SplitIt Review – Buy Now, Pay Later with a Credit Card
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If you’re a responsible spender and you’re not interested in applying for a loan or new line of credit, SplitIt is a great option.
9/10
Cost
9/10
Features
8.5/10
Ease of use
8.5/10
Services
9/10
There are hundreds of ways to make purchases online and in-store — gone are the days of a credit card being your only saving grace until payday. Thanks to the Buy Now Pay Later (BNPL) market, even people with low or no credit can make large purchases by breaking the payments into small, easily manageable chunks. (In the ‘90s, we called it layaway, except you couldn’t get the item until it was paid in full.)
While Affirm and Klarna still reign supreme in the BNPL market, several other platforms exist. SplitIt, for example, is breaking the rules and changing things by allowing shoppers to use their credit cards to pay via small, monthly installments. Keep reading to learn more about making interest-free purchases with SplitIt.
In this article
What is SplitIt?
SplitIt allows consumers to purchase items via an installment plan using an existing credit card — it’s the latest payment management tool to make a stir in the BNPL market. With SplitIt, users can leverage their existing credit, which means no hidden fees, credit checks, or applications to fill out.
Make $500+ Your First Month With KashKick!
- Transparent information on each offer for earnings and tasks.
- Money is deposited quickly and securely
- Featured offers maximize earnings
- First-class referral program
How does SplitIt work?
Unlike Klarna, Affirm, or Afterpay, SplitIt isn’t a loan — it’s a payment solution. SplitIt allows you to completely control your finances by allowing you to divide one large purchase into interest-free monthly payments. All you need is an active credit card with an available balance!
Here’s how it works: Head to checkout, select “Pay with SplitIt,” and choose an installment plan. (SplitIt offers installment plans of three to 24 months. However, some retailers may limit the number of payments you can make on certain purchases.) Enter your credit card details, and you’re done!
Note: SplitIt is only available for Visa, Mastercard, and Discover users.
Once the retailer confirms shipment, you’ll see a charge for the first payment. The remaining balance is held on the card until the final installment is made. So, instead of paying $1,000 for a beautiful velvet couch on Poly & Bark, you might pay $167 monthly for six months.
How much does SplitIt cost?
SplitIt won’t charge you anything to use its service. You can also pay off your SplitIt purchases early at no extra charge. Log in to the SplitIt shopper portal or contact the customer support center to pay off your balance.
SplitIt features
SplitIt may not have all the bells and whistles that some other BNPL platforms have, but the service shines where it counts. Here are a few of SplitIt’s best features.
No interest or fees
SplitIt doesn’t charge interest! This means you can get that big screen, designer bag, or whatever else you want without worrying about paying an arm and a leg on interest. However, if you end up carrying a balance on your credit card, you will be required to pay the regular purchase APR (unless you’re using a credit card with an introductory 0% APR promotion).
No applications or credit checks
While SplitIt is a BNPL platform, it isn’t a loan. SplitIt uses your existing credit to pay for purchases, which means there’s no application to fill out and no credit check necessary. So, as long as you have available credit to cover the total cost of your purchase, you can use SplitIt worry-free. What’s more? You can collect cash back, points, or miles on your purchase using a rewards credit card.
No registration process
Most BNPL platforms require you to download an app or register via an online portal. With SplitIt, all you have to do is select SplitIt at checkout, choose a payment plan, and enter your credit card details. While the process may differ between merchants—some may offer installment plans of up to 12 months while others only offer two to six months—the overall concept is the same.
Hundreds of options
With SplitIt, you can purchase anything from outdoor gear (Quicksilver, Exxentric, Furo Systems, etc.) to automotive accessories (Stowe Cargo, NFC Performance, AutoSpecUK, etc.) to electronics (Trimleaf, Purism, Philip Morris, etc.) to furniture (Sleep Envie, Simba, REST, etc.).
Make $500+ Your First Month With KashKick!
- Transparent information on each offer for earnings and tasks.
- Money is deposited quickly and securely
- Featured offers maximize earnings
- First-class referral program
Who is SplitIt best for?
- Responsible spenders. SplitIt is ideal for responsible spenders (people who never miss a credit card payment or spend beyond their means) who don’t want to add a new loan under their name.
- First-time credit card users. If you’re new to having a credit card, SplitIt could be a great way to learn about managing your cash flow. Paying each installment in full monthly may encourage you to build healthy spending habits that work for both the present and the future.
Who shouldn’t use SplitIt?
- American Express cardholders. SplitIt doesn’t accept debit cards or American Express. If you have an American Express card, you may want to look into American Express Plan It, a BNPL platform owned and operated by American Express. Like SplitIt, the American Express Plan It program allows card members to split large purchases into monthly installments with a fixed fee.
- Spenders with a history of delinquency. If you’re having trouble paying your bills or trying to save for an emergency fund, SplitIt may not be your best option. Instead, you may consider getting a secured credit card or credit-builder account. A secured credit card requires users to deposit money beforehand (a security deposit) to ensure the account stays in good standing. So, if you miss a payment, that money is used to cover the cost.
