Investsmart Article, page-7

Thank you! And this is the clearest explanation yet I think -

"Splitit allows you to split the total payment over several months using your credit card. This service is free, involves no credit checks or applications and means you can choose to split your payments anywhere from 3 - 12 months.To use this payment method all you need a credit card with a sufficient amount of available credit. Splitit authorises the total order value but don’t worry, this is not taken in full when you purchase.For example, your Simba order is £500 and you choose a 10 month Splitit payment term. You pay £50 at the time of purchase and the remaining balance of £450 is held on your credit card. If your credit card limit is £1,000, while you'll only be charged £50 at the time, you'll only be able to access £550 for other purchases. The following month the next £50 will be charged and the authorised balance will decrease to £400. This will continue until the balance is cleared.Splitit is available for any orders over £350 and accepts Visa and Mastercard only. You can edit your payment plan at any time and this includes paying off the balance in full."