Don’t Lose Money on Layaway!
Posted on Wednesday, November 28th, 2012 at 7:00 am
Have you ever put something on layaway? Not every store will offer this option. Keep in mind that you cannot use layaway for free. You can save money by choosing the store with the best layaway policy.
It is important to be aware of each store’s policies regarding layaway. What do they charge? How much of a down payment will they require? Do you have to sign a contract? Which stores are waving their fees right now? You might save more money if you used your credit card (and paid off the total balance) instead of using layaway.
Sears requires a down payment and biweekly payments. There is a $5.00 service fee on an 8 week contract. There is a $10.00 service fee on a 12 week contract. The 12 week contract is only available on purchases of $400.00 or more.
Toys R Us and Babies R Us require a deposit of at least 20% of the total price of your order plus taxes. There is a $5.00 service fee. You must pay 50% of the total price of your order within 45 days. The total price of your order must be paid off within 90 days, or by the “Holiday Cutoff” (whichever is sooner).
Walmart is offering layaway through December 14, 2012. You must pay a down payment of $10.00 or 10% of the total (whichever is greater). There is an Open Fee of $5.00. You can only use layaway for a total purchase that is over $50.00. Individual items must be $15.00 or more. Items not picked up on or before December 14, 2012, will be returned to the shelves and your layaway account will be canceled.
Kmart has a $5.00 service fee on all new layaway contracts. You are required to pay a down payment of $15.00 or 10% of the total amount of the merchandise you are putting on layaway (whichever is greater). The layaway contract lasts 8 weeks, and you will be required to make a payment every 2 weeks (for a total of 4 payments).
Best Buy requires a 25% initial down payment on layaway. There is a 5% nonrefundable layaway fee. The items you put on layaway must total $250.00 or more. You will be required to make a payment every 2 weeks until your balance is paid in full.
TJ Maxx will hold layaway items for up to 30 days. You are required to make a down payment of $10.00 or 10% of the total amount of the items (whichever is greater). There is a $5.00 non-refundable create fee. If you cancel your layaway, there is a $5.00 cancellation fee.