With so many new ‘buy now, pay later options’ available right now, it may seem counterintuitive for stores such as Amazon to offer layaway. However, with prices increasing, and consumers feeling the pinch of every day spending, many are looking for zero interest, no credit check options to spread payments out over time for a large purchase.
Amazon is the latest retailer to jump on the layaway bandwagon. The process is pretty straightforward. When selecting an item that is eligible, you will see an option to ‘Reserve with layaway’ at checkout. A 20% fee is charged upfront, and the remaining balance will be divided into 4 equal payments that will automatically be charged to your card every two weeks.
You can choose to pay off early or cancel the item for a full refund with no additional fees or charges.
If you miss a payment, you will have until the day before the next payment is scheduled to pay it. If you fail to do so, your purchase price will be refunded and the item will return to inventory.