(WJW) – Are you planning your holiday shopping and how will you finance it?
Walmart announced Friday that it was abandoning its layaway plan just before the holiday shopping season and, instead, would switch to a buy now, pay later plan in partnership with a loan company, Affirm.
The company, with total revenue of $ 559 billion in 2020, says this alternative to layaway allows you to buy products immediately and pay over time.
What items can I purchase with this new plan?
“We have learned a lot over the past year as the needs and buying habits of our customers have changed. This past holiday season, we removed seasonal layaways from most of our stores, with the exception of some jewelry items in some stores, and based on what we have learned, we are confident that our payment options provide the right solutions for our customers, ”the store said. in a report.
Eligible categories include electronics, toys and home; while some ineligible items are alcohol, gasoline, and pet supplies. For a full list of categories, click here.
How long do I have to pay it back?
It depends on what’s in your cart – for a cart total of between $ 144 and $ 799.99, you may be able to fund your purchases over 3, 6, or 12 months. For carts between $ 800 and $ 2,000, you may be able to finance your purchases over 12, 18, or 24 months. All payment options are subject to eligibility.
Where can I make payments?
You can make or schedule payments on affirm.com or in the Affirm app for iOS or Android.
What is my annual percentage rate?
The zero percent APR is promotional funding only for certain Walmart.com products and for a limited time. For other items, your APR rate will be between 10% and 30%, depending on your credit, and will show when you checkout with Affirm.
Customers will also benefit from the Capital One® Walmart Rewards® card option, which offers 5% cash back for online purchases and 2% cash back in stores.
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