Christmas in September? Sizing Up the Early Deals

Consumers have more than 100 shopping days left until Christmas, but retailers are already angling to secure a chunk of your holiday budget.

“There's no question that the economy has forced retailers of all sizes to get more creative than they have before,” says Kathy Grannis, a spokeswoman for the National Retail Federation, an industry group. The NRF anticipates a slight improvement in holiday spending after last year's 3% drop. “Really, the best promotion wins.”

Several retailers are experimenting with programs that offer rewards tied to your fall spending. The idea is to get you spending in stores now and committed to more spending closer to the holidays. Sears (SHLD) has taken a different route, offering a 3% rebate on top of whatever money consumers set aside in a store Christmas Club account.

Although the promise of extra cash for the holidays may be enticing, be cautious about locking up too much money with one retailer, says Daniel Horne, an associate professor of marketing at Providence College in Rhode Island. “Any time you lose flexibility on where you can spend, that's a trade-off,” he says. Holidays sales won't go into full swing until November, so you risk missing out on better deals at other stores with comparable merchandise.

Here's what several big-name retailers are offering:

Macy's: Members of Macy's (M) Star Rewards program can enroll in the Thanks for Sharing program for $25, of which $10 goes to charities, including Make-A-Wish Foundation and March of Dimes. In exchange, shoppers receive a 10% rebate on purchases made Sept. 19 through Dec. 31. The rebate will be mailed in February 2010 in the form of a gift card.

Sears: Sign up for the Christmas Club program before Oct. 31, and then add cash to your card. The retailers will award a 3% rebate (up to $100) based on the value of your account on Nov. 14. The card can be used at Sears, Kmart, Lands End, The Great Indoors and MyGofer.com.

Sephora: Members of the retailer's Beauty Insider rewards club who have spent $350 or more during the calendar year will receive a holiday gift card based on their spending that year. A spokeswoman for the company says Sephora is finalizing details of the promotion.