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Your guide to the Amex Platinum Saks Fifth Avenue credit

July 10, 2022
6 min read
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Editor’s note: This is a recurring post, regularly updated with new information.

Of all the personal travel credit cards on the market, the one that offers us the most perks and access is unquestionably The Platinum Card® from American Express. It may also be the most expensive with its $695 annual fee (see rates and fees) — but we get our money’s worth with lounge access, up to $200 in annual Uber credits (for use in the U.S.), 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. Even those who don’t typically shop at Saks can find value in this credit — and it just reset as of July 1, as it does every six months.

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, too.

Let's take a closer look and see what this credit has to offer.

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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 calendar year. Your first $50 statement credit is available from Jan. 1 to June 30, and your second $50 statement credit is available from July 1 to Dec. 31.

You need to enroll your Amex Platinum Card for this benefit to take effect, which you can do through your Amex account online.

(Photo by Isabelle Raphael for The Points Guy)

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. While the merchant's frequent sales drop the prices of all sorts of items to palatable levels, there are some items that are always below that price point.

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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 U.S. and U.S. 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 U.S. 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.

Read more: How to maximize benefits with the Amex Platinum Card

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/Getty Images)

Know what to buy

Yes, Saks is home to $1,595 Gianvito Rossi knee-high boots and a $3,850 Givenchy bomber jacket (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 this summer) is only $34 at Saks. You can also find products from popular makeup brands such as MAC and Benefit for well under $50.

If you have kids, you can use your Saks credit for a number of adorable kids' items such as dresses, raincoats and shoes. Enrollment is required for select benefits.

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. 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. Enrollment is required for select benefits.

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. Numerous sites function as shopping portal aggregators, which compare rewards to see which portal makes the most sense for you to use.

At the time of publication, Rakuten is offering 2% cash back (or 2 Amex points per dollar spent) on Saks Fifth Avenue purchases. And 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. Enrollment is required for select benefits.

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 card. 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 to take advantage of it. As always, note that enrollment is required for select benefits.

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

Prices are accurate as of the publication date.

Additional reporting by Ryan Wilcox and Benét J. Wilson.

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

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

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Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
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Rewards

1 - 5X points
5XGet 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com
1.5XEarn 1.5X points on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year
1X1X points for each dollar you spend on eligible purchases.

Intro offer

Earn 150,000 points120,000 points
The Points Guy Exclusive Offer: Earn 150,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card® within the first 3 months of Card Membership.

Annual Fee

$695

Recommended Credit

670-850
Good, Excellent
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

It's hard to find a card that competes with the mile-long list of benefits that come with the Amex Business Platinum. While it's certainly not the card for the average consumer, a business owner with tons of expenses -- especially related to travel -- will find this card incredibly valuable. This card is similar to the consumer version that Amex offers, but with more business-oriented perks around statement credits and earning rates that are a better fit for business owners.

Pros

  • An up to $100 credit for Global Entry or TSA PreCheck application fee every four to five years
  • Up to $400 annual credit for eligible U.S. Dell purchases (enrollment required)
  • Gold status at Marriott and Hilton hotels (enrollment required)
  • Access to the Fine Hotels & Resorts program and Hotel Collection
  • Extended warranty protection
  • International Airline Program and Cruise Privileges Program

Cons

  • Steep annual fee
  • Difficulty meeting $15,000 welcome offer for smaller businesses
  • Limited high-bonus categories outside of travel
  • The Points Guy Exclusive Offer: Earn 150,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card® within the first 3 months of Card Membership.
  • Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, and 1X points for each dollar you spend on eligible purchases.
  • Earn 1.5X points (that’s an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
  • Unlock over $1,000 in annual statement credits on a curation of business purchases, including select purchases made with Dell Technologies, Indeed, Adobe, and U.S. wireless service providers.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year for checked baggage fees, lounge day passes, and more at one selected airline.
  • $189 CLEAR® Credit: Use your Card and get up to $189 back per year on your CLEAR® membership. CLEAR® is available at more than 50 U.S. airports and stadiums.
  • The American Express Global Lounge Collection® can provide an escape at the airport. With more than 1,400 airport lounges across 140 countries and counting, you have more lounge location options than any other credit card on the market as of 9/2021.
  • $695 Annual Fee.
  • Terms Apply.
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Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
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Rewards Rate

5XGet 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com
1.5XEarn 1.5X points on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year
1X1X points for each dollar you spend on eligible purchases.
  • Intro Offer
    The Points Guy Exclusive Offer: Earn 150,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card® within the first 3 months of Card Membership.

    Earn 150,000 points
    120,000 points
  • Annual Fee

    $695
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Good, Excellent

Why We Chose It

It's hard to find a card that competes with the mile-long list of benefits that come with the Amex Business Platinum. While it's certainly not the card for the average consumer, a business owner with tons of expenses -- especially related to travel -- will find this card incredibly valuable. This card is similar to the consumer version that Amex offers, but with more business-oriented perks around statement credits and earning rates that are a better fit for business owners.

Pros

  • An up to $100 credit for Global Entry or TSA PreCheck application fee every four to five years
  • Up to $400 annual credit for eligible U.S. Dell purchases (enrollment required)
  • Gold status at Marriott and Hilton hotels (enrollment required)
  • Access to the Fine Hotels & Resorts program and Hotel Collection
  • Extended warranty protection
  • International Airline Program and Cruise Privileges Program

Cons

  • Steep annual fee
  • Difficulty meeting $15,000 welcome offer for smaller businesses
  • Limited high-bonus categories outside of travel
  • The Points Guy Exclusive Offer: Earn 150,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card® within the first 3 months of Card Membership.
  • Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, and 1X points for each dollar you spend on eligible purchases.
  • Earn 1.5X points (that’s an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
  • Unlock over $1,000 in annual statement credits on a curation of business purchases, including select purchases made with Dell Technologies, Indeed, Adobe, and U.S. wireless service providers.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year for checked baggage fees, lounge day passes, and more at one selected airline.
  • $189 CLEAR® Credit: Use your Card and get up to $189 back per year on your CLEAR® membership. CLEAR® is available at more than 50 U.S. airports and stadiums.
  • The American Express Global Lounge Collection® can provide an escape at the airport. With more than 1,400 airport lounges across 140 countries and counting, you have more lounge location options than any other credit card on the market as of 9/2021.
  • $695 Annual Fee.
  • Terms Apply.