Alternative Payment Methods to Fund your Holiday Shopping

With credit card companies slashing limits and denying new accounts during a fragile market, many consumers will have a tough time putting their holiday shopping sprees on credit.  As a result, shoppers around the country will be forced to utilize alternative payment methods.  

Store Credit
Store credit cards often carry hefty interest fees, but as long as you pay the balance once the billing period is up, you can avoid such costs.  Arguably the biggest advantage to using store cards is the special offers you receive.  And since retailers are desperate to get more customers in the doors, the perks are even better.

Layaway
Remember the good ol’ days of layaway?  Well, it’s back…and in a big way as more and more retailers realize offering such a payment method can increase profits.  Layaway lets shoppers get their must-have gifts now and pay off the balance over time, while avoiding steep interest charges. Layaway has become so popular, it’s even offered online, through eLayaway, which works with a myriad of renowned retailers, including Apple.  The only extra charge shoppers incur is a layaway contract fee, which can be as low as $5.

Online Payment Services
Online payment services such as PayPal and Bill Me Later allow shoppers to buy now and pay later, often without amassing interest charges.  Choose your own method of payment (bank account transfer, credit card, etc.) and take advantage of the holiday offers many services have, such as 10% cash back or no payments for 60 days.

Cash
Yes, in the sweeping era of plastic and credit this tried and true method of payment does still exist.  And in fact, it can possibly net you some big discounts from local businesses.  Since cash is an immediate profit for any business and it avoids the fees stores must pay for a credit card transaction, some may be willing to offer discounts, specials, or other offers for shoppers who decide to go green.