(WJW) – Planning your holiday shopping and how you’ll finance it?
Walmart recently announced that the company is scrapping its layaway plan just before the holiday shopping season, and instead switching to a “buy now, pay later” program in partnership with lending company Affirm.
The company, which recorded a total revenue of $559 billion in 2020, says this alternative to layaway allows customers to purchase products immediately and pay over time.
Which items can customers purchase under this new plan?
“We’ve learned a lot in the past year as our customers’ needs and shopping habits have changed,” a representative for Walmart said in a statement.“Last holiday season, we removed seasonal layaway from most of our stores with the exception of select jewelry items at select stores, and based on what we learned, we are confident that our payment options provide the right solutions for our customers.”
Eligible categories include electronics, toys and home; ineligible items are alcohol, gasoline and pet supplies. A complete list of categories eligible for financing is available at Walmart’s official site.
How long will customers have to pay it off?
Depending on what’s in the cart, shoppers can finance purchase for as little as 3 months or as long as 24 months. For cart totals between $144–$799.99, customers may be able to finance purchases over 3, 6, or 12 months. For carts between $800–$2,000, purchases can be paid over 12, 18, or 24 months. All payment options are subject to eligibility.
Payments can be made or scheduled at Affirm.com or in the Affirm app for iOS or Android.
How much is the annual percentage rate?
Zero-percent APR is the promotional financing for only certain Walmart.com products, and for a limited time. For other items, the APR rate is between 10–30%, depending customers’ credit. The rate will appear in the Affirm app upon checkout.
But in 2006, the retailer decided to phase out the program altogether, citing "declining use and increasing costs." Walmart then chose to bring layaway back in 2011 for the holiday season, according to The New York Times, and customers have been relying on the service for holiday purchases since then.
Does Walmart have layaway? Unfortunately, Walmart layaway 2022 is not a thing anymore. While the Walmart layaway program used to be popular with holiday shoppers for many years, that program is officially gone.
Layaway became common during the Great Depression of the 1930s. It was widely withdrawn during the 1980s, as the ubiquity of credit cards decreased its utility.
Hi, Best Buy doesn't have layaway but you can open a credit card account with them. Once you have a Best Buy Credit Card, you can make purchase and pay a minimum payment without paying interest within a specific period, usually between 9 or more months.
When you shop at Walmart with Affirm, you'll never pay more than what you see up front. Unlike most credit cards, we charge simple interest, not compound interest. Plus, there are no late fees, hidden fees, or just because fees. Shop at your favorite stores or discover someplace new with the Affirm app.
Affirm can help you finance almost any item available for purchase at Walmart, including electronics, furniture, appliances, and more. Groceries, tobacco, alcohol, gasoline, and wireless service plans are not eligible for financing.
Target does not offer any form of traditional layaway program, including holiday layaway. To get a jump on your holiday purchases, consider signing up for a program like Target RedCard, Afterpay, or Affirm to make sure you'll be able to secure your items in time for the holidays before paying for them in full.
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