A few weeks back, I wrote about Saks’ financial struggles after it had declared bankruptcy. Back then, I’d also predicted that this could be the end of the benefit on the Amex Platinum Card. Over the last few weeks, Amex has quietly made some changes to the benefits on the Amex Platinum Card. Some are visible in plain sight while others were done rather quietly. Here’s what’s going on.
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Amex Platinum Card: Saks benefit is gone for new cardholders, starting now
As per Frequent Miler, the Amex Platinum Card will be discontiuing the $100 Saks Fifth Avenue Credit benefit on the Amex Platinum Card. To be clear: existing cardholders still have the Saks benefit for now, until June 30.
Saks Global, the parent of Saks Fifth Avenue, filed for Chapter 11 bankruptcy in January 2026, weighed down by its acquisition of Neiman Marcus and lagging sales. Inventory on Saks.com has been visibly thin ever since, and vendor relationships have frayed. Amex dropping the benefit at this moment is not a coincidence.
Saks has already been struggling to honor the spirit of this credit, cardholders have been complaining for months that useful products under $50 have been chronically out of stock. In practice, the credit had quietly become harder to use.
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Events by Amex To Be Axed
The “Events by Amex” benefit is being removed on June 10, 2026. This is the perk that gave Platinum cardholders access to presale tickets, exclusive experiences, and invitation-only events. Amex has said that cardholders will still be able to access “special tickets, unique offers and exclusive card member experiences”, but the dedicated, named benefit is going away.
Critics may rightly point out that the distinction between “Events by Amex” and whatever vague “access” remains is hard to define. When a named benefit disappears, the accountability goes with it. This matters more than it might seem, it’s the difference between a guaranteed perk and a discretionary, best-effort program.
Uber Benefit Change
There’s also a third change bundled in: Uber VIP status, included as part of the $200 Uber Cash benefit, is being removed on May 7, 2026. It will be replaced with “Signature Support for Amex”. This is essentially priority customer service within the Uber app. Hardly equivalent to VIP ride access.
What’s Next For The Card?
The Amex Platinum card’s pitch has always been that its laundry list of statement credits offsets the steep annual fee. The math only works if you actually use those credits. Saks was never a crowd-pleaser, plenty of cardholders found it annoying to hunt for something under $50 twice a year but $100 of tangible value is $100 of tangible value.
The Events and Uber VIP cuts are less financially significant, but they chip away at the card’s aspirational identity. The Platinum was never just about statement credits, it was about status, access and experiences. Every time a soft benefit like events access gets quietly retired, that identity gets a little harder to justify at $895 a year.
The Pundit’s Mantra
I’m hopeful that Amex replaces the Saks benefit with something more useful. While the events by Amex and Uber benefit changes are not huge, removing them still diminishes the value proposition of the card, which positions itself as a card that gives you ‘exclusive’ access.
For a card that now charges a hefty annual fee of $895, do you still think that it’s worth holding on to it for another year? Tell us in the comments section.
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Unfortunately, I probably won’t be renewing the Plat when my current membership year ends. The issue for me is the limited usability of the credits. Uber and Resy are US-only, streaming is effectively US-only (unless you want to play VPN whack-a-mole), and FHR is typically more expensive than it would cost to just buy the perks a la carte. That simply doesn’t leave enough value remaining for someone whose travel schedule is primarily international and thus already gets lounge access (via airline status).
I use resy though only one restaurant in our area is included thankfully I love it, uber, Walmart, Lululemon, airline credit, oura credit, airline credit, streaming, and lounges. Amex travel is too expensive I book other places, I have yet to use the $300 resort collection because the offerings are limited in my opinion. I like having elevated status at car rental companies and hotels. For now I’m keeping it but do think the price is outrageous
Sorry if you’re dumping this card because of the fee you’re an idiot. Besides the equinox benefit (which I don’t use) I use every other benefit attached to the card. Just had to replace my phone the other day due to water damage. $625 replacement turned into just $50 cause of the cell phone protection. If you use it right you can get up to $2000 plus in benefits easily offsetting the 895. And if you don’t then you’re just lazy, and should not be complaining of a $895 annual fee due to your lack of willingness to put a single iota of effort to get your money back. #SorryNotSorry
Just coming up to fifty years with Amex, many of those were Platinum. No more. The fee increase was too much for me. I switched to Chase Sapphire. Lounge access is as good overall, plus I get Apple Music. Presenting the Sapphire card does not have the same prestige as my old Platinum, but I could commoner justify the cost. I have green for the time being, but that may be short lived. I got very used to excellent customer service with Platinun,
; so far Chase is pretty reliable.
