Christmas is right around the corner and Wal-Mart has recently announced their plans to again include layaway in the holiday madness this year. So, how does their layaway plan compare with K-Mart?
Wal-Mart Layaway:
Costs 5 bucks to start, plus a down payment of 10% Costs 10 bucks to cancel Each must be $15 or more Eligible items include toys, electronics and some fine jewelry Layaway can only be started in the store Starts on October 17th and all orders must be paid off and picked up by December 16 All orders not picked up by December 16 will be canceled Payments can only be made in-store at any register
K-Mart Layaway:
Cost 5-10 bucks to start, plus a down payment of $20 or 10% (whichever is more) It’s 35 bucks or 10% to start if you’re on the 12 week plan Only works on eligible items (check the item on k-mart.com to be sure) You get eight weeks to pay for your merchandise in four payments. You only pay a 5 dollar service charge if done this one. Some transactions over $300 qualify for the twelve week, 6 payment deal which has a 10 dollar service charge. Layaway can be started in-store or online. Then the order must be picked up in-store. Payments can be made online or in-store. Cancellation fee is $15 or $25 if you have the 12 week plan
Both plans are pretty similar, but if you don’t have either of these in your area, K-Mart is probably the best bet. You can do everything online and only have to make one trip to the store to go pick everything up. I really hate that you have to pay a service charge anywhere for layaway since the employees most likely aren’t getting paid more for doing the layaway service. It just seems strange to me to have a pay a charge to buy things. Yes, they are holding them for you at at least it’s fairly cheap. Anyway, it is a great alternative to purchasing everything up front when money is slim around the holidays. Hope this comparison helped anyone thinking about layaway this year!
Sources:
Wal-Mart Layaway
K-Mart Layaway