How to Use Your American Express Platinum Card®’s Saks Benefit

I know a few people who recently became Platinum card members and they have questions about card benefits and features.

One of them is the American Express Platinum Card®‘s Saks Fifth Avenue benefit. Let’s check it out!

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

Amex Platinum members may earn 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.

Again: enrollment is required. Log in to your Amex account and find Platinum Card’s benefits. Just tap or click enroll on the Saks benefit.

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

Bellyache, Bellyache, Bellyache

There is so much whining about the Amex Saks Benefit.

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.

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 — or Anything

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. Earlier this year, I bought a four-pack of Hugo Boss underwear for about $15 out of pocket after the statement credit posted.

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, an accessory, etc.

Donate Some Clothes

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 eligible 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 for your 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 American Express Platinum Card®, please visit this link.
For rates and fees of The Business Platinum Card® from American Express, please visit this link.
For rates and fees of the Delta SkyMiles® Platinum American Express Card, please visit this link.
For rates and fees of the Delta SkyMiles® Platinum Business American Express Card, please visit this link.