Walmart has announced that layaway will be available starting August 28th and will run through December 14th. This is 2-3 weeks earlier than previous years, which indicates that retailers plan to draw the shopping season out even longer this year.
Here’s what you need to know about the Walmart Layaway program:
Eligible Items: Only items from these departments will qualify for layaway: Electronics, Auto Electronics, Furniture, Toys, Selected Sporting Goods, Small Appliances, and Jewelry. Each item placed on layaway must be priced at $10 or higher.
Fees: You must pay $10 or 10% down, whichever is greater, to open your layaway. This fee will apply to your balance. If you cancel your layaway, there will be a $10 restocking fee in most states. All other funds will be returned to you. There are no additional fees to use layaway.
Payments: You can pay on your balance at your convenience, as long as it is paid in full by December 14th. Payments can be made at any register.
Pickup: Items must be picked up (and fully paid off) by December 14th.
Excluded Dates: Layaway will not be available on November 26th, which is Thanksgiving Day. That means that there’s no chance of returning to a normal Black Friday this year.
Price Matching/Adjusting: In previous years, Walmart has allowed you to match the sale prices of other stores on layaway items (if you physically bring in proof). The current layaway announcement does not mention this. The official 2015 holiday price matching/adjusting policy has not been announced yet. I’ll update this as we have more information.