Split: The payment option you never knew you needed

 
 
 
 
 
Payment OptionProsCons
debitDebit Card
  • Spend only what you have
  • Fuss-free method
  • No interest charged
  • Limits your spending ability
  • Immediate deduction can make big payments seem daunting
Who should use this option: Those with substantial savings and enough monthly budget set aside to immediately pay for their purchases in full.
creditCredit Card
  • Allows you to spend more money than you have
  • Can pay in instalments*
  • Build up good bank credit
*depends on bank and purchase type
  • Interest charged on late payments or bills not paid in full
  • Credit card financing/ processing fees
Who should use this option: Those without enough cash for immediate purchases but are great at controlling their card spending and tracking bill payments.
splitSplit Payment
  • 2-3x instalments
  • Can use debit or credit card
  • No hidden fees
  • No late fees
  • No interest charged
  • Can only be used at partner stores
Who should use this option: Those who require a flexible card payment method to split their cost of purchases into smaller, more manageable sums, without worry of hidden fees and interest.
 
 
 

Split: The Payment Option You Never Knew You Needed


Published 1 June 2020, Kimberly Francisco

New handbags, cool street wear and makan feasts can all add up, leaving you with little room for impulse buys. To pay by debit card or credit card might seem like a simple decision but knowing the difference between the various payment options available can actually help you afford the things you want when you want it.

In fact, the dilemma of choosing the right one is becoming more complex as there are even more ways to pay now. Split, for example, allows you to pay for your purchases in instalments – with or without a credit card. It might just be the payment option you never knew you needed.

More payment forms also mean that everyone can buy what they want and pay for it in a way that best suits their pocket. Understanding how each option impacts your finances can help you quickly identify the best way to pay the next time you are shopping online.


waytopay
Debit card

With debit cards, you need to be able to afford the full sum of your purchase as the amount is immediately deducted directly from your bank account.

While this payment method removes the fear of incurring late fees or interest that is associated with credit cards, your spending ability is limited to the amount of cash you have in the bank. This can make expensive purchases seem more guilty than pleasurable, especially when you see the dollar value in your account decrease.

This fuss-free payment method works perfectly if you are financially-savvy and great at sticking to your monthly budget.


Credit card

It is easy to lose track of your budget when you can easily swipe your credit card to pay for what you want. Credit cards allow you to spend more than what you have in your account as you are borrowing money from the bank to make your purchase.

Instalment payment plans are available on credit too. This breaks down your payment into smaller sums over a longer period of time, making paying back the total amount more manageable.

Often these instalment plans apply to furniture and electronics and are spread out over a range of 3 to 24 months. Some banks might charge an interest on the sum or other fees so it is best to read through the full terms and conditions.

The danger lies in incurring additional charges for bills not paid in full or if you pay late. You end up paying more for your purchase than it actually costs or accumulating debt.

Using a credit card is good if you are diligent in paying your bills and possess great self-control in your spending. Paying your bills in a timely manner also helps to build good credit with your bank, making it easier for you to take out a loan in future.


How to pay with Split
 
 

If Split is the right payment option for you, follow these steps for a seamless online transaction.

  • Shop at our partner stores
  • Select Split at checkout
  • Enter your details and select your instalment plan
  • Pay for your first instalment
  • Get instant approval and enjoy your purchase!
  • Split will auto-deduct the instalments from your selected payment method in the next two to three months, hassle-free!

No longer feel constrained by the limitations of debit cards and credit cards the next time you shop online. You can buy more with Split and enjoy a flexible method of payment that suits your lifestyle needs better.

Subscribe now to our newsletter and get the latest updates on Split and our partner stores.


Pay with Split

Now that you know the difference between a debit card and credit card, you might be thinking, “What if I prefer to pay instalments but do not own a credit card?”.

Well, Split offers you the flexibility of using either a debit card or credit card from any bank to split your payments into two or three instalments. This makes affording the things you want easier on your wallet.

Unlike credit cards, Split has no interest, late fees or any hidden fees so you do not have to worry about chalking up a debt. If you pay with Split, your first instalment will be made at the time of purchase. The remaining instalments will be automatically deducted in the following months directly from the debit or credit card account provided.

You should use Split if you require flexibility in payment card type and prefer spreading out payment over a short instalment period. It helps ease the burden for those who want less upfront commitment with their payments without the risk of debt and late fees.

Split can only be used on their partner stores and you can find a list of them here.


Choosing the right payment option for you

Next time you find yourself at the checkout page of an e-store, stop to think about the pros and cons of each payment option presented. Here’s a quick guide on how to choose the one that best suits your spending ability.


 
Payment OptionProsCons
debitDebit Card
  • Spend only what you have
  • Fuss-free method
  • No interest charged
  • Limits your spending ability
  • Immediate deduction can make big payments seem daunting
Who should use this option: Those with substantial savings and enough monthly budget set aside to immediately pay for their purchases in full.
creditCredit Card
  • Allows you to spend more money than you have
  • Can pay in instalments*
  • Build up good bank credit
*depends on bank and purchase type
  • Interest charged on late payments or bills not paid in full
  • Credit card financing/ processing fees
Who should use this option: Those without enough cash for immediate purchases but are great at controlling their card spending and tracking bill payments.
splitSplit Payment
  • 2-3x instalments
  • Can use debit or credit card
  • No hidden fees
  • No late fees
  • No interest charged
  • Can only be used at partner stores
Who should use this option: Those who require a flexible card payment method to split their cost of purchases into smaller, more manageable sums, without worry of hidden fees and interest.