A Splitit installment plan is not a loan, does not require a credit check, and does not cost you any additional fees or interest. The reason you are able to split your purchase into monthly installments is because we also authorize your card for the outstanding plan value. This authorization is our way to guarantee your future payments to the Merchant.
The authorization is a hold, not a charge, but will reduce your available credit limit. However, the amount of the authorization will not be due on your credit card bill. Only your monthly installment payment is due to be paid each month on your card.
While the authorization does reduce your available credit, the benefit of our service is you only owe the monthly installment amount each month. This allows you more flexibility with your purchases.
Find out more about authorizations and payments here.