Posted by Chuck on June 26, 2018
Credit Cards

Published on June 26th, 2018 | by Chuck


American Express Platinum Adds $100 Saks Fifth Avenue Benefit

The consumer version of the American Express Platinum card is getting a new benefit addition: an annual $100 Saks Fifth Avenue credit. $50 to spend from January to June, and $50 for July through December.

The new program, which will begin on July 1, is called “Shop Saks with Platinum.” This benefit does need registration (at this link or this link) similar to the way we register for the $200 airline credit.

The benefit will not apply to the business version of the Amex Platinum card, but will apply to all variations of the consumer Platinum card.

You’ll shop as regular on Saks Fifth Avenue, and will see a $50 credit to offset any purchases within 2-4 weeks. It’ll work in-store and online.

Since they are using the statement credit method it should be possible to simply buy a $50 Saks gift card, similar to how it works with Amex Offer deals. We’ll have to wait for data points to verify that this works.

If this does work, it’ll change my calculus on the $550 Platinum annual fee since those gift cards can offset part of the fee (and could be somewhat double-dipable during the first year). If it doesn’t work, it means having to use the $50 credit on Saks which is useful for a Saks shopper, or you can try cherry picking a cheap item on Saks to get free. (Not sure if it’ll work at Off Fifth, I’d guess not.)

Going forward, the $550 Platinum annual fee comes with the following credits (along with all other Platinum benefits):

  • $200 airline incidental credit
  • $200 in Uber credits over the course of the year
  • $100 Saks credit
  • $100 Global Entry application credit, or $85 TSA PreCheck credit every 4 years

Hat tip to TPG

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just curious if it will work on saks off fifth as off fifth is usually easier to use up the credit with items being more reasonable priced

If it works for gift cards at Saks, those can certainly be used at Off Fifth.

off fifth usually has a lot of cheaper items “made for” off fifth to give the illusion that its excess items from saks fifth when its not fyi same for neiman marcus last call, and nordstrom rack

At the same time they have legitimate overstock and/or clearance items from regular Saks as well.

link doesn’t show offer

Definitely seems to be a good addition. The store looks very expensive but its worth two small items every year.
Regretting closing my Platinum couple of months ago. Uber eats started showing up in my town recently. Would have been useful to keep the card.

Uber eats is worthless for me. Almost always slow and usually a surcharge or min delivery. Add in tip and you’re not saving anything

$550 af is a joke after the first year.

you’re an idiot; stop commenting forever

Agree, doc is not for this guy. He should go to somewhere else.

People are allowed to have different opinions.

usual for amex “will give you $100, BUT you can’t use it all at once lol

I hope additional cardmembers will get their own $50 credit. They probably won’t… but I hope.

doubtful…anyone want to try it out? have 3 AU’s on my account.

wtf amex! cmon dude. $100 Saks Sux. why not Bloom or Nords? if you did something as SIMPLE as $250 travel anywhere credit, that would have been HUGE. even leave it at $200 anywhere credit, but u did another merchant credit approach. SMH. look at your damn competitors man.

No one asked you to use the credit. Amex probably doesn’t need a customer like you anyway. LOLLL

true. amex wants n00bs like u. go back to the sandbox. LOLOLOLOLLL

How comes I always see you whining on this site? Seriously, are you like 13 years old or something?

Derp the whole point is to make credits that sound good but in practice are hard to use and then forgotten.

I’m guessing American Express is able to purchase the credits at a deep discount and that’s why it’s Saks and not another retailer or even $250 travel credit. American Express really cares about breakage on these benefits.

Thanks for posting this, Chuck. It’ll buy me a new shirt twice a year.

Abelian Grape

Off course this comes out a day after I cancelled my card. Had I known I probably would have accepted the 20k MR retention offer.

Call back. They might be able to re-open your account

Parts Unknown

20k was a good retention offer too…

Hopefully there are no restrictions like their Amex offers for Saks which sometimes exclude certain Hawaii Saks stores.

I absolutely love the Malin + Goetz products that Le Meridien and the Sky Clubs have, so this is a total win for me (Saks carries them).

but u can get that cheaper online from 3rd party.

Can’t get much cheaper than free.

I’ve actually looked (eBay mostly) and not really seen lower prices. Could you point me in the right direction?

Same here, really like the M&G soaps from the Skyclub and can’t seem to find it below $30-$40 on Amazon.

I was set on cancelling my card in August, but now I’m not sure. With some effort, I’m able to get the full $200 from the airline credit and I use UberEats a lot so I max out $200 there as well. The card’s benefits are not worth $150+ to me, but if I can get $80 out of the Saks, maybe I’ll keep the card for $70; especially with a retention offer. I got retention offers the past 2 years, so I doubt I’ll get another one this time, especially since I didn’t spend much. I do appreciate the AMEX Offers that get MR on this card, though.

My wife’s AF posted 6/8 so she has until 7/6 or 7/7 to cancel. Since the Saks credit starts on 7/1, do you think it’s worth buying a $50 Saks gift card prior to cancelling? Of course this only works if the credit posts within a few days.

I’m surprised no one else has stated the obvious. Amex is probably trying to move away from Uber credits and is testing out new benefits. I’d be shocked if AMEX platinum Uber credits last beyond 2018.

This is a cheap benefit for them to provide. Saks wants high income/ high spenders in their store and Amex delivers them through this offer. It probably costs amex less than $20 dollar to have this benefit on the card.

I would imagine that the Uber benefit is relatively cheap for amex as well. The monthly Uber credit usually only covers a one way trip which means you have to pay out of pocket on the way back. I’ve definitely been using Uber way more since I got the credit so it’s a great promotional tool.

Unfortunately with Uber’s partnership with Barclays, coupled with the fact that Uber rides don’t even earn 2X MR anymore, I can’t see Amex’s partnership lasting much longer.

Saks in Chicago has a restaurant, I wonder if that counts……

u can easily check by going to the restaurant and buy something cheap. then see how it codes. the receipt is the first clue. look for what company is marked on the receipt.

buy saks gift card, use it at off saks.

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