Update 1/14/26: In non-shocking news given all the widespread rumors recently, Saks Fifth Avenue has filed (gift link) for Chapter 11 bankruptcy protection.
The company is still in business, so you can continue still take advantage of your $50 American Express Platinum Card® benefit, redeem existing Saks gift cards, etc.
As per the original post below though, it’s best not to wait on that. For starters, there’s no guarantee that Saks will emerge from bankruptcy later this year like they currently intend to. Saks is also reportedly planning on closing a number of their stores. There are already fewer than 35 Saks Fifth Avenue stores where you can use your Amex credits in-store, so it sounds like they’ll be even harder to come by in the coming months.
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This has been widely reported in the news, but we nonetheless wanted to send out a quick reminder to alert readers to the fact that it has been strongly rumored that Saks Fifth Avenue is considering filing Chapter 11 bankruptcy. That might not be as bad as it sounds, but you would nonetheless be wise to consider using any outstanding gift cards or credit card credits sooner rather than later.
As noted above, it is possible that Chapter 11 bankruptcy would allow them to reorganize and survive for a time under bankruptcy protections. Saks reported raising a significant chunk of funding last year, so a collapse may not be imminent. On the other hand, outlets like The Street have been reporting that the situation looks bleak for Saks.
There have been mounting reports of late vendor payments, which might explain the wide range of products listed as “out of stock”. I had a really hard time figuring out how to use my American Express Platinum Card® credits in the final days of 2025 given the plethora of products I wanted to buy (sort of) but couldn’t because they were listed as being out of stock. It wouldn’t be hard to imagine that products are out of stock because vendors awaiting payment aren’t willing to ship them to Saks.
Hopefully, this all gets worked out. However, I plan to use up existing Saks gift cards sooner rather than later and to find products to buy (if I can) within the next few days to trigger my first-half-2026 credits. I hope that Saks hangs in there, but I don’t want to be holding their gift cards if the day comes to close up shop.
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Maybe I’m playing this wrong, but right now seems like a terrible time to redeem my $50 credits because there is almost nothing available to order. I’m hoping the $1.75B in financing will thaw their relations with vendors enough that in a few weeks I can actually order something worthwhile. If I’m guessing wrong I’m not out much because the stuff available now isn’t worth the effort.
This is the answer. You are better off waiting to redeem when they reorg and restock, unless they happen to have something you really want that’s in stock right now.
If you can buy a gift card, do that. Then take that gift card and go to Saks Off 5th. Plenty in those stores to buy with a $50 gift card.
Makeup wearers, I recommend considering spending your $50 statement credit on makeup. Just before Christmas, I bought a large tube of the Estée Lauder concealer I wear for $53 (with shipping). I was very happy to get the makeup I normally wear anyway for $3!
Make-up, facial moisturizers and perfume I always buy anyway so it’s a good use of the $50 statement credit for me. Live in Chicagoland so it’s easy for me.
Thanks as always, for the heads-up, Nick! Hopefully, even if the bankruptcy doesn’t shut Saks down, Amex decides to give us something better instead. It’s always a chore trying to find something while thinking, “I can’t let that $50 credit go to waste” and “Now I have to spend several hours looking for something that I really don’t need”! In the end, I found some cologne and a dress, using credits and giftcards. (It was disappointing that they only had 1 Zwilling product, usually a new knife was my go-to. Zwilling must’ve been one of those not paid).
The challenge for Amex is broader. The consumer Centurion card receives an annual credit of $1000. Not that the credit covers purchases at BG and NM but the bankruptcy is hitting the top three luxury retailers in the US. If Amex wants to offer a luxury department store credit, all that’s left are Bloomingdale and Nordstrom (sort of). Absent a rebirth of Saks, perhaps the credit goes away completely.
I’d take Nordstrom or Macy’s if they need to keep it in the “luxury” market. But truthfully, I think Kohl’s would be more widely appreciated, (even though it doesn’t scream luxury…some people in the points and miles games are practical too!)
