I can’t tell you how many people grouse about the Saks Fifth Avenue benefit that comes with the Platinum Card from American Express.
Folks say things like:
- “Saks is expensive!” (I don’t dispute that.)
- “There’s nothing for me at Saks!” (We’ll address that in a minute)
- “I don’t shop at Saks!” (Here’s an excuse to do so twice a year)
- “I wish Amex would give me credit somewhere else!” (Amex is gonna do what Amex is gonna do.)
But, for heaven’s sake, don’t let the statement credit go to waste!
You can still come away with something. Let’s check it out.
What Is the Saks Fifth Avenue Amex Platinum Statement Credit Perk?
Platinum Card from American Express members may receive up to $100 in annual statement credits for eligible purchases at Saks Fifth Avenue. Here’s how it breaks down:
- $50 from January through June
- $50 from July through December
The credits do not rollover. In other words, if you don’t use the January-June period’s $50, you lose it.
The following exclusions apply:
- Saks Fifth Avenue Gift Cards
- Purchases at Saks OFF 5TH Avenue store locations
- Purchases at saksoff5th.com
- Purchases at restaurants located within the store
- Online Bill Pay for Saks Credit
- Online purchases shipped outside of the US
Stick to purchases at SaksFifthAvenue.com or in-person at a Saks Fifth Avenue store and you should be good.
The only eligible cards are the consumer/personal Platinum Card from American Express and its co-branded counterparts (Schwab, etc).
Four Ways to Use Your Amex Platinum Saks Benefit
If you’re scratching your head and looking for decent ways to use your Saks benefit, consider these ideas.
Buy Yourself Something
You get the point.
Even if the $50 doesn’t cover your entire purchase, it might put a nice dent in your final cost.
Buy Something for a Loved One
The same principle as above applies here — except you’re being a sweetheart and treating someone else to clothes, their favorite scent, accessory, etc.
Donate Some Clothes
This sort of falls under the “Buy Something for a Loved One” category. But consider contacting a shelter, church, synagogue, mosque, etc., to see what they need for people they serve.
For example, a shelter may say they’re in desperate need of socks. I doubt they’ll think ill of you for donating some nice socks from Saks.
Gift Card (YMMV)
You takes your chances with this one. We’ve heard of gift card purchases — which are expressly excluded in the terms, conditions, and disclosures — getting the statement credit clawed back.
But if you want to see what happens, knock yourself out. Worst case scenario: you’re out $50 and have to buy something at Saks. Or re-gift the card.
Don’t Forget Free Shipping!
A lot of premium cards — such as the Amex Platinum — include complimentary membership to Shoprunner. This gives you free, two-day shipping from a number of retailers — including Saks.
Stack with Shopping Portals and Amex Offers!
Plus, Amex occasionally drops Saks offers that award bonus points or additional statement credit for certain purchases.
We’ll keep our eyes peeled and blog if we see anything exciting on either front.
The Saks Amex Platinum benefit can come in very handy and helpful. While Saks might not be your preferred store of choice (I’m not a regular shopper myself), you can still get $100 value each year with your Platinum Card from American Express.
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