Layaway Programs: Wal-Mart, Kohl's & Toys 'R Us
Wal-Marttwo different cards, one that’s a Discover credit card and one that is only a store card. The Discover card touts “up to 1% back” but it’s actually only 1% on any spending over $3,000 in a calendar year. Plus, the interest rate on both cards starts at 22.9% - not a great deal.
eLayawayIf you’re a seasoned online shopper, you can shop the whole mall on layaway at elayaway.com. You simply select “eLayaway” at checkout and set up a payment plan with the merchant, spreading the payments over a longer period of time (depending on the merchant - this can be up to a year). The payments are withdrawn from your checking account. The only fees are an upfront 1.9% processing fee, and a 1.9% cancellation fee. Keep in mind that the merchant doesn’t physically hold the item for you, so if it goes out of stock, they’ll refund your money. You also may have a larger down payment on purchases such as travel or custom items. Take a look at this list of participating stores.
Toys ‘R Us/Babies ‘R Usa full list of items that can be put on layaway.
A 20% down payment is required at the time of layaway, and a $10 service fee is also assessed.
You must pay off at least half of the purchase price within 45 days, and the full payment within 90 days. Some stores have a “holiday cutoff” by which time the full price must be paid. Check with your local store if the cutoff is in effect there.
You can pick up the item at your local store after making your final payment. The stores will not physically hold the items, so they might need to order a shipment of the item you purchased if they don’t have it in stock. This may take up to fourteen days, so don’t plan on coming in to pick it up right before Christmas.