Amex Platinum Card Adds $100 Annual Saks Credit

Filed Under: American Express, Credit Cards
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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:


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.

Bottom line

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)

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Comments
  1. As a Saks shopper, this is pure icing. Very delicious icing.

    Thanks for posting this!

  2. In UK it costs us more than 550$ and we dont get a penny of any credit just 2 points per airline purchase.

  3. I like this card a lot, but super annoying at how they split the bonus up into two halves. Similar to how they do the Uber credit on a monthly basis (which I get more use out of as a regular Uber rider, but still).

  4. What if you spend $30 in one transaction and $15 in another. Do you get a credit of:
    A) $30 – only first transaction counts
    B) $45 – all transactions up to $50 count
    C) $0 – only transactions over $50 count

    If based on how AMEX offers work, I would expect C). If based on how airline credit works, I would expect B)

  5. I wasn’t an uber user and didn’t think i would use the credit, then found out about uber eats. But then one week after using uber eats for the first time, by card started getting hit at 2 am by phantom rides all over the US. i was quickly able to get on the phone with AMEX and stop the charges (only 1 went through and they quickly reversed it) but i sure haven’t used uber since! Hopefully I can take advantage of the Saks discount to make up for that loss of credit. I also notice that Saks often is worth extra points through various shopping portals (currently 4 points/$ in southwest) which might make a nice deal even better!

  6. Sweet! Outside of purchasing a gift card and using it at Off5th, do you think this credit will apply their directly as well?

  7. What does saks sell? Maybe a trip report? You could get commission from them for marketing.

  8. @ David Selby @ Dale — I doubt it will, because in the past Amex Offers have been specific to one or the other.

  9. @Doug I’d encourage you to give Uber Eats another try. You just had real bum luck on that first try. I’ve had plenty of positive experiences with it. It’s also probably a function of where you live, but I live in LA, so there should be more crazies for me. 🙂

  10. This is ironic. I’m litterally moving to New York City right now (currently driving by Newark Airport while reading this) and my new job here starts July 1st. Also, my work place is near 5th Avenue. This promotion was meant for me 😉

  11. Thanks for this info – I was considering upgrading my gold card and now definitely will. Saks is pricey but $50 off a pair of Pradas is still appreciated!

  12. I understand the authorized user does not get an *additional* benefit. However, if the authorized user makes a charge on their card and the benefit hasnt otherwise been exhausted for the period, would they still get the credit on the statement?

  13. Apparently, Amex Platinum now gives 5 times the point on airline tickets purchased through Expedia.com now, not only directly through the airlines!

    Purchased several tickets during last month & got 5 times the points for them (yay)!

  14. As pointed out by others, the benefits on Platinum cards are far from the same in other countries (while costing more or less the same). I’m sure this new benefit will not be available to me, I’m in Belgium.

    I for one would love to see an article on this site that compares these benefits, or lack of, and even evaluates if it still is worth the cost. I once asked an AMEX airport sales guy why the benefits are not at least similar as in the US, but didn’t get an answer.

  15. How about some Saks beddings for your home – their home bedding range is AMAZING, easily some of the most comfortable ones I’ve purchased. $50 off (twice a year) is not much, but it does bring the price down a bit.

  16. @Lucky, you’ve been a member since 88? That makes you, what, 4 at the time? Wow, you really got started early in the points and miles game.

  17. I will never click the submit application button until the day Amex wakes up and gets rid of that silly uber exclusive travel credit and changes the incidental airline credit to at least include airfare ticket purchases. Until then, the Sapphire Reserve will remain the king of the premium cards.

  18. I will never click the submit application button until the day Amex wakes up and gets rid of that silly uber exclusive travel credit and changes the incidental airline credit to at least include airfare ticket purchases. Until then, the Sapphire Reserve will remain the king of the premium cards.

  19. My favorite part of a new card roll-out or promo is to see how the hackers find a loophole to maximize the offer’s potential. 🙂

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