Holiday
Stores Offering Holiday Layaway in 2020
Upcoming Black Friday and seasonal sales are a great opportunity to pick up gifts and more expensive items you’ve been saving for all year. Jump on the best deals and reserve popular products using layaway at stores, in person and online. Layaway programs can give you the flexibility you need to plan for your budget.
What is layaway? How does layaway work?
Layaway is when you create an agreement to pay for an item (or more than one) by putting down a deposit and regularly make payments. The store reserves the merchandise for you until you have finished paying for it. Sometimes, you have to pay a fee to set up the agreement or if you cancel.
Why would I want to use layaway?
If there’s an item that you really want that is going to sell out before you can pay for it, you might want to use layaway. Unlike credit cards, there’s no interest and the agreement won’t affect your credit negatively. If you are on a strict budget, then layaway can help you stretch out your spending over time.
Can I do layaway online?
Some stores do allow layaway online, usually during checkout. Most online layaway is reserved for big electronics.
Which stores do layaway?
A list of the most common stores offering layaway and the details are below.
Walmart: Offered from August 28 to December 14, 2020
Only select Walmart stores offer layaway. There’s no setup fee, but you have to put down $10 or 10%, whichever is more. Individual items must be at least $10, with the whole basket totaling at least $50. Final pickup or payment must be made by December 14. If the account is canceled, there is a $10 charge. Payments can be made at any register after you’ve set up the layaway account. Walmart coupons can be applied to your purchase.
Sears: Offered year-round
To participate in Sears’ layaway program, a $10 down payment is required. You have eight to 12 weeks depending on the total cost, plus a fee of $5 to $10. Cancellation is $10 to $20 and you have seven days after final payment is due to cancel. You can only do layaway on certain items and must make payments every two weeks. If you’re shopping online, check in the delivery and pickup options for an item if it is eligible.
GameStop: Soon to be offered
GameStop is considering layaway for the PS5 or Xbox Series X, as well as other rent-to-own and installment plan options. In 2019, the retailer held a no-fee layaway program, and there’s a good chance that will happen again this year. Last year, GameStop required a $25 deposit, but it was refundable.
Baby Depot and Burlington Coat Factory: Offered year-round
Baby Depot and Burlington Coat Factory offer in-store layaway programs. Most of their stores will do a 30-day layaway with a $10 or 20% minimum deposit and charge a $5 fee. If you don’t complete your payments or cancel, you’ll be charged an additional $10. Layaway items will not be discounted, so if you can save up your money to pay up front you may have a better chance at getting a sale price.
Big Lots: Offered year-round
While this is not a traditional layaway program, Big Lots’ Price Hold Program serves the same purpose and may be more beneficial. If an item is out of stock or you cannot pay for the item in full, you are allowed to hold the current price. This price is valid until that item is restocked and available at the store, or until you have paid for the item in full. The only caveat is that the Price Hold Program is only available in Big Lots stores that sell furniture.
T.J.Maxx and Marshalls: Offered year-round
Both companies live under the TJX umbrella, so you can expect their layaway programs to be similar. Both retailers only offer layaway at some locations, and it’s only valid in-store. At both stores, items must be picked up or canceled within 30 days. At T.J.Maxx, a down payment of $15 or 10% – whichever is more – plus a cancellation fee that varies by location. At Marshalls, there is a $5 service fee that may be nonrefundable depending on the state, plus a $10 or 10% down payment, whichever is more. There is a $5 fee for cancellations.A last bit of advice: Consider the fees and charges as a risk of layaway. It makes more sense to use layaway for expensive products you know will sell out. If you can, save up and pay outright for everything else. Walmart, Sears, GameStop and Baby Depot offer Cash Back when you shop with Rakuten, so that is another way to save
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