No applications, no credit checks, and always 0% interest for the easiest shopping experience.
At the time of purchase, the first payment is charged to your credit card and the outstanding amount will be reserved from your available line of credit. As each monthly payment is charged, the hold on your card is reduced until the purchase is paid in full.
What is Splitit?
Splitit is a global payment solution enabling shoppers to pay for purchases with an existing credit card by splitting the cost into interest-free monthly payments.
How does Splitit work?
Splitit requests authorization from the shopper’s card company, reserving the total purchase amount from the shopper’s available line of credit. Then, each month, according to the shopper’s payment plan, the installment amount is collected and Splitit requests authorization for the remaining balance.
Here is an example of how the service works for a customer buying a TV totaling $1,000 in 5 installments of $200 each:
1. Splitit obtains authorization from the credit card company for the full purchase amount of $1,000. This is not a charge on the card; it is simply reserving $1,000 from the shopper’s line of credit.
2. The credit card company then charges the shopper $200 for the first payment.
3. During the second month, Splitit requests authorization for the outstanding purchase amount of $800, and charges the shopper the second installment of $200.
4. This authorization and charge process continues until the full $1000 is collected–in this case, for 5 months.
Note that the held amount might show as ‘pending transaction’ on your credit card statement.
Is there an application process for Splitit?
Splitit requires no application or registration. There is an instant approval by using the shoppers existing credit card level.
What fees does Splitit charge me?
You will not be charged interest and there are no hidden fees.
Which cards are supported by Splitit?
Splitit is supported by Visa, Mastercard, and UnionPay.
How do I track the installment payments on my card statement?
Each month, your credit card statement displays the installment charge amount for that month, along with the merchant name. You will also see the authorization/hold for the outstanding amount dropping by one installment, every month. In addition, Splitit will email you after each successful installment charge.
How do I receive a report of my installments?
When you make a purchase using Splitit, you will be asked to provide your email. Splitit sends you credentials so you can log in to the Splitit consumer portal to check your installment status and view other information regarding your purchase. The portal can also be found in the footer of the website.
Can I pay off my installments early?
Yes, you can. This option is available on your Splitit consumer portal or you can contact our customer care at email@example.com.
What happens to my credit score if I use Splitit?
Nothing. If you use a Splitit installment plan there is no impact on your credit score. The bank simply sees the individual installment charges each month. If one of your payment authorizations is declined, there is still no effect on your credit rating; it is simply a declined charge.
What if my card is going to expire in the middle of payments?
Splitit allows you to use credit cards which expire in the middle of the installment plan. One month before the credit card expiration, Splitit will notify you via email and give you the option to switch the payments to your new card. You can switch credit cards directly via the Splitit consumer portal or you can contact our customer care team directly.
What if my credit card gets lost or stolen?
If something happens to your credit card, please do the following:
1. Contact your card company to report the card lost.
2. Visit the Splitit portal and update your payment plan with another credit card. Go to the “payment plan information” tab, select your payment plan and click “update card details.” Enter the new credit card details and click “confirm.”
3. If you are having any trouble, please email firstname.lastname@example.org.
Can I still recieve points and rewards on my card?
Shoppers can still enjoy their credit card benefits such as air miles or points when using Splitit.
Is Splitit Payment Card Industry Data Security Standards (PCI DSS) compliant?
Yes. Splitit is providing a secure platform that adheres to all PCI DSS requirements. More information about our PCI certification can be found at https://www.splitit.com/pci/.
Is Splitit a safe solution?
Yes. Splitit complies with Visa, Mastercard, and UnionPay operating standards. We are PCI – DSS level 1 compliant and we use communication security technology (single-socket layer/ SSL) to keep the information safe.