How to Use the Saks Benefit on The Platinum Card® from American Express

I can’t tell you how many people grouse about the Saks Fifth Avenue benefit that comes with The Platinum Card® from American Express.

Folks say things like:

• “Saks is expensive!” (I don’t dispute that.)
• “There’s nothing for me at Saks!” (We’ll address that in a minute)
• “I don’t shop at Saks!” (Here’s an excuse to do so twice a year)
• “I wish Amex would give me credit somewhere else!” (Amex gonna do what Amex gonna do.)

But, for heaven’s sake, don’t let the statement credit go to waste!

You can still come away with something. Let’s check it out.

What Is the Saks Fifth Avenue Amex Platinum Statement Credit Perk?

The Platinum Card® from American Express members may receive up to $100 in annual statement credits for eligible purchases at Saks Fifth Avenue. (Enrollment is required and terms apply.)

Here’s how it breaks down:

• $50 from January through June
• $50 from July through December

The credits do not roll over. In other words, if you don’t use the January-June period’s $50, you lose it.

The following exclusions apply:

• Saks Fifth Avenue Gift Cards
• Purchases at Saks OFF 5TH Avenue store locations
• Purchases at saksoff5th.com
• Purchases at restaurants located within the store
• Online Bill Pay for Saks Credit
• Online purchases shipped outside of the US

Stick to purchases at SaksFifthAvenue.com or in-person at a Saks Fifth Avenue store and you should be good.

The only eligible cards are the consumer/personal Amex Platinum and its co-branded counterparts (Schwab, etc).

Other cards with the word “platinum” in their names (such as The Business Platinum Card® from American Express, the Delta SkyMiles® Platinum American Express Card, and the Delta SkyMiles® Platinum Business American Express Card) do not receive the benefit.

Four Ways to Use Your Amex Platinum Saks Benefit

If you’re scratching your head and looking for decent ways to use your Saks benefit, consider these ideas.

Buy Yourself Something Pretty

I assume you wear clothes — occasionally, at the very least. So why not use your credit to buy something you need? Socks. Underwear. Pants. Shirts.

You get the point.

Remember, too, that Saks sells cologne, perfume, accessories, and even fancy-schmancy facemasks.

Even if the $50 doesn’t cover your entire purchase, it might put a nice dent in your final cost. I’ve used my Saks credit to knock off $50 when buying cologne.

Buy Something for a Loved One

The same principle as above applies here — except you’re being a sweetheart and treating someone else to clothes, their favorite scent, accessory, etc.

Donate Some Clothes

This sort of falls under the “Buy Something for a Loved One” category. But consider contacting a shelter, church, synagogue, mosque, etc., to see what they need for people they serve.

For example, a shelter may say they’re in desperate need of socks. I doubt they’ll think ill of you for donating some nice socks from Saks.

Gift Card (YMMV)

You takes your chances with this one. We’ve heard of gift card purchases — which are expressly excluded in the terms, conditions, and disclosures — getting the statement credit clawed back.

But if you want to see what happens, knock yourself out. Worst case scenario: you’re out $50 and have to buy something at Saks. Or re-gift the card.

Stack with Shopping Portals and Amex Offers!

Keep in mind that Saks purchases earn cashback through a number of portals such as Rakuten and Top Cashback. This means you can use your statement credit and earn money on top of the purchase.

Plus, Amex occasionally drops Saks offers that award bonus points or additional statement credit for certain purchases.

We’ll keep our eyes peeled and blog if we see anything exciting on either front.

Final Approach

The Saks Amex Platinum benefit can come in very handy and helpful. While Saks might not be your preferred store of choice (I’m not a regular shopper myself), you can still get $100 value each year with your Amex Platinum Card.

For rates and fees of The Platinum Card® from American Express, please visit this link.