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A comment on Show HN: Killing credit cards – meet Bits, a privacy first borrowing app.

Re:Show HN: Killing credit cards – meet Bits, a privacy firs... by timwis on Friday June 14, 2019 @10:38AM (#20183351)
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!

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Re:Show HN: Killing credit cards – meet Bits, a privacy firs... by rahimnathwani on Friday June 14, 2019 @07:01PM (#20187364)
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).

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Re:Show HN: Killing credit cards – meet Bits, a privacy firs... by faisalkhalid80 on Saturday June 15, 2019 @05:12AM (#20189074)
Hello. That was a different product...
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