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Splitit review

Buy now and pay later with your own credit card. 

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As buy now, pay later sites like Afterpay and Sezzle gain popularity, Visa has teamed up with Splitit to expand its portfolio of payment options. Splitit allows Visa and Mastercard users to pay for purchases with their existing credit or debit card and split the cost into interest-free monthly payments.

There’s no credit check and you can make installments for up to two years. But only certain retailers work with Splitit, and some require a high minimum purchase to qualify.

How does Splitit work?

Splitit only works with some luxury vendors and is an option at checkout. You use your own credit or debit card and there’s no need to apply for a new card or line of credit.

Splitit authorizes the total amount on your credit card, but you choose how many monthly installments that work for you. Choose from plans ranging from three to 24 months, with no interest or fees.

Splitit holds the amount on your credit card until you pay the total amount. For debit cards, Splitit puts a temporary hold on the total amount for five days, then releases it.

Pros and cons of using Splitit

Splitit can be a useful service, but it may not be right for every financial situation.

Pros

  • Interest-free payments
  • Choose monthly installments from three to 24 months
  • No application process or hard credit check
  • No hidden or late fees
  • Still qualify for your credit card benefits — earning points and miles — when you use Splitit

Cons

  • Only works with Visa or Mastercard
  • Splitit places a hold for the full purchase amount on your credit card, which can make the service prohibitive for shoppers with a low credit limit
  • Using Splitit won’t improve your credit score, while competitors like Affirm allow you the opportunity to build credit

Features of shopping with Splitit

  • Flexible payback terms. Depending on your specific plan, your Splitit purchase can be paid off anywhere from three to 24 months.
  • Automated payment options. Splitit charges the monthly installment to your credit card.
  • No prepayment penalties. Choose to pay off your installments early through the accessible Splitit shopper portal with no added fees.
  • Security. Splitit is a secure platform that adheres to all requirements of the Payment Card Industry Data Security Standard. It uses communication security technology to keep users’ information safe.
  • Access your account. After your first purchase, Splitit emails you to set up a secure account where you can access your payment history, receive customer support and pay installments in advance.

How much does Splitit cost?

Splitit is free for shoppers. However, it puts a hold on your credit card for the full amount until it’s paid in full. So be sure your purchase doesn’t exceed your credit limit. As for debit cards, the hold lasts five days, so make sure you have the total amount of your purchase available when you make your first payment.

Will Splitit affect my credit?

No. Splitit does not report payments to any credit bureaus, so your credit score is not affected from using or applying. However, if the credit card you use reports to a credit bureau, late or missed payments can negatively affect your credit.

How to sign up for Splitit

There’s no application or signup process to use Splitit. Specific vendors offer it as a payment option at checkout, and it works by using your Visa or Mastercard.

Retailers that use Splitit range from apparel, beauty products, electronics, health, mattresses and more.

Is my credit card information safe with Splitit?

Splitit complies with the requirements of the Payment Card Industry Data Security Standard. According to its website, the company uses single-socket layer communication security technology to keep its information safe.

Bottom line

Splitit could be a solid option if you need to break up the payments of a large purchase. But if you’re looking to rebuild credit or have a low credit limit on your Visa or Mastercard, you’ll find a better fit elsewhere.

Compare buy now, pay later services

To check out Splitit’s features against the competition, select up to 4 services and click “Compare.”
1 - 2 of 2
Name Product Convenience fee Payment term Number of merchants
Perpay
$0
Varies
1,000+
No credit check required. Small payments from your paycheck. A simple way to build credit.
Zip
$1
6 weeks
51,000+
Split any purchase into 4 installments over 6 weeks with Zip.
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Compare up to 4 providers

Looking for alternatives to Splitit? Try Affirm, Afterpay or Klarna.

Frequently asked questions

What does the credit card hold from Splitit mean? How is this different from charging the full purchase price at one time?

Splitit places a hold for the remaining balance of your purchase. This means you’ll see a pending charge on your credit card for the complete amount you owe, but you’re only responsible for the monthly installment charged.

Splitit does this to ensure the credit exists in your account to cover your balance. This is not the same as the merchant charging you the complete price at one time, as you’re only responsible for paying the smaller installment amount each month.

How can I track my payment history with Splitit?

After you make a purchase through Splitit, the company sends instructions to set up an online account where you can track your payment history. You can also track the installment payments made to Splitit from your credit card statements, as you’ll see a monthly payment to the merchant for the installment amount.

Can I pay off my installments early?

Yes, you can choose to make early repayments by using the Splitit portal or contacting customer support.

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