There are lots of great benefits to The Platinum Card® from American Express that more than justify the $550 annual fee, in my opinion. Among other things, the card offers:
- A $200 annual airline fee credit
- A $200 annual Uber credit
- Hilton Honors Gold status and Starwood Preferred Guest Gold status
- Access to Amex Centurion Lounges
- Access to Delta SkyClubs when flying Delta same day
- A Priority Pass membership
- 5x points on airfare purchased directly with airlines
- A Global Entry or TSA Pre-Check free credit
Centurion Lounge access is one of the best Amex Platinum Card perks
The card has now added yet another benefit, which is a real value-add. As of July 1, 2018, the Amex Platinum Personal Card will offer a $100 annual credit for Saks purchases. Amex is calling this new program “Shop Saks with Platinum,” and here’s how it works:
- You’ll receive up to $100 in credits per calendar year — one $50 credit will be available each January through June, and one $50 credit will be available each July through December
- The credit can be used online or in-store
- Registration for this will be required, and will open on July 1, 2018 (I’ll post again once that’s live)
- This credit will exclusively be available on the personal version of the card, and only for the primary cardmember (those with the business card don’t get it, and authorized users on the personal card don’t get additional credits)
- To qualify you just have to charge an eligible purchase to the card, and you’ll get a statement credit within 2-4 weeks
- While Saks has many (very) expensive things, there’s no minimum purchase required to use this benefit, so as long as you spend at least $50, you’d get the full statement credit
While I’m not usually a Saks shopper, you can bet I’ll be taking full advantage of this. They do have many items around the $50 mark, and if you ever buy skincare, cologne, etc., those prices are typically standardized across retailers.
Also, on the surface it seems like you should be able to buy a gift card to qualify for this. We’ll have to wait until this benefit is live to be 100% sure, though I see no reason this wouldn’t work.
Personally I consider The Platinum Card® from American Express to already be well worth the annual fee, and this only makes the card even more compelling. While the card has a $550 annual fee, it offers a $200 annual airline fee credit, $200 annual Uber credit, and now $100 Saks credit, all of which I think are worth pretty close to face value.
Add in the access to Centurion Lounges, Delta SkyClubs, hotel elite status, and more, and this card is looking more compelling than ever.
This is also a smart partnership on Amex’s part. I’d guess that they’re paying next to nothing for this benefit, since Saks views this as a great way to get big spenders through the door, and a $50 credit isn’t that much. That’s also why they split up the credit so you have to visit at least twice per year to maximize this benefit.
What do you make of the Amex Platinum Card Saks credit? How much do you value it at, and how does it change the value proposition of the card for you?
(Tip of the hat to The Points Guy)