I think the Platnium card is very much so worth it. I use a lot of the benefits and like the addition of Uber One and Lululemon (a place that I did not shop before the benefit.) I get significantly more benefits than the $895 I pay. I travel a lot so the hotel credit, airline and lounges are great for me. The lounges are crowded but not as crowded as the restaurants, seating, toilets etc in the non-lounge parts of the airport. I won’t miss Saks—the prices were ridiculous.
Great that you find so many of the benefits useful!
Ive already dumped the platinum card, not too long after I heard about the hike up to $895, and 10 or 12 years of paying $695-in favor of the Business Green Rewards Card, for only $150 per year. They did refund me the difference. I said “enough is enough.” I never really tapped into those benefits, and by the way, entry into the Delta sky club was becoming annoying, having to stand in a queue, having time limits imposed, and actually hardly ever finding anywhere to sit down. Having the Platinum card-it turns out-is not a dealbreaker after all.
@craig corey: Yes, it chips away at the value of the card if you position it as premium product but you have to stand in line just to enter a lounge.
I struggle keeping this card. We are frequent Delta flyers and opt to fly through Atlanta (when need and ATL is an option) for the Centurion Lounge access. While the card has lost its “premium travel card” distinction, we do make full use of the streaming credits and Walmart+ credit (which HAS saved us plenty in shipping fees from Walmart), and we have started fully using the quarterly Resy credit. So we get our value out of it, but really do wish it would become the premium travel card again.
@TomM: The card’s value prop has clearly shifted from a pure premium travel credit card to a lifestyle card, which explains the existence of shopping and entertainment benefits.
Overall, really enjoy the card. The benefits that are changing dont really affect me or my habits. The credit I will struggle to find a use now is the $200 airline credit. I would trade not replacing Saks to make that more user friendly
@BrianMOrton: Great that it works for you so well. Good chance we will see a replacement for the Saks credit later this year.
I dropped the platinum card after ten years due to the price increase. I found that the. AMEX airport lounges served mediocre food at best.
Very hard to justify, especially since United Travel Bank no longer works. Too much nickle and dime stuff. Since I have a Morgan Stanley card, I’ll probably keep that one, but otherwise, no.
@Bear: Interesting, I also have the Charles Schwab version, which lets you cash out at 1.1 cpp. That’s a good option to have.
Are they taking away the uber credit or just the VIP status? To be honest, I didn’t even know I had a VIP status and I’m all over the cards benefits and read up on it. I guess that slipped by me. The gold complements the platinum but also paying over a grand a year between the two. Not sure if it’s even worth it anymore. I wish we could petition and see a quick change via survey of what benefits we want to see and change with the majority.
@Bob: the credit is not going anywhere
Wow, I used to LOVE all the benefits that AMEX used to offer. Now they seemed to be riding off “what they used to be,” hoping customers still buy into the hype! I will probably let it go once the renewal period rolls around again!
I’ve been an amex platinum card holder for 29 years but it’s time to divorce this one. It’s just not worth it anymore. They just keep chipping away all the benefits and raising the annual fee … for what. It’s time to marry another card that shows love and loyalty.
Divorcing after 50 years…offers aren’t compelling and better value propositions exist…
I will not likely renew.
I’m away in Europe fornthe next 2 years and it’s really going to be hard to justify it. Thankfully my AF was in Nov so I got one last ride at the old fee. But with the UA TB nerf, the Uber and Resy credits only working in the USA, and the lounge access at a minimum (plus having to pay to bring my wife into a crowded lounge?), it’s really tough. I’m going to try to get the Schwab version and at least reduce my AF that way before this renewal.
