{"id":1023,"date":"2022-01-21T14:28:19","date_gmt":"2022-01-21T14:28:19","guid":{"rendered":"https:\/\/paylaterguide.com\/?p=1023"},"modified":"2022-01-21T14:28:20","modified_gmt":"2022-01-21T14:28:20","slug":"how-does-splitit-work","status":"publish","type":"post","link":"https:\/\/paylaterguide.com\/how-does-splitit-work\/","title":{"rendered":"How Does Splitit Work?"},"content":{"rendered":"\n
Want the benefit of a buy now, pay later (BNPL) service but don\u2019t want the hassle of applying for a separate credit program?<\/p>\n\n\n\n
Splitit just might be the solution for you!<\/p>\n\n\n\n
With Splitit, there are no separate applications, credit checks, and additional fees \u2014 just easy monthly payments with no interest fees.<\/p>\n\n\n\n
But what exactly is Splitit and how is it different from other BNPL providers?<\/p>\n\n\n\n
Splitit is a payment platform that allows you to buy items and pay for them in lighter monthly installments. How much you can buy is dependent on your credit card limit and how much of it you\u2019ve used.<\/p>\n\n\n\n
From fashion and sports to home and automotive, Splitit has partnered with a wide range of merchants for online and offline purchases.<\/p>\n\n\n\n
It aims to provide a convenient and fair BNPL service for consumers who are financially responsible and diligent but don\u2019t want the hassle of applying for a new loan.<\/p>\n\n\n\n
Let\u2019s see how Splitit works.<\/p>\n\n\n\n
How does one get started with Splitit? Using Splitit is a breeze and doesn\u2019t require you to fill out lengthy forms or wait for approvals. All you have to do is select it as your payment option upon checkout. Of course, this means that you need to purchase from one of its merchant partners in order to avail of its features.<\/p>\n\n\n\n
Upon choosing Splitit as your payment method, just enter your credit card details like a normal online purchase. In-store purchases work similarly. They just rely on a pay-by-link form that you need to fill out instead.<\/p>\n\n\n\n
Once your purchase is received, Splitit collects your details and provides the payment dates and the number of installments you need to pay.<\/p>\n\n\n\n
Business partners choose a minimum and maximum limit for purchases made with Splitit. You\u2019ll thus select your number of installments from the options provided by affiliated merchants. This can range anywhere between 2 to 36 months.<\/p>\n\n\n\n
The first payment is your down payment and must be paid once the purchase is made or the order is shipped. It is typically deducted within 28 days that an order is placed.<\/p>\n\n\n\n
You don\u2019t need to create a new account or apply for a card when using Splitit. All you need is an existing credit card and the balance available on it.<\/p>\n\n\n\n
Splitit doesn\u2019t do a credit check. It just uses the balance on your credit card. This means that your credit card shouldn\u2019t be maxed out and there should still be enough balance left to make your desired purchase.<\/p>\n\n\n\n
Instead of accessing your credit score and giving you a spending limit, Splitit uses a pre-authorization system by placing a hold for the purchase amount on your credit card. This hold is placed when you use their services to make a purchase and is reduced as you pay off the monthly payments.<\/p>\n\n\n\n
This system ensures that merchants get the amounts that are due to them while preventing the credit card holder from spending beyond a credit card\u2019s allowable limit.<\/p>\n\n\n\n
While Splitit makes use of your credit card\u2019s limit, some merchants might set a different limit to minimize their risk.<\/p>\n\n\n\n
There are no late fees or interest charges in your monthly installments as long as you pay them on time. However, you may be penalized with fees by your credit card provider for missed and late payments.<\/p>\n\n\n\n
You can pay off your purchases early too. Splitit does not charge any fees for early payments.<\/p>\n\n\n\n
While this may change in the future, Splitit doesn\u2019t allow you to use your debit card to make purchases.<\/p>\n\n\n\n
No. Using Splitit will not affect your credit score. However, paying or not paying installments on time might affect your credit score.<\/p>\n\n<\/div>\n<\/div>\n
Since Splitit doesn\u2019t provide a separate credit card, it doesn\u2019t report your activity to credit bureaus.<\/p>\n\n<\/div>\n<\/div>\n
No, Splitit doesn\u2019t perform a credit check (neither hard or soft). Your application is only based on the available credit on your existing credit card.<\/p>\n\n<\/div>\n<\/div>\n
No, Splitit does not charge additional fees.<\/p>\n\n<\/div>\n<\/div>\n
Returns are at the sole discretion of its merchant partners. If the merchant accepts a returned product, they will notify Splitit who will then reimburse the consumer accordingly.<\/p>\n\n<\/div>\n<\/div>\n
Splitit uses the existing credit limit on your credit card. This means that the only way to increase your credit limit with Splitit is to increase the credit limit on your credit card.<\/p>\n\n<\/div>\n<\/div>\n
Splitit charges its merchant partners a fee for every transaction that uses its services.<\/p>\n\n<\/div>\n<\/div>\n
Splitit credit card partners include Visa, Mastercard, Discover, and Union Pay credit cards.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n
Beauty, health, automotive, technology, home, sports, and outdoor products, there\u2019s a wide variety of products that you can purchase with Splitit.<\/p>\n\n\n\n
Here are some of the online and offline shops where you can use it:<\/p>\n\n\n\n
Splitit is a useful option for consumers and merchants alike. With the opportunity to split payments into monthly installments, customers can enjoy lighter payments while merchants can encourage higher sales. Unlike other BNPL providers that charge extra fees, perform credit checks, and report payment activity, Splitit provides an accessible and easy-to-use service.<\/p>\n\n\n\n
The best thing about the platform?<\/p>\n\n\n\n
It utilizes your existing credit limit to offer you a better financing plan, making it one of the most innovative ways to shop.<\/p>\n","protected":false},"excerpt":{"rendered":"
Want the benefit of a buy now, pay later (BNPL) service but don\u2019t want the hassle of applying for a separate credit program? Splitit just might be the solution for you! With Splitit, there are no separate applications, credit checks, and additional fees \u2014 just easy monthly payments with no interest fees. But what exactly …<\/p>\n