How does Splitit charge my card?
When you choose Splitit at the checkout, upon the completion of your transaction: the first installment 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 installment will be charged to your card, and the frozen amount will be reduced by 1 installment. 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 installment)