However, using these tips will help you reap Splitit’s many benefits. Splitit is a great option for many people seeking a convenient installment payment service. See related: Split any online purchase into 4 installments with Klarna Tips for maximizing Splitit Since Splitit does not check your credit or report to a credit bureau, you cannot use Splitit as a tool to improve your credit score.Splitit only accepts Visa and Mastercard.Some Splitit-compatible retailers do not accept debit cards.For example, James Avery requires a minimum $10,000 purchase to utilize Splitit. Retailers may place maximum or minimum purchase values on the customer.It can also negatively impact your credit utilization. This may be an issue if you have a low spending limit. Splitit places a hold for the full balance on your credit card.Many payment installment services use a wider base of merchants or let you pay anywhere with a virtual card number. Competing services like Klarna offer alternative options like financing. Splitit does not interfere with your credit card perks, so you can keep saving. If you use a rewards credit card, you will continue earning points.You can make early payments through the Splitit portal.There is no application process to use the service.This even applies in situations like declined payment methods. Splitit does not require a credit check, and it will not decrease your credit score.Splitit has no fees, even for late payments.Splitit doesn’t charge interest for payments made on time.However, there are some cons to Splitit that you’ll want to keep in mind. Splitit’s many shopper-friendly qualities – like no credit check or application – set it apart from the competition. It is still important to pay attention to your payment’s due dates and make timely payments. However, any late payments will be charged interest at your card’s APR until they are paid off. Even if your payment method is declined, your credit score remains unscathed. Every month, your bank will only see the installments made. Beyond the portal, you will also see the installments on your monthly card statement, and Splitit sends a monthly email confirming the payment.Ī unique and exciting feature of Splitit is that its installment plans will not impact your credit score. You can use this portal to monitor your installments and make payments. Your email enables you to set up an account with the support portal on the Splitit website. When you purchase an item, Splitit asks you to provide an email. Making and monitoring your payments is also simple with Splitit. Below is a demonstration of the installment process with a debit card.Ī screenshot of Splitit debit payments, via However, it is important to note that some retailers only accept credit cards for Splitit capability. The entire amount is placed as a temporary hold, then released after five business days. Splitit uses an alternative method to hold the balance on debit cards. Below is a demonstration of how credit card payments work with Splitit.Ī screenshot of Splitit credit payments, via Every month, the balance held is reduced as each payment is confirmed. Splitit and the retailer communicate directly, making the process easier for the customer.įor credit cards, the remaining balance is held on the card until the final installment payment is made. The shopper is charged for the first payment after the retailer confirms shipment. Anyone whose payment method is accepted at checkout can utilize Splitit to manage their purchases.Ī screenshot of Splitit payment options, via Since Splitit uses your existing card, there is no credit check, application or waiting period for the service. Next, the user inputs their credit or debit card information. However, some retailers limit the number of payments possible. These payments can be made over three, six, 12 or 24 months. Once the shopper selects Splitit as their payment option, they will first choose the number of interest-free payments they want to make. Splitit is an option built directly into its partner retailers’ online checkout. These standout features make for an easy shopping experience, so you can buy the items you love without breaking the bank. Splitit also avoids separate applications and credit checks – once your card is accepted, the transaction is good to go. There is no registration involved, so you can access the payment option as you check out from the retailer. With Splitit, the shopper conveniently uses their existing credit or debit card. These equal payments can span from three to 24 months, with no interest as long as you pay on time. The service partners with retailers like James Avery and SofaClub to help users select a payment plan for their lifestyle and finances. Splitit is a payment solution that divides a purchase into smaller monthly installments.
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