Buy now, pay later (BNPL) services can be useful when you're facing a big purchase and want to soften the hit to your budget. Breaking a payment into installments can make something feel more affordable but the trade-offs often include interest charges, late fees or opening a new line of credit.
SplitIt takes a different approach. Instead of issuing new financing, it uses your existing credit card to break up payments, offering installment flexibility without the typical BNPL drawbacks.
Splitit
Credit limit
Depends on your credit card limit
Loan terms
Requires an eligible credit card with enough available credit to cover the full purchase amount upfront. Monthly installments are charged automatically, while an authorization hold for the remaining balance remains on your card and is refreshed as you make payments.
Monthly payment plan?
Depends on what's available at checkout. Ranges from 3 to 12 months.
Fees
None
Available merchants
Serves many of Internet Retailer's top 500 merchants and is accepted by more than 1,500 eCommerce merchants in over 30 countries and shoppers in over 100 countries.
Pros
- No credit check or loan
- Interest-free
- Flexible payment terms
- Early payoff allowed
Cons
- No way to reschedule payments
- Limited merchant options
How Splitit works
SplitIt works similarly to other buy now, pay later services in that it lets you split purchases into interest-free monthly installments, but it operates differently.
Installment payments
Unlike popular BNPL services, Splitit doesn't require you to open new financing. You don't have to fill out an application or go through a soft credit check.
Instead, you simply choose an installment plan at checkout, and the merchant charges your existing credit card each month until the balance is paid off.
Along with each payment, you'll also see an authorization hold on your credit card statement roughly every 21 days for the remaining outstanding amount. This shows up as a pending transaction — not a charge — and it exists only to guarantee that your future payments are covered.
Installment terms
Your installment plan can range from as short as three months up to 12 months.
Fees
You won't pay any interest or fees directly to Splitit when you use their service. Splitit makes money by charging the merchant a fee for each transaction, so the flexible payment option comes at no cost to you.
However, your credit card issuer's fees and interest may still apply if you carry a balance or miss payments. Keep in mind, missing a payment could hurt your credit score or lead to higher interest rates from your credit card company.
Other perks
Splitit works with select merchants, which means it's not available everywhere, but when it is, the experience seems pretty seamless both online and in person. Online, it integrates right into checkout for quick payments with your credit card, while in stores, it supports digital wallets like Apple Pay and Google Pay for quick payments with your credit card.
Samsung Wallet also has a special Splitit feature, which lets you split in-store purchases with your saved Visa or Mastercard. You pick your payment plan after you pay, and there are authorization holds on both the full purchase amount and the interest, which temporarily reduces your available credit.
Splitit vs. Klarna
When you stack SplitIt up against Klarna, you'll see two very different payment philosophies. Klarna has wider merchant accessibility and flexible options like Pay in 4 and Pay in 30 days. Splitit, however, lets you split payments using your existing credit card without a new credit check, though it requires enough available credit to cover the full purchase upfront.
Klarna
Credit limit
Initial limit of $100; may be increased up to $2,500.
Loan terms
Four interest-free payments every two weeks or a one-time payment within thirty days
Monthly payment plan?
Yes, users can pay over 6 to 24 months.
Fees
Late fee of up to $7 (after 10 days)
Available merchants
Accepted at nearly 800,000 merchants, including Amazon, Best Buy, Walmart and Target. Through the Klarna card, you can buy from retailers not integrated with the company.
Pros
- Accepted at nearly 800,000 merchants, including Amazon, Best Buy, Walmart and Target
- Splits purchases into four interest-free payments
- Pay-over-time plans available up to 24 months for larger purchases
Cons
- Late fees apply, though capped at $7
- Monthly installment plans may charge interest
- No option to reschedule payments once scheduled
- Credit limit starts at $100
Splitit vs. Affirm
Affirm feels more like a traditional point-of-sale loan where you apply at checkout, undergo a soft credit check, pick a plan and pay over time. Some Affirm plans are interest-free, like Pay in 4, but longer-term financing can have APRs up to around 36%. SplitIt offers a no-credit-check alternative by using your credit card, letting you avoid new loans while earning rewards, but you need sufficient available credit for the full purchase amount.
Affirm
Interest rate
0% to 36%
Credit limit
$50 and up to $30,000
Loan term
30 days to 5 years
Fees
No late fees
Available merchants
Accepted at more than 300,000 merchants, including Amazon, Expedia, eBay, Walmart and Target.
Pros
- No late fees
- Accepted at more than 300,000 merchants, including Amazon, Walmart and Target
- Virtual card lets you shop at retailers outside Affirm’s network
Cons
- Some payment plans charge interest up to 36%
- Reports loan activity to credit bureaus, which can affect your credit score
- No option to reschedule payments
Our expert take
SplitIt offers a solid alternative to traditional BNPL services, especially if you want to avoid new credit checks and keep using your existing credit card. However, it's important to remember that Splitit places an authorization hold on your full purchase amount, which temporarily reduces your available credit and could impact your ability to make other purchases.
While Splitit doesn't involve credit checks, it also doesn't report your payments to credit bureaus — meaning it won't help you build or improve your credit score. For shoppers focused on credit building, other financing options like a 0% APR credit card or personal loans with low interest rates might be a better fit.
That said, Splitit can be a smart choice if you want to finance a purchase without worrying about the interest or fees that sometimes come with popular BNPL services. Plus, because it uses your existing credit card, you continue earning rewards and keep your payment history consolidated in one place.
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