Alon Feit
Alon Feit

Splitit survey reveals credit card preferences

The results of a new survey of more than 1,000 credit card owners by fintech company Splitit show some interesting trends developing among different user groups.

Splitit technology enables merchants to offer interest free installment payments to customers on their existing credit card (read a Bankless Times profile of Splitit here).

The results validate Splitit’s business model and offer retailers a simple option to increase sales. If credit card users  are offered interest-free installments, a majority will choose that over free shipping (54 percent) or a 10 percent discount (53 percent). High income earners prefer interest-free installments over incentives at a 60 percent clip.

It is easy to see that interest-free installments are an easy way to encourage people to make more expensive purchases. Buying a $1,000 item over 10 months at $100 per doesn’t seem like you’re spending $1,000. Two on five respondents said they would increase their purchase by at least 10 percent if they were offered interest-free installment payments.

“Installments are a popular and successful payment method in six countries worldwide, but are relatively foreign to consumers in the U.S. and Europe,” Splitit CEO Alon Feit said. “Splitit aims to change this by offering a win-win solution for both consumers and merchants, allowing for better cash flow management for the consumers and increased sales for merchants.”

Additional findings include:

  • High-income consumers ($150K+ annual salary) have the highest percentage of credit card usage (61%), whereas lower income consumers ($0-25K annual salary) are less likely to use credit cards (31%).
  • Millennials (age 25-34) are the second biggest credit card user group (37%), behind people 65+ (42%).
  • Men are more likely to say yes when asked if they use a credit card (34%) than females (29.5%).
  • Store cards are the most popular installment-based payment method for credit card users currently on the market (50%), followed by PayPal Credit (42%).
  • The primary reasons that consumers like installments is for budgeting purposes (54%), affordability (40%), building credit (4%) and zero interest (2%).


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