Splitit is a technology company that has partnered with Samsung to offer you the option to split your purchase into monthly payments. This is facilitated through your Samsung Wallet. Our technology uses the available balance on your credit card to allow you to pay over time, which means this is not a new loan for you. There are no credit or background checks, and we do not report these plans to consumer reporting agencies.
Here is how your Installment Plan created through your Samsung Wallet works:
- You make a purchase in-store at a Merchant
- If the purchase is eligible for an installment plan, after checkout you will be given multiple plan options to choose from with the associated interest/fees for each plan
- You must make a selection within 24-hours otherwise your purchase will be paid in full
- After selecting a plan option, Splitit will proceed with creating your installment plan and you will see the following transactions on your credit card:
- A temporary authorization for the full purchase amount
- A temporary authorization for the amount of interest Splitit will charge you for creating the plan
- Your first installment payment
- Future installment payments are charged automatically according to the biweekly or monthly option you chose when creating your plan
- The date each installment payment is charged cannot be changed
- Transactions on your card will be listed as: Splitit_Merchant Name
- The APR% for your plan will never change
- There is no pre-payment penalty and you can make extra payments at any time in the Splitit Shopper Portal
- To update the credit card on file for your plan, please login to the Splitit Shopper Portal and select the button to "Update Card"
- All card updates will result in a new, temporary authorization for the current balance of your plan
- You plan will continue until it is paid in full
Note: If your monthly payment is declined, we will email you to let you know. You will be given 7 days to resolve the card issue. 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 for that payment, or up to the full remaining plan balance using the last successful authorization.
More details on Authorizations:
- If you added a tip to your purchase, or the Merchant adjusts the total purchase price after you select an installment plan option, you may see an additional Authorization on your credit card. The amount of this additional authorization will equal the increase in total purchase price plus any additional interest to be charged based on the new purchase price.
- Only the Merchant can adjust your purchase price and Splitit will simply update your plan to reflect those changes.
- If your plan price changes, Splitit will notify you by email with the updated plan details.
- An authorization is temporary but may block the funds on your card from being used elsewhere. This block on the funds can only be released by your bank/credit card issuer. It is generally released within a few days, but can take up to 30 days in some cases.
- The length of any authorization on your card is determined by your bank or credit card provider, so contact your financial institution directly for questions.
- An authorization is NOT a charge and will not be due to be paid on your credit card bill.
Returns, Refunds, or Merchandise issues:
For any issues with your purchase, or to request a refund or return, you should always work directly with the Merchant where you made your purchase. Any changes to your purchase amount approved by the Merchant will automatically be reflected on your plan with Splitit.
If a refund is applied to your plan after plan creation, and before the settlement process is complete with the Merchant, this will not result in a new or adjusted authorization. It will simply adjust your plan value.
For any additional queries about Splitit, feel free to contact us directly by filling out this contact form and selecting the appropriate Contact Reason.
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