Your Guide to the Amex Platinum Saks Fifth Avenue Credit

Aug 24, 2019

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Of all the rewards-earning credit cards we have, the one that offers us the most perks and access is unquestionably The Platinum Card® from American Express. It may also be the one we have with the highest annual fee, at $550 (see rates and fees) — but we get our money’s worth with lounge access, up to $200 in annual Uber credits, up to $200 airline incidental fee credits and a statement credit of up to $100 per year at Saks Fifth Avenue.

If you’re like me and spend more than $100 a year at Saks Fifth Avenue, this is like money in the bank. But even those who don’t typically shop at Saks can find value in this credit. If you associate Saks Fifth Avenue with $4,000 Prada dresses you aren’t wrong, but you might be surprised to find that they also offer much more reasonable and affordable items.

How the Saks Fifth Avenue Credit Works

The Amex Platinum added this benefit back in July 2018, and it’s been a popular perk ever since. The credit is available in the form of two $50 statement credits per year. Your first $50 statement credit is available from July 1 – December 31 and your second $50 statement credit is available from January 1 – June 30. You need to enroll your Amex Platinum Card for this benefit to take effect, which you can do through your Amex account online.

There is no minimum purchase required to trigger these new statement credits, so you could make a purchase of $50 (or less) once every six months and not owe anything out of pocket once the credit posts to your Amex Platinum account. Believe it or not, Saks really does offer items at $50 and less. Their frequent sales drop the prices of all sorts of items to palatable levels, but there are some items that are always below that price point.

There are some limits to the credit. The terms state that this Amex Platinum statement credit is valid at Saks Fifth Avenue online or at locations in the US and US Territories. It is not valid on Saks Fifth Avenue Gift Cards or purchases at outlet locations (in stores and online), and it excludes purchases at restaurants located within the store and online bill pay for Saks credit. The credit also is not valid on online purchases shipped outside of the US.  You may have to wait anywhere from two to four weeks after an eligible purchase is charged to your card for a statement credit to be posted.

Maximizing Your Saks Fifth Avenue Credit

If you’re not an avid Saks Fifth Avenue shopper, you might wonder how you can best take advantage of this credit each year — especially since many items they sell are in the “outrageously expensive” category. I’m going to walk you through a few tips on how to find the sweet spots and get the most out of this Amex Platinum benefit.

(Photo by Michael Brochstein/SOPA Images/LightRocket via Getty Images)
(Photo by Michael Brochstein/SOPA Images/LightRocket via Getty Images)

Know What to Buy

Yes, Saks is home to $2,950 Gianvito Rossi knee-high boots and an Alexander McQueen houndstooth wool coat for $13,200 (both a bit out of most people’s price range). But you can also find plenty of great finds for under $50. For example, one of my favorite sunscreen primers, Unseen Sunscreen from Supergoop (which is an amazing travel primer if you’re headed to somewhere where you’ll be getting a lot of sun) is only $32 at Saks. You can also find products from popular makeup brands like MAC and Benefit for well under $50. If you have kids, you can use your Saks credit on back-to-school items like a Herschel backpack ($49.99) or adorable dresses, raincoats and shoes.

Take Advantage of Sales

If you keep an eye out for sales, you can score a great deal on Saks items that would normally cost well over the $50 semi-annual credit. The Saks website has an entire section dedicated to sale items — for example, they were having a 75% off sale on designer selections as I wrote this guide. Like any department store, sale items can be hit-or-miss, but if you’re patient you can find excellent deals. Even if you have your eye on a sale item that costs more than $50, think of your Saks credit as an additional $50 discount.

Always Use a Shopping Portal

Any time you are shopping online, start through a shopping portal to earn points, miles or cash back on your purchase on top of your Saks credit. You can check a site like Evreward (which compares rewards comparisons for online shopping portals) to see which portal makes the most sense for you to use. Now through the end of August, British Airways is offering 6x Avios when you shop Saks through the Avios eStore. As an Amex cardholder, you also have access to ShopRunner, which offers free two-day shipping and returns at a ton of retailers — including Saks.

Related: Check out our list of shopping portals offered by travel brands here. 

Bottom Line

Whether you’re obsessed with Saks Fifth Avenue or have rarely shopped there, you should take advantage of the $100 annual Saks credit offered by your Amex Platinum. If you’re not familiar with the brand, it can be overwhelming to know how to best maximize the credit (especially since it’s broken into two $50 credits each year), but hopefully, these tips will help you find the best options for you.

Not a current Amex Platinum Cardholder? Read our full review to see if it should be the next card in your wallet.

Prices accurate as of publication date. 

Additional reporting by Jennifer Yellin, Samantha Rosen and Summer Hull.

For rates and fees of the Amex Platinum, click here.

The Platinum Card® from American Express

WELCOME OFFER: 60,000 Points Terms Apply.

TPG'S BONUS VALUATION*: $1,200

CARD HIGHLIGHTS: Delta Sky Club and Centurion lounge access, $200 annual airline fee credit and up to $200 in Uber credits annually

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.
  • Enjoy Uber VIP status and free rides in the U.S. up to $15 each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings.
  • 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
  • 5X Membership Rewards points on prepaid hotels booked on amextravel.com.
  • Enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
  • Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn More.
  • $200 Airline Fee Credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
  • Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. Enrollment required.
  • $550 annual fee.
  • Terms Apply.
  • See Rates & Fees
Intro APR on Purchases
N/A
Regular APR
N/A
Annual Fee
$550
Balance Transfer Fee
See Terms
Recommended Credit
Excellent/Good
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.