Last fall, American Express refreshed the Amex Platinum Card. While American Express added a bunch of new benefits and credits, they also increased the annual fee to $895. In this post, I highlighted why I recently renewed the card for yet another year, despite the increase in annual fee.
What’s the future of this Amex Platinum Card benefit?
One of the benefits that Amex started offering on the Amex Platinum Card after its refresh back in 2021 was a new Saks credit. This credit is offered bi-annually and you can earn up to a maximum of $100 every calendar year.
Over the last few months, we’ve been closely following stories about Saks’ own financial troubles, after the retailer filed for bankruptcy.
Saks’ bankruptcy means the future of its 200 stores remains uncertain. Also, as per this latest report by Wall Street Journal, Saks is already in the process of closing these stores:
Amex Platinum Card Benefit Issues
Due to Saks’ financial struggles, customers are also complaning about the lack of available inventory in stores and online, in addition to delays in deliveries. I reached out to Amex’s customer service via chat to ask about the future of the benefit, given that many customers are having issues due Saks’ own troubles.
The Pundit’s Mantra
While we’d heard about the bankruptcy announcement last year, we’re now seeing a lot of physical stores wind down as well. I’m yet to use my Saks benefit for 2026. Looking at the way this one is heading, I won’t be surprised if Amex eventually replaces the benefit with something else, but I don’t see that happening before 2027.
Have you recently tried to use the Saks benefit on the Amex Platinum card? Tell us in the comments section.
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Decided no choice but to spend the gift cards and Amex credit I had while I still could. Frankly, struggled to find stuff to buy. Most of their inventory online has been deleted, and a significant majority of the rest is out of stock. If you’ve still got gift cards and/or first 6 month credit to use, feels like it’s definitely a case of “use it or lose it” asap