Cards are normally renewed and if the bank does not want to...

Cards are normally renewed and if the bank does not want to renew then they have to pay the held amount. It becomes easy to get a car purchase, no documentation no discussion no cash down etc etc, and for the financing guys the double security. Just imagine you go to a car dealer and purchase a car with five year instalment..the finance co finances and blocks the limit alongwith interest amount...Splitit provides saas service for 1.5 percent fee, car dealer provides comm on sales which is shared between Splitit and finance. Structures can be different though. Once people find it easy to buy using cards then everyone will apply for high limit cards.. who knows Splitit may be able to develop blocking of two three cards for a single purchase.

Right now we are doing upto $60,000 card blocking instalments for jewellery. Of course there will be less buyers because of limit issue but the demand for high limits will slowly increase.

This however does not mean vehicle financing will disappear but it will be a new mode of financing cars for the bigger limit holders.