you don't see any offers. This means you could end up wasting your time. We can't unfortunately control this.

Secondly, there is also a risk that even if we show you that you have a high chance of approval, and show you an offer in our marketplace, you could still ultimately be rejected for it. This is again out of our control, as the ultimate decision always lies with lenders.

Finally, when you search for products, there will be an impact on your credit file, in the form of a soft search footprint. This won't affect your score, but you should know it will appear and the more searches you do, the more footprints will appear on your credit file.