American Express has announced that a new benefit will be added to the personal Platinum card from July 1, 2018 – a $100 credit each year for Saks Fifth Avenue.
You’ll get $50 to spend from January to June each year and then a further $50 from July to December. That makes the benefit slightly more complicated to keep track of, but it’s a nice little addition.
Similar to the monthly Uber credit, the Saks Fifth Avenue credit will only be available on the personal Platinum card. The business Platinum misses out on the love again, although the business version of the card has a lower annual fee which is presumably why it didn’t get this additional benefit. Similar to the airline fee credit, you’ll have to register here for this benefit first (registration opens on July 1).
I’ve never shopped at Saks other than for gift cards when there’s an Amex Offer, so I’ve no idea how far $50 will get you every six months. If nothing else, it should be possible to simply purchase a $50 Saks gift card twice a year. You could then stock up on these $50 credits until you have enough for something you have your eye on, or you could resell the card for 75%+, making this benefit worth at least $75 in cash each year.
This new benefit makes it harder to decide whether to keep my wife’s Platinum card for another year. Her first annual fee’s due to hit in a few months (she has the Ameriprise Platinum card which has no annual fee the first year), so I’d been figuring we’d cancel or downgrade the card.
$550 is a steep fee, but with the $200 airline credit, $200 in Uber credit (which we use for Uber Eats each month) and now this new $100 benefit, the value proposition’s changed. Those credits still don’t total $550 even if you value them at 100% (which I don’t), but the other benefits can make it worthwhile. We’ve been able to access Centurion lounges and Delta Sky Clubs a few times this past year thanks to the Platinum card, so this Saks benefit might tilt things in the card’s favor when it comes to decide whether or not to keep it Either way, we’ll be able to take advantage of the benefit once before the end of the year as it starts in a few days.
[…] the personal Amex Platinum card comes with a twice-annual $50 benefit at Saks – once for Jan-Jun and once for Jul-Dec. That benefit and these Saks Amex Offers stack with […]
Any data points yet on whether the “no gift cards” terms are enforced? I can give it a try if we don’t know yet.
It works for in-store GC purchases (verified this on my wife’s Platinum card) – not sure about online GC purchases.
[…] increased to 15x. If you were planning on buying a $50 item online to take advantage of the new Amex Platinum benefit, you’d be 1/3 of the way towards the first tier bonus. Macy’s, Groupon, Sephora and […]
From the T&C: “Not valid on Saks Fifth Avenue Gift Cards or purchases at outlet locations (in stores and online).”
Yep – it’ll be interesting to see if it’s strictly enforced or if it’ll be like the airline fee credit where GCs are excluded but still receive the statement credit.
it’s about time for a business card benefit
The “Register Here” for the Saks deal -there is no p,ace to register for it. Help!
Registration’s not due to open until July 1 – I’ve updated the post to specify that.
I just saw that- thanks for the quick reply
I will never click the submit application button until the day Amex wakes up and gets rid of that silly uber exclusive travel credit and changes the incidental airline credit to at least include airfare ticket purchases. Until then, the Sapphire Reserve will remain the king of the premium cards.
Mercedes Benz Platinum also gives $100 annual credit for accessories at MB.
Unfortunately the MB Plat Amex is going away end of this year 🙁