The American Express Platinum Card® is losing a statement credit at the end of this month. If you haven't used it yet, now is the time to do so.
Amex is saying goodbye to the Platinum card's biannual Saks Fifth Avenue statement credit* on June 30. The news came in March, after Saks Global (the parent company of Saks Fifth Avenue) filed for Chapter 11 bankruptcy in January.
Cardmembers who haven’t yet used their January-June credit still have up to $50 available before the benefit is discontinued.
Keep in mind that Saks generally doesn’t charge your card until an item ships. Because the benefit ends June 30, don’t wait until the last minute to make a purchase. To maximize your chances of receiving the credit, consider placing your order at least a week before the deadline.
Here's what to know, and ways you can maximize it.
*Enrollment required.
How to use the Amex Platinum's Saks Fifth Avenue statement credit
The Saks Fifth Avenue statement credit provided up to $100 in annual statement credits, issued as up to $50 from January through June and up to $50 from July through December. Since the statement credit ends June 30, Amex Platinum cardmembers will only have $50 to use this year.
You have to be sure that you're enrolled in the benefit before you make your purchase. So, be sure to head to the "Rewards & Benefits" tab on your online Amex account before shopping.
If you haven't used the statement credit yet, keep in mind these general rules:
- There's no minimum purchase required to trigger the statement credit.
- Gift card purchases are not eligible for the statement credit.
- The statement credit is only valid for purchases made at Saks Fifth Avenue online or at locations in the U.S. and U.S. territories.
- If you shop online, you have to meet a $300 minimum (before taxes) to qualify for free shipping. If you don't meet this minimum, you'll encounter a $9.95 shipping fee.
- You may have to wait up to four weeks after an eligible purchase is charged to your card for a statement credit to post.
Related: Your guide to the Amex Platinum Saks Fifth Avenue statement credit
What to buy at Saks Fifth Avenue for $50 or less
Since Saks is known mostly for luxury brands, items can be quite expensive.
Generally, we recommend checking sale items and smaller-ticket products, such as beauty products, accessories and children's clothing, to find items priced at $50 or less.
Here are some items I found on a quick search. Note that sizes and availability may vary, and items tend to go out of stock very quickly.
- Chantecaille Pure Rosewater Travel Face Mist: $45
- Good American Good Legs Crop Skinny Jeans: $48
- Dior Addict Glass Lipstick: $48 (in seven shades)
- Maceoo Ascension Polo Shirt: $49
You can stretch the value of the credit further by stacking it with a shopping portal such as Rakuten. By using these services, you may earn additional points or cash back.
Related: How to maximize benefits with the American Express Platinum
Bottom line
Unfortunately, the biannual Saks Fifth Avenue statement credit is expiring on June 30. But if you haven't used it yet, you still have a few days to redeem it.
Just remember to enroll before you shop and keep the $9.95 shipping fee in mind (unless you spend more than $300).
To learn more, read our full review of the Amex Platinum.
Related: Should you get your own Amex Platinum or be an authorized user on someone else’s account?
