Splitit is a unique player in the buy now, pay later (BNPL) market. What sets it apart is the absence of a credit check, no interest, and no fees for its use; instead, it operates on the available balance on your existing credit cards. The service does not charge any interest, although you may have to pay interest on the credit card you use for Splitit if you don’t pay off your balance each month.
How does Splitit work?
Unlike some other BNPL services or point-of-sale installment loans, Splitit does not have an application or credit check process. Splitit creates automatic installment payments and collects the installment amount on your credit card over a specified number of months. Instead of paying $750 for a television on the day of purchase, you might pay $125 a month for six months.
Is there a minimum purchase size when using Splitit?
Online merchants partnering with Splitit set minimum purchase limits as well as the number of monthly installments.
Is there a maximum purchase size when using Splitit?
Merchants determine the maximum allowable purchase using Splitit.
Are products purchased using Splitit shipped after the first payment?
Yes. Once the product is shipped, the first payment will be charged to your credit card.
Can I use Splitit to pay bills?
You can only use Splitit for purchases from partner merchants.
Is there a credit limit?
You can make purchases up to the available balance on your credit card or limits set by individual merchants for purchases using Splitit.
How can I increase my credit limit?
Although there is no credit limit for Splitit, you have a credit limit on your individual credit cards. You can request a credit limit increase from your card issuer or wait for an automatic increase that the issuer may provide.
Does Splitit affect your credit score?
Using Splitit does not affect your credit score.
Does Splitit perform a credit check?
Splitit does not perform a credit check. You can use Splitit as long as you have available credit to cover the total cost of the purchase on the Visa or Mastercard you are paying with.
Does Splitit report your activity to credit bureaus?
Splitit does not report to credit bureaus; however, the credit card that incurs installment charges is likely to report your payment activity.
What credit score do you need to use Splitit?
As long as you have an active Visa or Mastercard, you are eligible to use Splitit regardless of your credit score.
Does Splitit charge interest?
Splitit does not charge any interest. Of course, if you carry a balance on your credit card, the card issuer will charge the regular purchase interest.
Does Splitit charge fees?
Splitit does not charge any fees to customers for using the service.
Is Splitit safe?
The Splitit platform is PCI-DSS level 1 compliant, meaning it follows industry-standard security protocols to protect your information.
Who accepts Splitit?
Merchants offering the Splitit BNPL service tend to be luxury retailers and high-end brands, as well as smaller stores in furniture, jewelry, electronics, outdoor, music, and other specialty categories. Within the global store directory, there are over 200 online stores in North America, including:
- Purple
- Canyon
- James Allen
- instasmile
- Braun
- nectar
- Best Brilliance
- ROXY
- Ace Marks
How to use Splitit online
Although some BNPL service providers have an app or require registration, you can access the Splitit payment option directly on the merchant’s website at checkout.
The process may vary slightly among shoppers, but generally, you will select to pay with Splitit, then choose the number of installments you want. Ultimately, merchants decide how many months they wish to offer. For example, Canyon, a luxury bicycle company, allows you to choose to pay over two to six months, while DreamCloud, a mattress company, offers up to 12 months.
How to
Using Splitit in Stores
You cannot use Splitit in stores. All purchases must be made online.
How does the return process work when using Splitit?
If you want to return or get a refund for an item, you need to deal directly with the merchant. If they cancel the order or accept the return, they will inform Splitit, which will then process the refund for the amount already paid and cancel the remaining payments. Splitit will notify you via email when to expect the credit to appear in your account.
How is Splitit paid?
In fact, you do not pay Splitit as you do with other installment options – you only pay your credit source as you always do. The first payment will be charged to your credit card on the day of purchase, and then every month on the same day for the number of installments you chose. You cannot change your payment date.
What happens if I don’t pay Splitit?
Since you are not actually paying Splitit, there are no late fees and your account is not reported to collection agencies. However, late payments on your credit card typically result in late fees and a negative impact on your credit rating.
Source: https://www.thebalancemoney.com/what-you-need-to-know-about-splitit-5185614
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