Especially when one is not a careful shopper it will reach a time when an unexpected bill is incurred. Thats where Splitit comes in to make your life just a little bit easier. Through usage of Splitit, you can easily manage your cash flow and buy goods and services while paying them in installment without high rates or other related charges. Rather than using cash orcredits, Splitit allows you to split your purchases on your credit card and pay in smaller instalments. This means that you can acquire whatever you desire at the present moment and then get the money to pay for it in the future without undue pressure on your pocket. Whether you are making a normal purchase or availing something luxury, Splitit allows convenience and tries to give you full control on your money.

What is Splitit?

Splitit is a payment solution that allows you to split the cost of your purchases into smaller, interest-free installments using your existing credit card. This means you can enjoy the convenience of buying now and paying later, without worrying about additional interest charges or fees. Splitit offers an alternative to traditional methods of financing such as loans or layaway plans, making it a popular choice among savvy shoppers looking for more flexibility and control over their finances.

How does Splitit work?

Splitit works by authorizing the total amount of your purchase on your credit card at the time of checkout. However, instead of charging the full amount to your card, Splitit only collects a small portion as an initial payment. The remaining amount is then spread out over several months, depending on the plan you choose. Each month, your credit card will be charged for the agreed upon installment until the full amount is paid off. This allows you to manage your budget more effectively and avoid any surprises when it comes to paying off your purchases.

Eligibility and Requirements

To use Splitit, you must have a valid credit card with an available balance that can cover your purchase. Additionally, the merchant you are purchasing from must accept Splitit as a payment option. This varies by location and website, but more and more retailers are starting to offer this payment method due to its popularity among customers.

Benefits of Using Splitit

• No interest charges or fees: Unlike traditional financing options, Splitit does not charge any interest or fees for using their service. This means you will only pay the exact amount of your purchase and nothing more.
• Flexible payment plans: Splitit offers a range of payment plans from 2 to 24 months, giving you the option to choose what works best for your budget. You can also change your plan at any time if needed.
• Easy to use: Splitit is integrated into the checkout process of participating merchants, making it a seamless and hassle-free experience for customers.
• No credit checks: Since you are using your existing credit card, there is no need for a credit check when using Splitit. This makes it an accessible payment option for individuals of all credit backgrounds.
• No impact on credit score: Splitit does not report to any credit bureaus, so using their service will not have any effect on your credit score.

Drawbacks of Splitit

• Requires available credit: You must have enough available credit on your credit card to cover the initial payment and installment amounts. If you have a low credit limit, this may limit your ability to use Splitit for larger purchases.
• May not be available everywhere: While more and more merchants are starting to offer Splitit as a payment option, it may not be available at every location or website.

Things to Consider Before Using Splitit

1. Your credit limit: Make sure you have enough available credit on your card to cover the initial payment and monthly installments.
2. Payment schedule: Be aware of when your payments are due each month and make sure you have the funds available in your account to avoid any late fees or penalties.
3. Merchant acceptance: Double check if the retailer you are purchasing from accepts Splitit as a payment option before proceeding with your purchase.
4. Additional fees: While Splitit does not charge interest or fees, some merchants may apply their own transaction fees for using this service. It's always a good idea to read the fine print before making a purchase.
5. Financial responsibility: Just like with any other payment method, it's important to use Splitit responsibly and make sure you can afford your purchases before committing to them.

Security and User Experience

Splitit takes the security and privacy of its customers seriously. They use state-of-the-art encryption technology to protect your personal and financial information, ensuring a safe and secure transaction every time you use their service. Additionally, Splitit has a user-friendly website and customer support team to assist you with any questions or concerns you may have.

Comparing Splitit with Competitors

While Splitit offers a unique and convenient payment solution, there are other services out there that offer similar options. Two of the main competitors include Afterpay and Klarna.

Afterpay

Afterpay is another popular payment service that allows you to split your purchases into four interest-free installments. Unlike Splitit, Afterpay does not require a credit card and instead links directly to your bank account. However, they do charge late fees if payments are missed, and their installment plans cannot be adjusted once created.

Klarna

Klarna offers both financing options and pay later solutions with no interest or fees for using their service. Like Splitit, it also requires a valid credit card for payment and offers flexible payment plans. However, their financing options do require a credit check and may have additional fees depending on the merchant.

Conclusion

Splitit is a convenient and flexible payment solution that allows you to spread out the cost of your purchases over time without any interest or fees. It offers an alternative to traditional financing methods and can be a useful tool for managing your budget. However, it's important to consider your financial situation before using Splitit or any other payment service, and make sure you understand all terms and conditions associated with each transaction. So, if you're looking for more control over your finances while still being able to enjoy the convenience of buying now and paying later, Splitit may be the perfect option for you.