Walmart Removes Layaway, Instead Offers Buy Now, Pay Later
(WJW) – Are you planning your holiday shopping and how will you finance it?
Walmart recently announced that the company is abandoning its layaway plan just before the holiday shopping season and instead is moving to a “buy now, pay later” program in partnership with loan company Affirm.
The company, which posted total revenue of $ 559 billion in 2020, says this alternative to layaway allows customers to buy products immediately and pay over time.
What items can customers purchase under this new plan?
“We have learned a lot over the past year as the needs and buying habits of our customers have changed,” a Walmart representative said in a statement. “This past holiday season, we removed seasonal layaways from most of our stores with the exception of certain jewelry items in certain stores, and based on what we have 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 full list of categories eligible for funding is available on the official Walmart website.
How long will customers have to reimburse it?
Depending on what’s in the cart, buyers can finance the purchase for as little as 3 months or as long as 24 months. For total baskets between $ 144 and $ 799.99, customers may be able to fund purchases over 3, 6, or 12 months. For carts between $ 800 and $ 2,000, purchases can be paid for over 12, 18, or 24 months. All payment options are subject to eligibility.
Payments can be made or scheduled on Affirm.com or in the Affirm app for iOS or Android.
What is the annual percentage rate?
The zero percent APR is promotional financing for select Walmart.com products only and for a limited time. For other items, the APR rate is between 10% and 30%, depending on customer credit. The rate will appear in the Affirm app at checkout.