The American Express Platinum Card has a ton of benefits, but carries a hefty annual fee. With its most recent refresh, American Express increased the annual fee on the Amex Platinum Card from $695 to $895. Over the years, American Express has moved its focus from a strictly travel focused card to a card that’s more broadly focused on travel, dining, entertainment and shopping. Back in 2021, Amex did a refresh when they increased the fee from $550 to $695. Amex added a new Saks credit during that refresh.
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$100 Saks Credit
At the moment, the Amex Platinum Card offers a $100 Saks credit each calendar year. Similar to many other Amex Platinum Card benefits, this benefit is also split bi-annually. You can earn $50 between January and June and then another $50 between July & December during each calendar year.
However, Saks’ own financial woes are seemingly increasing and the future doesn’t look very promising for the company, ranging from problems like missing vendor payments and facing issues with low inventory. This is also showing up on their website as well.
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The Wall Street Journal has also reported about Saks’ current financial troubles. You can read the full article here.
“Saks Global is preparing to file for bankruptcy within days after missing an interest payment on the debt it took on to buy Neiman Marcus, people familiar with the matter said.
Saks has struggled financially since taking on the debt burden in 2024, and the luxury retail chain’s delays in paying vendors have contributed to weaker merchandise offerings—and sales. Saks is now in talks with its creditors about financing for the bankruptcy process, the people said.
The planned chapter 11 filing is expected to mark the highest-profile department-store bankruptcy since the Covid-19 pandemic. Saks declined to comment.”
The Pundit’s Mantra
In the miles and points space, we often use methods or workarounds that are unconventional in order to maximize the benefits on our cards. The main purpose of writing this post was to warn you that if you’re holding gift cards from Saks that contain any substantial value, then it would be a good idea to spend them now instead of later. If Saks does indeed go under and Amex decides to drop them as a partner, then I’m pretty sure that Amex will compensate existing cardholders in one form or another.
If the Saks benefit were to go away from the Amex Platinum Card, would it move the needle in terms of how you perceive the Amex Platinum Card? Tell us in the comments section.
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I don’t mind the sals benefits I just take advantage of the cheapest items I can find like for shampoo, creams, and personal hygiene and what not. Can’t really take much advantage if stuff are expensive when you can shop elsewhere for lower prices.
I’ve spent more time than I care to trying to use the $50 credit. Their inventory is constantly low or non existent, especially for items in that price range. I wish they would swap this benefit for Bloomingdale’s.
I’ve never made a comment on Saks or anything else on this site.
So not publishing my comments of the reality of Saks’ failure is not what you claim, that I’d ” already said that”. There was nothing spam or illicit in my comments you wouldn’t publish. Just don’t want it out there I presume.
@Michael Scillia: Idk what you’re talking about. You posted two comments, both are here. I haven’t blocked anything from my side.
The problem with Saks is they refused to acknowledge that their customer base, both well off millennials as well as super well off baby boomers, with a shortage of people in between, was brought on by really bad merchandise, import, and quality issues. And no matter how many complaints, letters and warnings they had, they continued to try to “reinvent ‘ themselves. Their client base wanted continued quality, things made in Europe and the USA or Canada, Not Bangladesh at Saks prices. Not China at Saks prices. You can’t keep letting your customers down, year after year, and not suffer the consequences. Their problem wasn’t that they were too expensive. It was just there was no value in their proposition to buyers any more. Silk shirts and blouses, silk ties and dresses. Superior cotton dress shirts and blouses. From premium wools and other natural blends, leathers, etc., to name designers. Boomers and millennials, and some Z’s even, who have the money and spend it if the quality and classic style or perceived value is there. They should have fired all their buyers a long time ago, and hired back the boomers still in need of income, and the millennials with no where else to go. They’d still be profitable. They’d still be the King. Nobody wants to pay Saks prices for Chinese crap, Indian weaves, and no quality. Some called those customers spoiled. Well, that’s what completion is. The boomer and millennials took their money elsewhere. But they miss what used to be. Saks just wouldn’t see it. Bad judgement killed Saks.
It’s a pretty silly reward to start with. Saks is an expensive store so a $50 reward is peanuts. The simple fact that Saks is struggling shows that they don’t have that many customers so for the vast majority of us that aren’t already shopping there, going to just try and use the reward is almost more of a waste of a couple hours than it is a benefit.
@Ryan: Up until now, people were finding some ways of maxing out the credit and buying cheaper items on the site. But, with inventory issues, using the benefit is going to be a pain going forward.
The Saks benefit is marginal and I struggle to use it. That said, I’ve gotten some cute clothes for grandchildren and some nice knives, as well as some jewelry I resold on ebay. I have a pending order in now — wonder what will become of it?
The pending order should be fine.