Splitit at Xupes: A Simple Way to Manage the Cost of Large Purchases

It can be especially frustrating if you spot a pre-loved designer bag you’ve always wanted that’s likely to be snapped up by someone else if you don’t act fast.

Of course, you could just put it on your credit card, but you can end up paying a lot in interest if it takes you several months to pay off.

Now there’s another option for those of us who want to splash out from time to time without breaking the budget.

Splitit is a payment solution that’s new to the UK and most excitingly a payment option on Xupes. It offers an easy and convenient way to manage the cost of larger purchases, like that classic Chanel Double Flap you can’t stop looking at, or maybe even an Hermès Birkin.

With Splitit, you can spread the cost of your Xupes purchases over time without any interest, fees, or need to apply for credit.

Sounds interesting? Keep reading to find out more about how Splitit works (and get ready to build the ultimate Xupes wish list).

What is Splitit?

Splitit is a service that lets you divide your purchase into monthly payments so the full amount doesn’t need to be paid at once. On every Xupes product page, you can see examples of how this might break down by month depending on the price of the item you’re browsing. For example, the Gucci Zumi tote could cost you as little as £266.50 per month with Splitit, rather than £1599 in one big payment.

You can use this service with your existing credit card and your transaction will be approved just as if you were shopping using your card as normal. There’s no need to fill out an application form or go through a credit check.

All payments are interest and fee-free so you won’t end up paying any more than you would have done if you’d paid the whole amount outright.

You can choose how many instalments you want to pay in – from 3 to 24 months.

Each month the instalment will be charged to your card and you pay it off as normal.

How Does Splitit Work?

You don’t need any special app or to fill out an application form or even register to use Splitit.

If an online shop offers Splitit as a payment method, you’ll see it listed as an option at checkout.

Select Splitit as your payment method, choose the number of instalments you want to pay in, and enter your card details as usual. It’s that simple.

You’ll pay the first instalment on the same day of your purchase and the rest will be charged to your card monthly on the same date. You can also choose to pay off the entire balance at a later date with no additional fee.

Splitit pre-authorises your card for the full purchase amount when you checkout. This means you won’t be able to buy something that costs more than the credit limit on your account.

How is Splitit Different to Other Buy-now-pay-later Services?

Splitit isn’t just another buy-now-pay-later service. The key difference is that you set a monthly payment schedule with Splitit rather than paying the full amount in one go.

Many buy-now-pay-later services are simply an interest-free credit agreement. They’ll delay your payment usually for 1-12 months but you’ll then need to start paying it off. If you don’t pay off the whole amount, you’ll start paying interest, which is often charged at a high rate.

As Splitit uses your existing credit card, there’s also no need to apply or go through a credit check. It’s as simple as using your credit card as normal.

Splitting your large purchases into more affordable instalments makes it easier for you to manage your budget and can help you from getting into debt and running up high fees and interest charges.

Why is Splitit Better Than Just Using Your Credit Card?

Credit cards are very convenient and most people have at least one, but they’re often not the best way to pay for large purchases.

Many people use their credit card when they can’t afford to pay the whole amount at once, but as the card company adds interest to the balance each month, this means you’ll end up paying more.

As it’s so easy to delay paying off your card and simply pay the minimum payment each month, it’s very common for credit card debt accumulate over many years. Eventually you could end up paying hundreds in interest and credit card fees on top of the cost of your original purchase.

Splitit allows you to take advantage of the convenience and consumer protection of your credit card while avoiding the interest payments and helping you to manage your money better.

Which shops in the UK accept Splitit?

You can see the full list of retailers that offer Splitit payment at the Splitit website. The most important one to remember is Xupes.com for pre-owned luxury bags, jewellery, and watches.

What Cards Work with Splitit?

Splitit payments work with Visa, Mastercard, and Union Pay credit cards from any bank.

At this time, the service doesn’t work with debit cards or with PayPal.

You can use a card registered in any country and shop worldwide – your instalments will be charged in the currency set by the store where you made your purchase.

How Can I Check How Much I Still Owe?

When you checkout using Splitit as your payment method, you’ll be asked to provide your email address. You can then set up an account on the customer portal on the Splitit website if you wish.

On the portal you can see when your next instalments are due and see how much you’ve paid already. You can also make additional payments if you wish.

Splitit will also send you an email every month with details of your payments.

Splitit Vs. Klarna

Klarna is another popular buy-now-pay-later service in the UK so you might be wondering which is best to use. Both are available at Xupes, and the two services are quite different.

Klarna also offers the option of splitting your payment into instalments but you can only pay in 3 instalments, while you have up to 24 months to pay off a purchase you made with Splitit.

Klarna does offer the option to pay in more instalments but you’ll need to apply and this may affect your credit score. You’ll also pay interest on your balance if you want longer to pay it off, and you may be charged additional fees on top.

Does Splitit Do Credit Checks?

No, as Splitit uses your existing credit cards, you don’t have to make an application for credit and your credit score won’t be affected.

However, you must still make your monthly payments as they’re charged to your card. If you miss a payment or make a late payment, this may affect your credit score as with any normal payments on your credit card.

Is Splitit Legit?

Yes, as you simply use your normal credit card when you checkout with Splitit and don’t have to set up an account, it’s totally safe and you’re not at risk of being charged exorbitant fees.

You will never owe any money to Splitit as your payment goes directly to the merchant, just as it would if you charged the full amount to your card.

Splitit gets excellent reviews for ease of use and service. However, it is important to understand how it works.

As Splitit places a hold on your card for the full value of your purchase, this means it counts against your credit balance.

For example, if you have a card with a credit limit of £1,000 and make a £500 purchase, you’ll be left with £500 credit on your card even though you may only be paying £50 a month in instalments, for example. This pre-authorised charge hold will reduce automatically as you make payments.

The main advantage of using Splitit is to avoid paying interest and help you to budget by spreading large purchases over more affordable instalments. You’re not able to use it to spend more money than you have access to.