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