Thanks as always, for the heads-up, Nick! Hopefully, even if the bankruptcy doesn’t shut Saks down, Amex decides to give us something better instead. It’s always a chore trying to find something while thinking, “I can’t let that $50 credit go to waste” and “Now I have to spend several hours looking for something that I really don’t need”! In the end, I found some cologne and a dress, using credits and giftcards. (It was disappointing that they only had 1 Zwilling product, usually a new knife was usually my go-to. Zwilling must’ve been one of those not paid).
Most of what I wanted was out of stock. Used a credit to buy a gc and combined that with the Amex credit and a 25% off coupon to buy A Versace coffee cup… Haha
I was going to share a link here in the comments to what I bought last week — several 20oz insulated tumblers (that keep drinks hot or cold — always need another coffee cup ’round here), each of which came to $53.95 shipped. Would I pay $50 for an insulated tumbler? Absolutely not. Would I buy one for $4 even though I don’t immediately need one? You bet $4 I did.
Unfortunately, none of the four different styles I bought is still in stock.
Same issue here. I used (wasted?) three $50 gift cards to order some products in December (that were listed as in stock and for sale on the Saks website), but they still haven’t shipped. I suspect that the supplier might be one of those manufacturers to whom Saks is delinquent in paying. Now, I’m not sure what will happen if I cancel those orders – maybe a store credit? I’d appreciate any data points from gift card holders who canceled orders placed with gift cards as payment.
Received my beauty moisturizer order within days.
Ordered some cookie-looking things and got them shipped for $45. Credit already posted. Might give them as an aged and probably stale Christmas present in 12 months to my insane and annoying cousin…
Whoa!!!
You’re getting them and you’ll like it.
For what it’s worth, Saks Global LLC is what is going bankrupt. Saks Fifth Avenue, Saks Off Fifth, Bergdorf Goodman, and Neiman Marcus are NOT separately incorporated. They are essentially separate brands or trade names used by Saks Global LLC. As such, transactions and gift cards issued by each of these brands are at risk.
Saks (e-commerce), the online retailer, is owned by Saks Global LLC but is separately incorporated. Technically, its risks are independent of those of the bankruptcy. That being said, it is not the issuer of the Saks gift cards.
I succumbed to ordering my 20th-best option on 12/27 as the first 19 things that looked reasonable were out of stock. A couple days ago (over a week later) I was notified that my order was cancelled because that item was also out of stock.
I wouldn’t waste your time trying to find something if you’re just looking to use your 1H2026 credit. Wait until this gets sorted out and they have some semblance of a functioning business.
Managed to use up the 2025 credits on two cards in December, it’s pretty telling how bleak inventory looks now compared to less than a month ago. Virtually all useful cookware and dishes sub $100 are gone and every piece of clothing I try to look at is either out of stock or only available in a XXXXXXL.
I’ve pretty much given up for the time being as Saks’s website does a poor job of filtering out items that are unavailable even when you filter by size, and it’s just not worth hours of time to use up another $50 credit.
I’m going to wait and hope that they get enough of an influx of funds to restock. It isn’t worth trying to find something to buy right now and under Chapter 11 they would still stay in business. Of course if they go completely under I will lose some credits, but they aren’t worth much anyway and aren’t worth anything given what there is to choose from on the site right now.
I had several things on my wishlist, which I always use as my quick way to use the credit. I went to it today and everything is gone from my list except 2 items.Then I went to shop and anything I select gives me a ‘Notify me’ to put me on a waitlist. Not looking good! If there is a chance of getting a statement credit from Amex later I will just wait. Or is it possible Amex would only offer a credit if you had placed an order with Saks that they never could fill?
The item I always get there to burn this credit every six months is not available, Certainly the dropship supplier has cut them off.
Not surprised they are failing; their prices on almost everything are completely insane.
Almost everything under $50 is not in stock. If you simply want to spend less than $50 and get something try these specialty candy/cookies. Yoku Moku Food & Beverage | SaksFifthAvenue