Pros and cons
Pros
- It’s quick and easy to use. SplitIt doesn’t make you jump through hoops to make a purchase. No application process, credit check, or registration is required.
- Using SplitIt doesn’t affect your credit score. You'll be fine if you pay your monthly installments on time! However, if you miss a payment, your credit card issuer will likely report your payment activity to the credit bureaus.
- There’s no minimum credit score required to use SplitIt. Anyone with an active Visa or Mastercard can use SplitIt, regardless of credit score.
- SplitIt doesn’t charge interest or fees. Unlike other BNPL platforms, SplitIt doesn’t charge interest or fees. Speaking of fees, SplitIt also allows you to pay off purchases early at no extra charge.
- You’re in control. With SplitIt, you can control how many installments you’d like to make.
Cons
- You cannot use SplitIt to pay bills. SplitIt is designed to help shoppers avoid interest payments and spend responsibly. Shoppers can only use SplitIt for purchases made at one or more of its partner merchants.
- You may tie up your credit limit. SplitIt puts an authorization hold on your credit card for your purchase amount. This amount decreases with each payment you make. But, depending on your credit limit and chosen installment plan, you could tie up your funds for a while.
- Returning an item may take a while. To return an item or get a refund, you’ll need to contact the retailer directly. The retailer will then notify SplitIt if the order has been canceled. Once all parties know the return, SplitIt will reimburse your card for any payments you’ve already made and cancel any remaining payments.
Make $500+ Your First Month With KashKick!
- Transparent information on each offer for earnings and tasks.
- Money is deposited quickly and securely
- Featured offers maximize earnings
- First-class referral program
SplitIt vs Affirm vs Klarna
Platform | Interest | Credit check required | Repayment terms | Late fees |
SplitIt | None | No | Terms vary by merchant | $0 |
0% to 36% APR | Soft credit check | Four interest-free payments, paid every two weeks or monthly installments | $0 | |
0% | Soft credit check | Four interest-free payments, paid every two weeks or monthly installments | $7 |
* Missed payments may result in additional charges from credit card issuer
Affirm
Affirm is a BNPL platform that allows you to shop online or in-store via one of two payment options:
- Affirm Pay in 4 allows shoppers to make four interest-free payments every two weeks. It’s easy to set up, and using Affirm Pay in 4 won’t affect your credit score.
- Monthly installments allow you to choose payment terms that work for you and your budget, from four interest-free payments every two weeks to monthly installments.
Select Affirm as your preferred payment method at checkout or request a virtual card in the Affirm app to use Affirm. Getting prequalified won’t affect your credit score, but you will need to register for an account. Affirm works with thousands of merchants, including well-known brands like Etsy and Amazon. The Affirm app and the online portal let you see how much you owe, when each payment is due, and when your balance will be paid in full.
With Affirm, you’ll never have to pay a late fee. The platform also offers loans up to $17,500.
Klarna
Klarna is one of the most popular BNPL platforms on the market. Klarna, like Affirm, offers multiple ways to finance purchases:
Pay in 4 allows consumers to make four interest-free payments every two weeks. However, those using the Pay in 4 methods must pay 25% upfront.
- Pay in 30 days lets you try the product first, so you can enjoy your purchase immediately after you’ve ordered. With “Pay in 30 days with Klarna” you can keep what you like and return the rest. In 30 days, Klarna will send you a digital invoice.
- Monthly financing offers flexible financing to choose your budget's payment plan.
To use Klarna, you’ll need to register for an account to shop through the app or the online portal. Klarna does perform a soft credit check, but it won’t affect your credit score.
However, you'll need to be a subscriber, which comes with a $7.99 monthly fee.
FAQs
Can you use SplitIt anywhere?
No; SplitIt is only available at select retailers. Visit the SplitIt website to see the store directory.
Does SplitIt charge fees?
No; SplitIt doesn’t charge the shopper interest or fees.
Is SplitIt safe?
Yes, according to the SplitIt website SplitIt is a validated Level 1 PCI DSS Compliant Service Provider, which means it’s following the rules to keep your information safe.
Make $500+ Your First Month With KashKick!
- Transparent information on each offer for earnings and tasks.
- Money is deposited quickly and securely
- Featured offers maximize earnings
- First-class referral program
Is Splitit legit?
If you’re a responsible spender and you’re not interested in applying for a loan or new line of credit, SplitIt is a great option. SplitIt sets itself apart in the BNPL market by allowing customers to make large purchases using their existing credit cards. There’s no credit check, no fees, and no interest. With SplitIt, you can make payments on your terms and reap special benefits like points, miles, or cash back using a rewards credit card.
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Writer
Tabitha Britt is a New York-based freelance writer and editor whose work has appeared on INSIDER, the Huffington Post, and Taste of Home. When she's not glued to her computer screen, she can be found walking her beloved pooch, Biscuit.
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