When you buy using Splitit, the retailer takes your first payment straight away, this may be later if your goods are being shipped later. The rest of your monthly payments are automatically taken on the same date as your first one. This date cannot be changed. Monthly payments show as 'charged' or 'posted' on your account.
In addition to your monthly payments, the full outstanding amount is authorized and temporarily held on your card to guarantee future payments. This hold remains for around 30 days during which time your available credit is reduced by the authorization amount. After this time, the amount on hold is released back into your available credit on your credit card. Authorizations show as 'pending' or 'reserved' on your account.
We may periodically renew the authorization for the full outstanding amount. You can check when your plan will be re-authorized in the shopper portal. The previous authorization is released once a new one is obtained. Authorizations show as 'pending' or 'reserved' on your account. If your plan stays on track, they are never charged.
If a monthly payment is declined, we will email you to let you know. After 5 days, if the transaction is still declined, we will charge your card with the monthly payment using the authorization that was taken when your plan started.
If an authorization is declined, we will email you to let you know. You will be given 7 days to resolve this with your card provider or by changing your payment card to a different one. During this time, we will continue to try the declined transaction.
After 7 days, if the transaction is still declined, we reserve the right to charge your card with the full outstanding amount using the last successful authorization. This is because we no longer have a guarantee of future payments. This will mean that your plan will be cleared early and you will have lost the ability to pay in installments.