Splitit is a unique service that enables consumers to pay for their Retail or Web purchases using their existing credit cards and divide the total cost across as many interest-free payments as they choose, without completing a credit application or qualifying for a new credit line.
How It Works
You pay for the purchase using Splitit; an installment plan is created
Splitit authorizes the full amount of the purchase on your existing credit card and holds your credit line for the entire amount
The first installment is charged a few seconds after the purchase authorization
Splitit reauthorizes the outstanding amount when the previous authorization is about to expire
Splitit will charge your credit card every month until the plan is finished, reducing the hold on your credit line each month by the payment amount.