You have not been charged in full, your card has simply been authorized for the purchase amount to guarantee future payments to the Merchant. This authorization is a required part of paying in installments since there is no loan, credit check, or additional fees from Splitit.
Let's take a deeper look at how most Splitit plans work.
Upon plan creation your first payment is charged immediately. Future payments are charged automatically on the same date each month. Monthly payments show as actual charges on your credit card statement.
Also upon plan creation an authorization for up to the full purchase amount is put on hold on your card. This is not a charge, and will not become due on your credit card bill, but you will not be able to use these held funds while the authorization is in place.
For many plans the authorization will disappear within about 30 days of your purchase. Some see it drop in a few business days, but for others it can last for 30 days or more.
For some plans the authorization will be periodically re-authorized, at lower amounts as you make installment payments, until your plan is complete.
In all cases, the length of an authorization is determined by your bank or credit card provider, so contact your financial institution directly for questions.
There are some variations to the details above depending on the Merchant you purchased from and the plan options they've made available to their customers. Always review the details about Splitit at checkout and in the contract agreement you receive after completing your purchase.
Already have a plan? Log in to the Shopper Portal and under 'Plan Details' click on 'How Splitit Works?'. This will take you to a detailed explanation of your particular plan.
Note: If instead of a Monthly Installment Plan you have a ‘Pay After Delivery’ plan, view this article for details about how your plan works.