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Sears launches holiday-savings card

August 24, 2009

New York--To get shoppers to save money now to spend during the upcoming holiday season, Sears Holdings Corp. has launched a savings card reminiscent of an old-fashioned Christmas club account, according to the Hoffman Estates, Ill.-based retailer.

From now until Nov. 14, consumers can put money aside on a regular basis on Sears' Christmas Club card and, if they activate the card before Oct. 31, they can earn a 3 percent reward based on the card's value, up to $100.

According to The Associated Press, the launch of the Christmas Club card by Sears follows the retailer's decision last holiday season to resurrect its layaway program after a two-decade hiatus.

National Retail Federation (NRF) spokeswoman Ellen Davis said that while banks have Christmas clubs, it's a "rare" move for retailers to launch one and reflects today's shoppers' worries about relying on credit cards to finance purchases, according to the AP.

Based on NRF research, Davis said, "I think shoppers like the idea of saving ahead for Christmas."

Sears operates Sears, Roebuck and Co. and Kmart stores. To learn more about the program, visit Sears.com or Kmart.com.
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