How Different is Wal-Mart’s Christmas Layaway from Their Competitors?

Some years ago, Wal-Mart ceased their layaway plan due to several reasons. The biggest being those who did the layaways and left the merchandise in their accounts until after Christmas. This meant lost sales for the company. Having working at a competitor who has a layaway program, I can understand why they decided to discontinue it at the time.

Now they are bringing back their layaway for Christmas. What does that mean for consumers who shop Wal-Mart? How do their competitors hold up with their layaway plans?

Wal-Mart Layaway Plan (Starts October 17 and ends December 16)

Exclusions: sporting goods, wireless phones that require a contract, and home and kitchen appliances.

Eligibilityof Items: Toys, Electronics, and Jewelry.

Down Payment: 10%

Service Charge: $5

Minimum Requirements: Purchases must be more than $50 and each item being put on layaway must be $15 or more. However, online purchases do not have to meet these requirements.

Terms: Start day is October 17. December 16 is the final day items can be on layaway and final payment and pickup are to be done on this.

Payments: Can be made at any register.

Layaway Location: At the designated desk at your local store.

For further information and exclusions can be found at Christmas Layaway at Wal-Mart

Sears and K-Mart Layaway Plans (No Starting Date)

Exclusions: No exclusions were giving on their website.

Eligible Items: No ineligible items noted on their website.

Down Payment: 20% or $20 whichever is greater. For example: If you have a $400 layaway item at Sears, $40 would be your down payment.

Service Charge: $5 for new layaway contracts and a $15 cancellation charge on a new layaway.

Payment Methods: You can choose an 8 or 12 week layaway plan and payments are set up accordingly. You can also make payments online.

Layaway Location: You can put any items you buy in-store on layaway at any register. You can also layaway online.

For further information, check out Sears Layaway

. All K-Mart Layaway Plans are set up like Sears Layaway Plans due to K-Mart being owned by Sears.

You can find more details about K-Mart's Layaway here.

How can their layaway plans benefit you?

By comparing Wal-Mart, Sears, and K-Mart, there aren't that many differences between the details. All three companies charge a $5 service fee and require a 10 to 20% down payment.

However, Wal-Mart did add a few stipulations to their layaway plan. These stipulations shouldn't hinder you from doing your shopping their for most of your Christmas shopping needs. If you feel you need to put small appliances or other items on layaway, simply check with Sears and K-Mart to see if you are able to layaway items there.

By using any of these three stores, you can put your Christmas shopping on layaway rather than using your credit cards. The finance charges on your credit cards will far out way the one time $5 service charge. Over time, you will pay less for Christmas than you would by charging it.

Even if you used the layaway plans at all three stores, the $15 in service charges will be far cheaper than your first months finance charges on your credit cards. Make your payments in cash or by check. This way you can avoid the extra debt on your credit cards.