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...
Hi! Founder here. Yes we’re in the process.
Show HN: Killing credit cards – meet Bits, a privacy first borrowing app
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Re: Show HN: Killing credit cards – meet Bits, a privacy first borrowing app
#12Very 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…
A comment from the last time this was posted: https://news.ycombinator.com/item?id=18075506 If the above is still correct, interest is charged at 1% per month, based on the credit limit, not the outstanding amount. So the APR might be something between 12.7% (if you borrow the maximum) and ~infinity (if you have a non-negligible limit, but borrow only 0.01 GBP).
Hello. That was a different product...