Toys R Us unveils prepaid shopping card as layaway alternative

Recent financial hard times have led to resurgence in the use of layaway at retail, but Toys R Us is taking the concept one step further. According to a press release, the company has unveiled its "Christmas Savers Club," which allows shoppers to put aside up to $2,500 for holiday shopping. Unlike layaway, shoppers do not have to choose specific items until the holidays arrive.

The company is also incentivizing shoppers with a 3 percent bonus paid on all funds put into the program before Oct. 16.

"Through our Christmas Savers Club, parents and gift-givers can better plan their holiday spending well in advance of the season, while we provide them with a convenient, effortless way to budget," said Greg Ahearn, senior vice president, marketing and e-commerce, Toys"R"Us in the statement. "We know that a trip to Toys"R"Us is part of every parent’s holiday shopping ritual, so saving early for the gifts they will likely buy is smart – plus, the added bonus they receive can cover the cost of additional presents."