Amex Platinum Card to remove Saks Fifth Avenue credit in July — what cardholders need to know
If you're an American Express Platinum Card® cardholder with a Saks Fifth Avenue statement credit, time is running out.
Saks Global, the parent company of Saks Fifth Avenue, filed for Chapter 11 bankruptcy earlier this year, and now Amex is officially retiring the card's up to $100 per calendar year Saks statement credit (enrollment required).
Here's what current cardholders need to know.
Saks Fifth Avenue statement credit and important deadlines
The Amex Platinum has long been one of the most premium U.S. consumer cards, with a host of travel and lifestyle perks for a healthy $895 annual fee (see rates and fees). One benefit that has helped offset that cost is the annual Saks Fifth Avenue statement credit: up to $100 per year, split into two up to $50 statement credits, issued biannually (enrollment required).
But starting July 1, 2026, that perk will be going away.
Amex confirmed to TPG that through June 30, 2026, Amex Platinum cardholders can continue to earn up to $50 in biannual statement credits for purchases at Saks Fifth Avenue or saks.com (no minimum purchase is necessary).
However, starting July 1, 2026, this benefit will be retired — so the clock is ticking.
American Express says it plans to replace the credit with "new and exclusive offers at top retailers" starting July 1, but details have not yet been released.
Related: Don't forget to use your Amex Platinum credits this quarter
Why the timing is important
While the timing isn't surprising, it is important. Saks Global, the parent company of Saks Fifth Avenue, filed for Chapter 11 bankruptcy in January 2026, citing billions in debt and declining sales. While Chapter 11 doesn't necessarily mean stores will close immediately, it does signal potential changes to inventory, promotions and partnerships.
For cardholders with a Saks statement credit: use it while you still can. Purchases must post before the June 30 deadline to qualify for the statement credit; with the bankruptcy in play, popular items could sell out faster than usual.
Maximizing the Saks Fifth Avenue credit
Even if you don't usually shop at Saks, there are ways to make the most of the benefit:
- Check sale items and smaller-ticket products: While Saks is known for luxury brands, the statement credit can also apply to beauty products, accessories and children's clothing that cost under $50.
- Shop early: With bankruptcy restructuring underway, certain products may become unavailable quickly. Don't wait until the last minute.
- Double-dip with shopping portals: Start your purchase through a rewards portal like Rakuten to earn additional points or cash back on top of the Amex statement credit.
Related: How to maximize benefits with the American Express Platinum
Bottom line
For Platinum Card holders, this is the final window to use a perk that has been a reliable return on the card's annual fee. While Amex promises new offers to replace the credit in July, there's no guarantee they'll match the straightforward up to $50 biannual statement credit at Saks.
Cardmembers who want to get full value from the benefit should plan their purchases now — before the Saks credit is officially retired.
For rates and fees of the Amex Platinum, click here.
Related: Your guide to the Amex Platinum Saks Fifth Avenue credit