About monthly financing with Splitit
Are there additional fees involved if I use Splitit?
No, this is an interest-free payment method with no additional fixed fees, service fees, interest or hidden fees of any kind.
If I use Splitit financing, when will I receive my items?
No matter which payment methods you use, we will ship your item within our current lead times:
Learn more about our lead times.
How does Splitit charge my card?
When you choose Splitit at the checkout, upon the completion of your transaction: the first instalment will be charged to your card, and the rest of the balance will be frozen on your card. This explains why you will see two charges on your statement. Afterwards, every month, 1 instalment will be charged to your card, and the frozen amount will be reduced by 1 instalment. Therefore, you are billed only once a month, and the frozen remaining balance will be reduced every month.
For example, if you place a transaction totalling 600$, and you choose 6 instalments:
- Month 1: 100$ billed, 500$ frozen
- Month 2: 100$ billed, 400$ frozen
- Month 3: 100$ billed, 300$ frozen
- Month 4: 100$ billed, 200$ frozen
- Month 5: 100$ billed, 100$ frozen
- Month 6: 100$ (final instalment)
Please note that you can only choose between 3 or 6 instalments.
Am I eligible for interest-free instalments?
This service is currently available in Canada and the US. You must have the full amount of the purchase available on your VISA or MasterCard. The minimum purchase to pay in instalments is 700$.
You can choose up to 6 instalments, to be paid over a period of 6 months.
Can I pay off my balance early if I use Splitit?
Upon completing your transaction, you can login SplitIt's portal with the email address used to purchase with us. You will then be provided with a login to your customer portal where you can pay off your balance early.
Do you perform a credit check if I use Splitit? What is the effect on my credit score?
There is no effect on your credit score since no credit check is performed. We simply reserve the amount on your credit card (you will never see it on your bill). Even if one of your authorization payments is declined, there is no effect on credit ratings, it is simply a declined charge.