💳 Understanding Your Credit Card Transactions for Retail Plans
Immediately after checkout, you will see two transactions on your credit card:
1. First Installment Payment
This is a charge for your first installment.
It recurs automatically based on the agreed upon schedule (usually monthly).
❌ Cannot be changed: The date or amount of this payment is fixed.
2. Authorization Hold
This is not a charge and will not appear on your credit card bill.
It guarantees your purchase to the Merchant and temporarily holds funds on your card.
Key Details About the Authorization:
⏳ The hold reduces your available credit until released.
In most cases, the hold drops after a few business days, but some banks may hold funds for up to 30 days (or even the full length of your plan). Splitit does not control how long a bank keeps the hold.
🔄 For some plans, the authorization is periodically re-authorized every 18–21 days, or every 180 days. The re-authorization amount reflects the current remaining balance of your plan, which decreases as you make payments.
✅ The authorization is a required part of paying in installments, as it protects your purchase and allows Splitit to charge future installments automatically.
You can find details about your re-authorization schedule (if any) in the Plan Creation email from Splitit and by looking in the Splitit Shopper Portal.