Last week, American Express quietly removed the Saks Fifth Avenue credit from the list of benefits for new Platinum cardholders. The Amex Platinum card previously came with a $50 credit for Saks Fifth Avenue purchases between January and June and again between July and December. This benefit was removed for those applying from 3/26/26 onward, but those who had the card prior to that date can still enroll in and use the benefit.
This move is hardly surprising as Saks has been teetering on the edge for quite some time, entering bankruptcy protection a couple of months ago. Around the holidays, it became almost impossible to find items in stock and available to be ordered, and even some of those items that were in stock never shipped. It is anybody’s guess as to how long Saks can continue to operate, so I expected this benefit to be cut at some point.
It is good to see that existing cardholders are still able to enroll in and make use of the benefit, since it had presumably been advertised as a benefit when they opened the card. However, I wouldn’t advise waiting until the end of June to use your credits from this half of the year. While you’ll still be eligible for the benefit, there’s no telling how long Saks will last, and there’s no guarantee that an online order will ship (a few of my holiday orders never shipped). If you haven’t enrolled and still have the benefit available, make sure to enroll before making a purchase as enrollment is required.
For now, I believe that gift cards are still being honored, but I wouldn’t recommend holding them. Use them when you have an opportunity.
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That’s a shame “for new Platinum cardholders” and thankfully “those who had the card prior to that date can still enroll in and use the benefit.”
Between the potential failure of Saks (and loss of these semi-annual credits) and the new restrictions on United Travel Bank for the Platinum’s airline incidental fee credit… we’re losing value, fast here. Sure, the new-ish Lululemon 4x $75/quarter and 4x Resy $100/quarter and 2x $300 semi-annual FHR credits… kinda sorta make up for those losses.
But… these annual fees keep increasing. $895 now. For the old-timers, I remember the good ole days with just $450 AF for Platinum. $550, $695… like, how soon are we gonna see $1,000+ Will it be Amex, Chase, Citi? Like, who’s gonna dare go with a thousand-dollar-plus annual fee on a public non-invitation-only card product?
So what exactly do you guys mean? Since it is still listed on the main landing page for the Platinum and in the offer terms. So can you clarify? Like have people who applied said it doesn’t show in their account? Or what exactly is the situation?
DP: I applied and was approved yesterday (3/29). Today (3/30) I went to my account and it had the Saks benefit listed and I was able to enroll successfully. FYI I’m still waiting on the card so I haven’t used the credit yet.
Where’s the source for this?
Coincidentally, I was able to use my Saks credit (I hope!) this weekend. I finally found a shirt in my size and in stock. Ended up costing me $33 out of pocket to use this “benefit” (but not a bad deal….assuming the shirt ever arrives! LOL)
It’s still in the offer terms though?
My last Saks order arrived in the form of an empty box. I contacted Customer Support about it, and they “escalated” to their “team” who decreed that I would not be refunded for Reasons.
Unbelievable. I trust that you swiftly got refunded via chargeback through Amex?
I wonder how PC (Product changes) will play out – just PC’d a Gold -> Plat on 3.25 – I was able to enroll Plat benefits but not till 3.27 inc Sak’s.
DP – Delta BG to BP on 3.27 – I only mention because now its taking 36-48 hr to reflect PC (and ability to enroll in benefits) in the app/on website – in the past it would be available in a few hours.
Also changed Airline from UA to Delta on 3 cards also taking 36-48 to reflect on website/Amex app – in the past it typically was fairly instantaneous or 1-2 hrs.
I normally banked the credits in Jan – but we were traveling 4.5 wks between NYE and Feb 10th and DP just started to post about UA.
That said the Sak’s benefit has bever been anything but gravy and was nice in the past with free S&H (pre-Bloomingdales) and when Rakuten had Saks 12-16X around Black Friday and the Sak $75 GC for mid December for spending $150~$200 around BF.
Typically bamked GC for this every year, this year actually used credits in Chicago days before they filed BK.
I wonder if a) we will see a class-action for the Credit (ii.e non-shipmemt of orders) or if Amex.will.jist eat it and give some/every Plat card a statement credit – Amex has usually been a Rockstar with regards to Card benefits and credits (and really makes Chase look bad and superstingy esp with CSR roll-out and roll-back of advertised benefits).
Great news there is a change afoot on this benefit. Hopefully AMEX removes it for existing cardholders, and replaces it with something halfway decent. I’ve basically given up on the Saks credit.
100%. It was a mistake to even keep the credit through the recent refresh. Good riddance.
They basically already replaced it with Lululemon, but kept the old one around at the same time.
They’ll most likely just get rid of the credit without replacing it, then point to Lululemon. Meh.
Any idea what they may be placing this with? And if card holders who have not used their semi annual benefit, will get any new benefits.
What are they replacing it with??
No words yet.