Layaway replacing store charge cards

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
6 posts
User avatar
Centurion Member
Centurion Member
Posts: 567
Joined: Tue Apr 22, 2008 12:44 am
Location: Zuma

Layaway replacing store charge cards

Postby Cucumber » Mon Nov 10, 2008 1:48 am

I've heard a lot of talk lately about lawaways coming back. Didn't those completely disappear for a while :confused: I know K-Mart is doing them for the holiday season and they have gotten some press coverage for re-introducing it. Is this good? Bad? Okay? I guess if you don't have credit it's a cool option. :cool:
Stop talking crap about him!

Gold Member
Gold Member
Posts: 26
Joined: Thu Aug 07, 2008 1:08 am
Location: Toledo, Ohio

Postby robert.loehmann » Mon Nov 10, 2008 10:58 am

I would say that is a good thing. It will keep buyers in check by putting it on lawaway instead of the old charge card. From what I know about it the payments they make earn interest and they can withdraw the money any time and forfeit the purchase. That sounds fair to me.

User avatar
Centurion Member
Centurion Member
Posts: 416
Joined: Sat Apr 26, 2008 9:12 pm
Location: the edge of the world

Postby fffresh » Mon Nov 10, 2008 9:54 pm

It's adapting for the times. Now that terms for credit have been strengthened stores are using this as a means to market to the same customers that would finance their purchases with a sub-prime store card. It is similar to the old television infomercial which will tout a product in terms of so many easy payments of so many dollars. Lawaway is a payment plan and not credit but we are seeing a comeback the payment plan marketing scheme of monthly payments also. Consumers do not realize the premium they are paying when they finance purchases using the merchant's credit. I received a catalog in the mail from a company called Fingerhut which doesn't appear to sell an item for more than $100 within the catalog but instead of listing the price, it is listed as "as low as $2.99 a month" or "as low as "$9.99 a month" and that is for products that are rather cheap to begin with. It's only when you read the fine print and see the price you realize it is 100%, 200% or more than what you would pay at a discount retailer.

Centurion Member
Centurion Member
Posts: 102
Joined: Tue Apr 29, 2008 7:53 pm
Location: Somewhere in So Cal

Postby Multi-Purpose » Tue Nov 11, 2008 5:24 pm

They say history repeats I guess!

After the 1929 crash credit dried up like this and then that generation died and everyone forgot so they started buying everything on credit today and PRESTO! that takes us to today and now a worse crash than than that one!

Do us Americans ever learn?
[font=Comic Sans MS]Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek.
-Barack Obama[/font]

Platinum Member
Platinum Member
Posts: 77
Joined: Wed Apr 23, 2008 2:51 pm
Location: cc

Postby KC95 » Tue Nov 11, 2008 10:51 pm

sounds like a hassle to me if you have to go to the store and make payments before you can get the merchandise. i suppose it's better than nothing if you have no self discipline to save but i wouldn't save up to buy something this way.

User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Thu Nov 13, 2008 1:39 am

Fresh, I know of that company Fingerhut you are talking about. It's a lot like the rent-to-own furniture centers and those bargain basement computers you see advertised on late night TV, I think the company is called Blue Hippo, where they give you a junky computer for a monthly payment withdrawn from your savings. When buyers use methods like these they will end up paying much, much more.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

Return to “Store Issued Cards”

Who is online

Users browsing this forum: No registered users and 0 guests