Splitit Review: What You Should Know

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Quick shot: Splitit services allow consumers to split purchases into more manageable installments across their regular credit cards. It encourages good spending management without taking on too much debt irresponsibly or falling into bad spending habits.

  • Fees

  • Terms of payment

  • Credit card functionality

  • Loyalty systems

How do we calculate this?


  • No interest or late fees
  • Credit card compatibility
  • Encourage responsible spending
  • Pay in up to 24 installments


  • A limited number of merchants
  • No reward system

What is Splitit?

Splitit is a global now-and-after payment and purchase solutions company that was founded in 2012. The company has offices in the United States, Australia, the United Kingdom and Japan, but operates worldwide. Its mission is to meet the wishes and needs of consumers on appropriate and interest-free payment terms.

What does Splitit do?

Splitit allows customers to dictate payment plans by dividing purchases into installments. Then customers choose the term that suits them to pay with their credit card. Splitit is partnered with the world’s largest payment providers, including Visa, Mastercard, Discover and Union Pay, so customers can use their credit cards to make payments.

Which websites use Splitit?

Splitit mainly works with companies in the home furniture, luxury, fashion, sports and beauty sectors. Its partner retailers include Sundays, MyProtein, Milano Collection, Echelon, Time Pieces International and more. Splitit has also recently partnered with Wix to integrate its services for online business owners who want to add payment plans for customers.

This is in addition to Splitit’s existing list of e-commerce website creators and digital storefront managers who have integrated their payment solution. Some of the multinational companies that offer the use of Splitit services include, but are not limited to:

  • WooCommerce
  • Salesforce Commerce Cloud
  • BigCommerce
  • Shopify
  • Magento

Is Splitit a good idea?

Consumers should try to avoid taking on too much debt to keep up with their finances, but Splitit helps manage purchases that are within the customer’s needs. If a customer wants to make a big one-time purchase, Splitit’s now purchase plan, paying later makes it much more manageable. As long as a consumer doesn’t spend beyond their credit limit, Splitit is a good option to buy now, pay later.

Key features

Four key functions affect the general use of suppliers to buy now and pay later.


Splitit does not charge interest rates or late fees. There are no fees associated with prepayment, either. If a customer wants to pay in advance, they can do so through the Splitit customer portal. All refunds are made in the currency of the initial transaction, so no exchange fees apply.

However, the fees associated with the terms agreed with the consumer’s credit card provider will still apply, for example, in the event of late payment.

Terms of payment

Splitit offers several payment terms options. If the associated merchant agrees, customers may choose to pay within 3, 6, 12, or even 24 months.

Credit card functionality

Splitit provides all approved credit cards within its network of partners, including Visa, Mastercard, Discover and Union Pay. By simply clicking on existing available credit, Splitit integrates seamlessly with existing consumer credit cards, helping consumers manage their purchases effectively without spending more than they can afford.

Splitit integrates with these providers so that consumers can still claim the associated rewards, such as points, frequent flyer miles, and cash back provided by their credit cards. However, Splitit is not currently available for debit cards.

Loyalty systems

Splitit offers a customer loyalty toolbox that can be downloaded from your website. It is aimed at companies looking to retain customers instead of their own customers. Splitit currently does not offer rewards or loyalty programs, although it does partner with credit card providers so that their customers can still earn the rewards offered through their credit cards.

How exactly does Splitit work?

Splitit requires customers to maintain a line of credit on their cards that covers the full value of the purchase made at all times. This ensures that customers have the means to repay the loan in a timely manner and encourages them not to spend more than they can afford.

After an initial purchase in which the first installment is made, the monthly repayments will be due on the corresponding date of each month. Customers can continue to use credit cards as usual once these requirements are met.

How does Splitit make money?

Instead of incurring additional costs to the consumer, Splitit makes money by charging its associated merchants a fee for their service. When working with existing credit card companies, you do not have to sue customers for interest payments or late fees. Liability for any risk of default remains with the card issuer, not Splitit.

Who can use Splitit?

Anyone with a Visa, Mastercard, Discover or Union Pay credit card can use Splitit.

In which countries is Splitit available?

Splitit is supported by traders from major economies around the world, including the United States, Canada, Europe, Australia, New Zealand, and certain regions of Southeast Asia and Latin America.

Does Splitit Check Credit?

Splitit does not require any credit check. Simply make sure customers have credit available for full purchase on their credit cards and split the payment into installments monthly. This also avoids the hassle of completing lengthy application forms.

Does Splitit Affect Credit Scores?

Although the use of Splitit will not directly affect the consumer’s credit score, non-payment may still lead to penalties from the consumer’s credit card provider.

How is Splitit different from Afterpay?

Splitit differs from Afterpay in five key ways:

  • Fees: Splitit never charges interest or late fees, while Afterpay customers incur a fixed penalty for payment.
  • Payment terms: Although Splitit offers several installment payment options, Afterpay only offers payment plans with three or four refunds.
  • Credit card functionality: Splitit works with four different credit card providers and leverages existing consumer credit cards. Afterpay also works with US credit cards, as well as debit cards, American Express® cards, and checking accounts.
    • Afterpay also offers its own credit card, which includes benefits for timely repayments.
  • Loyalty systems: Although Splitit does not offer a loyalty program, Afterpay operates a program known as Pulse Rewards, which awards points to customers for responsible payment practices, such as one-time payments.
    • If a user accumulates a certain amount of points, they will be designated for a designated loyalty level. Benefits include discounts, early access to merchant sales and no down payment.
  • Size: Splitit is a relatively small business compared to Afterpay, and Afterpay has a more dominant presence with merchants in certain geographic regions, such as the US.
    • Although both companies are connected with major e-commerce players such as Shopify, BigCommerce, Salesforce and Wix, Afterpay is more available than Splitit. As a result, Afterpay may reach a larger audience, while Splitit customers are limited to fewer options.

Final shot

Credit cards can be a great way to accumulate credit scores, make money back, increase your purchasing power, and get better control over your overall finances. However, extending credit too much can lead to high rates, excessive debt, deteriorating creditworthiness, and difficulties in achieving attractive rates in the future.

For consumers with solid money habits that are generally above their personal finances, Splitit is a good choice for managing purchases in a healthy way. Once payments are made on time, it is an interest-free option for consumers to take advantage of. Ensuring credit is available before you buy helps consumers avoid bad credit card debt and helps them budget more appropriately for their circumstances.

Editorial note: Splitit does not provide this content. Any opinions, analyzes, criticisms, assessments or recommendations expressed in this article are solely those of the author and have not been reviewed, approved or endorsed by Splitit.

About the author

David is a Qualified Financial Adviser (CFA) in the Republic of Ireland. He has a bachelor’s degree in business and entrepreneurship as well as over 5 years of investing experience.

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