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80.0¢ splitit payments ltd

Ann: Business Operations Update, page-121

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nihilism

10,867 Posts.

394

26/02/19

18:09

Post #: 37576123
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Originally posted by Warnie: ↑

Like @chris1983 says and to make it simple, you buy a TV for $2000, SPT/ the merchant put a security hold on your cc for the full $2000 (so you cant go double spend) and then they take the first payment ($500) which gives you say 30 days to pay down the $500 (no interest) then the next $500 is taken and so on.

The current way is you buy a TV for $2000 and the interest is accrued on the full outstanding $2000 from the 30 day mark.

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Well that's what I thought but wanted confirmation that holds on your cc do not accrue interest. I've only ever had holds for hotels or something short duration. So wasnt sure.

SPT Price at posting: 83.5¢ Sentiment: None Disclosure: Not Held
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