@Sho-nuff: The schwab version is a great option due to the cash out option.
Nope I will be giving up the platinum car after 30 years this year. Just not worth it anymore.
We have been an AMEX client for almost 30 years. We got the PLAT for lounge and (at that time) outstanding service. We still get the service, the lounge as noted are crowded, but still useful. We are that family that uses everything we can. I get the $100 Saks but indeed have noticed it is harder to use and getting rather thin in quality offerings. When we travel we use UBER domestically and internationally. I will have to wait an see if we can still get the value. FYI last year we gathered over $1200 worth of value from the perks. Still a fan! Cheers!
@gerryJackson: Over $1,200 in value is fantastic!
The Centurion Lounge access is what makes it worth it. If you fly frequently then you’ll know what a huge convenience it is to be in a lounge! The Events by Amex i never really used. The Uber credit is very useful and the rest of the benefits are all very useful, as well. They can lower the annual fee (not gonna happen lol) or they can give more Ũber credits
@vitormartinez: Awesome that the benefits work so well for you.
The Centurion Lounge access is what makes it worth it. If you fly frequently then you’ll know what a huge convenience it is to be in a lounge! The Events by Amex i never really used. The Uber credit is very useful and the rest of the benefits are all very useful, as well. They can lower the annual fee (not gonna happen lol) or they can give more Ũber credits
After 34 years just downgraded mine back to Gold; $895 was just no longer worth it.
This card is getting to be pretty make, especially since that increased the annual fee $200. While the lounge access is cool, the travel benefits really are largely useless, as AmexTravel is over priced, especially when renting a car. Then there’s the simple fact that the card simply isn’t accepted at a curiously high number of places outside of the United States.
The card has transitioned from a pure travel credit card to a lifestyle i.e. shopping/retail/entertainment credit card.
I’m not thrilled at all about the change in the two soft benefits. Don’t really care about the Saks. Maybe I’ll order a candle with my last of those benefits. The card is still worth it by far with me because I travel and dine out frequently. I’m still a fan. I wish I knew why they ended those benefits
Saks has gone bankrupt, so the Saks news is not surprising . Hopefully, there’ll be a decent replacement for that benefit.
Nordstrom? Bloomingdale’s/Macy’s? There really are no other nationally known department stores.
Absolutely worth it. Many other benefits help wipe out the $895.00, reimbursement for Clear, Rest dining, the lounge access at airports, airline credits, extended warranty on items purchased. ( This has have.me.over $2000. Last year)
Great that it works for you so well.
I definitely don’t think that this car is going to be worth it.I tried to maximize all my benefits from this card. But at this point, taking away benefits and still charging us a huge annual fee is not gonna cut it. So this probably will be my last time using this card.
I will be evaluating Amex platinum as I love the card but I dont use all the credits that it shells out however the Uber was one that i do use. Lets see what changes come before my anniversary date this summer.
@isaacvelez: The credit is going to stay, only the change with VIP benefits.
I hope Amex Executives see how that was once a prestigious card is now getting a bad reputation and it’s clearly they need to make some changes for customers to consider them the most top tier card. The people is telling yall direct it’s time to take the crown again.
It’s no longer worth the cost. I’ve been an AMEX customer for 43 years, had the Platinum card for several years mainly for club access at SFO, but it’s become a victim of its own success. Unless you fly out early, it became crowded quickly. The other benefits I almost never used. It was a better card when they still had US support staff or going further back when they had travel offices in almost every major city in Europe. Visited many offices for all sorts of travel guidance and advice. Everyone knew where the AMEX office was back in those days.
Agree, lounge overcrowding is an issue.
Not needed at present time. Will apply when spouse receives her driver’s license.
Don’t Own Lexus anymore. Thanks.
There are many other reasons I am unlikely to renew at that cost including the move away from live agents answering my calls. Discount perks are only good if it’s a brand you will buy. I’ve never found benefit to the concierge service for travel or events – it always nets out more expensive than street pricing.
100%
No dont think its worth it