Splitit Review 2022: A Buy Now Pay Later Company That Allows You To Earn Credit Card Points

Adam K.

3 min read

Splitit is a Buy Now, Pay Later company that allows individuals to split payments over multiple months using their existing credit cards with no interest. No fees. No applications.
Plus, you can earn those tasty credit card points.

Adam’s Bottom Line

Splitit is an excellent option for those who don’t want to take out loans or pay interest and fees. Sometimes there’s just a yucky feeling about being financially beholden to another company.

At the same time, if you’re looking to make a large purchase but have the ability to pay the installment amount in full each month, you can also earn tasty credit card rewards. In that case, it’s a win-win. But, compared to competitors, it doesn’t seem to be available as many big-box retailers.


No credit check Available at a smaller number of retailers compared to competitors
No interest or fees Need to use an existing credit card to make purchases
Earn credit card rewards on your purchases Your credit card spending limit needs to cover the full charge

What Is Splitit?

Splitit is another player in the Buy Now, Pay Later space. This technology provider enables customers to split purchases using their existing credit cards over time. Unlike companies such as Affirm and Klarna, Splitit does not perform a credit check, does not charge interest, or have any fees.

Who Should Use Splitit?

Splitit is a good option for:

  • If you’re a responsible credit card user.
  • Individuals who do not want a new loan and can pay off their balance in full every month

Splitit is not a good option for:

  • If you have credit card debt e.g. you are unable to pay off your balance in full every month

How Does Splitit Work?

When making a purchase using Splitit, the purchase is charged to your existing credit card. Your available credit card limit needs to cover the total amount of the purchase for the purchase to be approved.

Then, Splitit puts an authorization (hold) on your card for the duration of your installment plan. The hold on your card is a pre-authorization. Every month Splitit releases a portion of the balance each month.

You pay your credit card just as you regularly would. And as long as you pay the balance per your installment terms, there is no interest or fees.

The first payment is due to the retailer or merchant is due at checkout.

The authorization amount (hold) reduces with each monthly payment you make until the balance is cleared, and these authorizations are renewed periodically (around every 21 days or so). The previous authorization is removed as soon as the new one is obtained. 

A real-life example using Splitit

  1. You purchase a new Purple Hybrid Queen Mattress for ,000 using Splitit at checkout
  2. Select the number of payments that suits your budget (6, for example)
  3. Pay with your credit card as you normally would. The first payment is usually charged at checkout
  4. If you have an available credit card limit of ,000, your available credit card limit will be reduced to ,000
  5. Every month 0 is charged to your credit card. So, if you pay the 0 on-time and in full, there are are monthly interest or fees.
  6. After your payment is made, your available credit increases by the amount of the payment made. The previous authorization is removed after balance is cleared (around every 21 days)
  7. This process is repeated for 5 months until the balance is paid in full.

How is Splitit Different From Other Buy Now Pay Later Companies?

Most Buy Now, Pay Later companies provide financing based on an individual’s creditworthiness, among other factors. Some individuals may qualify for no interest, while others may be charged a monthly fixed fee.

Splitit does not perform a credit check but approves purchases based on your available spending limit.

With Splitit, there are no fees, no interest, and no application process at checkout.

What Credit Cards Partner With Splitit?

Splitit currently partners with Visa, Mastercard, Discover, and Union Pay credit cards. If you have a credit card issued by one of these companies, you can use it where Splitit is accepted.

Where Can I Use Splitit?

Splitit is a payment option at companies such as Purple Mattresses, James Allen jewelry, and Quicksilver. A complete list of retailers can be found here.

Frequently Asked Questions

Real World Investor


Adam is the founder of realworldpersonalfinance.com, an investing website dedicated to helping discerning individuals make the best investment decisions.

Before starting Real World Personal Finance, he was a Senior Vice President at one of the country's largest investment banks. He has over 10 years of experience working in financial services. His experience includes working with complex derivatives while spending many years working on a trading floor.

He has a bachelor's degree in Business Administration, majoring in finance.