We’re pretty excited that the major players have begun announcing their layaway plans! The holiday shopping season is just around the corner, and the big retailers know it. So far this year, the trend has been to extend the layaway period and to reduce or eliminate fees, making the service even more consumer-friendly by allowing for a longer payoff period.

If layaway is part of your Christmas shopping plans, you’ll want to pay attention to our layaway round up below. Here’s what we’ve seen announced so far.

Walmart Layaway

Starts: 9/16/12
Fee: $5

As previously mentioned, Walmart announced their layaway plans last week, launching the program a full month earlier than last year. Their original plan replaced the $10 cancellation fee with a $15 sign up fee, which would be refunded in the form of a $15 Walmart gift card upon payoff.

After the initial announcement, however, Walmart was flooded with complaints from consumers that the $15 layaway fee was too high. Walmart has since caved to consumer pressure and lowered the layaway fee to $5 – a definite win for holiday shoppers!

Toys R Us Layaway

Starts: 9/4/12
Fee: Free until 10/31, then $5

Toys R Us opened their holiday layaway program on Tuesday and will waive the service fee for new layaway accounts through October 31.

“We continue to look for ways to help our customers stretch their budgets, and by taking advantage of this free layaway option, they can make a series of small payments over time, as they begin to think about what might be on their children’s holiday wish lists,” said Troy Rice, Executive Vice President for stores and services.

There is no purchase minimum to participate in Toys R Us layaway, and customers must pick up their items by December 16.

Kmart Layway

Starts: 9/9/12 
Fee: $5 on 8 week contracts; $10 on 12 week contracts / $15 down payment or 10% (whichever is greater) 

You can use Kmart layaway in stores and online on purchases of $300 or more.  With Kmart’s layaway program you can choose from a 8 or 12 week payment contract. You can cancel your purchase at any time, for a $10 fee, and will be refunded all payments collected for layaway items.

From September 27th thru November 29th, there will be a weekly drawing to have one layaway participants remaining balance paid off. By placing an item on layaway you have been entered into the sweepstakes, and you are eligible to have up to $500 of your purchase paid off by Kmart.

(more…)