Amazon Layaway Buy now, pay later

Amazon Layaway Buy now, pay later

Everything you need to know about Amazon Layaway

If you’re a frequent Amazon Prime shopper, you might have come across Amazon Layaway, which is Amazon Prime’s layaway program. This program can be a great option for those who are planning to make a big purchase or are waiting for payday to arrive before buying everything they want. However, it’s important to note that Amazon Layaway is not the same as Amazon’s Affirm payment plan, which allows you to buy now and pay later.

How does Amazon Layaway work?

When you add an item to your cart that is eligible for layaway, you’ll see a tag that says “Reserve with Layaway.” This tag indicates that the item can be put on layaway. During the checkout process, you can select the “Reserve with Layaway” option next to each item you want to place on layaway.

One of the advantages of using Amazon Layaway is that you won’t have to undergo a credit check. This means that the program won’t have any impact on your credit score. However, it’s important to note that Amazon Layaway is currently not available for orders shipping to Connecticut, Illinois, Maryland, Ohio, Pennsylvania, Washington, DC, or outside of the US.

Once you’ve selected the items you want to put on layaway, Amazon will divide the total price of the products into five payments. Each payment will be 20% of the total price and will be due every two weeks for a total of eight weeks. Taxes and shipping costs will be included with your final payment, making it slightly higher than the other payments.

After you make the first payment, Amazon reserves the item for you until it’s fully paid off. Once you’ve completed all the payments, Amazon will ship the item to you. It’s important to note that there is no interest charged for layaway payments, as you are not financing your order.

What if I forget to make a payment?

If for some reason you forget to make one of your scheduled payments, Amazon will send you an email to inform you that your payment attempt was unsuccessful. If you fail to make the payment before the next scheduled date, Amazon will cancel your layaway plan and refund all the money you’ve paid so far. The good news is that there are no fees for overdue or canceled layaway plans.

It’s also worth mentioning that if you have an overdue layaway plan, you won’t be able to start a new one. However, if you decide to pay the balance in full ahead of time, you can simply log in to your Amazon account, go to “My Orders” > “Order Details” > “Manage Payment Plans,” and click on “Pay early.”

How is this different from Amazon’s Affirm payment plan?

The main difference between Amazon’s Layaway and Affirm payment plan is the financing aspect. With Amazon Layaway, there are no additional fees apart from the product’s price, shipping costs, and taxes. On the other hand, Affirm allows you to buy now and pay later, but it requires a credit approval process since it involves financing your order.

While Affirm offers immediate access to your items, it’s important to note that missing a payment can potentially harm your credit score, as Affirm reports all payments to the credit bureaus. Additionally, Affirm payment plans may come with interest, leading to higher overall costs. The payment options with Affirm can range from six weeks to 60 months, and some may even be interest-free.

If you can wait eight weeks for the delivery of your items, we highly recommend utilizing the layaway plan instead of opting for buy now, pay later programs. This way, you can avoid potential interest charges and protect your credit score.

Additional tips for maximizing your shopping experience

To ensure that you’re getting the best deals while browsing products, it’s always a good idea to compare prices. ENBLE’s Chrome Shopping extension can assist you by finding the best discounts and promo codes. This way, you can guarantee that you’re getting the most out of your layaway plan and making the most cost-effective purchases.

So, if you’re looking to make a substantial purchase on Amazon and would prefer to pay over time, Amazon Layaway can be a suitable option for you. It allows you to divide the total cost into manageable payments without requiring a credit check. Just make sure to make all your payments on time to avoid any cancellation of your layaway plan.

For more information, you can explore the Amazon Prime benefits and how to sign up for Amazon Prime. Additionally, check out what we know about Amazon’s upcoming October Prime event and discover tips for maximizing your Prime membership.

Remember, with Amazon Layaway, you can shop with ease and convenience while managing your expenses effectively!