Sears and Kmart today announced the introduction of a Christmas Club card that the retailers claim will help shoppers save for holiday shopping. Shoppers can put aside money on the card from now until Nov. 14. They can earn rewards of up to $100 on the car based on how much they save.

The announcement comes as retailers are bracing for a slow Christmas season and consumers are depending less on credit cards. The retailers have also been touting their layaway program.

Susan Ehrlich, president of financial services for Sears Holding said in a press release: “We heard our customers were concerned about how they are going to pay for their holiday shopping this year and we wanted to provide a way to ease their concern.”

But the card is also good for Sears and Kmart sales. It guarantees people who sign up for the card will have to shop their stores when the holiday season hits.

I’m all for the notion of saving. Too many people are probably still paying for their holiday purchases from last year. But consumers can save on their own too. Open a savings account you don’t have easy access to. Or put 50 bucks a week aside in your drawer if that’s what makes you save.

The rewards Sears and Kmart are offering are good if that’s the only place you plan to do your shopping. Then you might consider signing up for the card. But I bet there will be pretty good deals at all the retailers given the gloomy holiday shopping season that is expected.