The consumer version of the American Express Platinum card is getting a new benefit addition: an annual $100 Saks Fifth Avenue credit. $50 to spend from January to June, and $50 for July through December.
The new program, which will begin on July 1, is called “Shop Saks with Platinum.” This benefit does need registration (at this link or this link) similar to the way we register for the $200 airline credit.
The benefit will not apply to the business version of the Amex Platinum card, but will apply to all variations of the consumer Platinum card.
You’ll shop as regular on Saks Fifth Avenue, and will see a $50 credit to offset any purchases within 2-4 weeks. It’ll work in-store and online.
Since they are using the statement credit method it should be possible to simply buy a $50 Saks gift card, similar to how it works with Amex Offer deals. We’ll have to wait for data points to verify that this works.
If this does work, it’ll change my calculus on the $550 Platinum annual fee since those gift cards can offset part of the fee (and could be somewhat double-dipable during the first year). If it doesn’t work, it means having to use the $50 credit on Saks which is useful for a Saks shopper, or you can try cherry picking a cheap item on Saks to get free. (Not sure if it’ll work at Off Fifth, I’d guess not.)
Going forward, the $550 Platinum annual fee comes with the following credits (along with all other Platinum benefits):
- $200 airline incidental credit
- $200 in Uber credits over the course of the year
- $100 Saks credit
- $100 Global Entry application credit, or $85 TSA PreCheck credit every 4 years
Hat tip to TPG
View Comments (70)
Google Pay DP: Bought a GC in-store using Google Pay, credit received 2 days later. Awesome! We can leave the heavy card in our travel wallet...
@chucksithe @will have you seen any data points on whether the credit applies to GC purchases? I checked the payments workshop, but didn't see anything.
In store works.
Thanks, Maria! Were you able to purchase a card for <$150 in-store?
I think I've seen one or two that it worked successfully, but I'm not 100% sure.
Oh and if you need a guinea pig, I'm happy to give it a try, just want to confirm there aren't pre-existing DPs.
They're excluded from the terms. I imagine in-store will work. Maybe even online will work in practice (despite terms), but they don't have a $50 denom IIRC.
Thanks, Chuck.
Go figure they choose a random place. Shame you can't pick from a list like with the airlines. Amazon/Walmart/Target would've been a nice selection.
Just got my AF for this card and was considering closing but this may push me to keep it open...
Great! Free socks!
As a mid 20s male who pretty much just wears tshirts and cargo shorts all year round, is there anything worth buying at this store for someone like myself, other than GC (assuming that will work).
nope. its mostly overpriced stuff for old people.
Might be a chance to get an upgraded girlfriend!
Here you go. Basic t-shirt only $49!
https://www.saksfifthavenue.com/main/ProductDetail.jsp?FOLDER%3C%3Efolder_id=2534374306418201&PRODUCT%3C%3Eprd_id=845524447197117&R=190375336863&P_name=Barbour&N=306418201+1535&bmUID=mg_aG3a
I can't imagine spending $49 on a t-shirt, but they don't have my size anyway (xxxxxxxxxL), but for you skinny people, free shirt twice a year!
Wow, that is about as basic as it gets. I'll probably just try to buy GCs and see if a family member wants them.
I hope the gift card option does work. My SO and I both are sitting on three personal plats (vanilla, Schwab, and Mercedes). So turning this into $150 worth of gift cards twice a year means we could actually buy SOMETHING at Saks.
Works, buy GCs, then use them at Off 5th
Price of Saks gift card reselling to plummet in 3..2...1...
Yup
The second $50 is from Jul to Sep? Where is the source of this info? I think TPG just said the second $50 is for the second half of the year.
Fixed, thank you
Best use for me will be to buy makeup at Saks. Makeup is same price at Saks as Nordstrom's, and department stores. Off Fifth is a decent option too if a gift card has been purchased.