American Express Platinum card recently added a new benefit to give all cardmembers a $100 statement credit to Saks Fifth Avenue, issued in $50 increments every six months.
One interesting observation is that American Express is not raising the annual fee on the Platinum card to issue this additional benefit. This makes me think that Saks Fifth Avenue might be the one footing the majority of the bill to acquire new customers.
Regardless, kudos to American Express for adding new benefits while other card issuers are taking them away.
The Platinum Card® from American Express
Welcome bonus: 60,000 MR points after you spend $5,000 within the first 3 months of account opening
Up to $200 Uber credit per year
Earn 5x on flights booked directly with airlines or Amex Travel
Earn 5x on prepaid hotels booked on amextravel.com
Access to airport lounges (Centurion, Priority Pass, Amex Lounges, and Delta)
[ Update 8/1/18: Glitch has been fixed ]As of writing this post, people have reported that there's a glitch in the system and that as long as you activate the benefit, any purchase on the Amex Platinum will trigger the $50 Saks credit. Obviously, this is an easy technical fix on Amex's side, so don't be too disappointed when the $50 credit is clawed back on non-Saks Fifth Avenue purchases.
How to Activate the American Express Platinum $100 Saks Credit
Login to your Amex Platinum card online account
Find the Memberships menu item and go to Benefits
Find the "Shop Saks with Platinum" benefit
Enroll to activate
The Saks Fifth Avenue benefit is extended to all variations of the Amex Platinum card including the Morgan Stanley Amex Platinum, Mercedes-Benz Amex Platinum, and Charles Schwab Amex Platinum.
Note: Even though the Amex Delta Platinum has the word "Platinum" in the name, it does not qualify for the benefit.
How It Works: $100 Saks Fifth Avenue Credit
Enroll in the benefit to activate
Use your Amex Platinum card for purchases at Saks Fifth Avenue
Get up to $50 in statement credits from January through June, and up to $50 in statement credits from July through December. That's up to $100 in statement credits annually.
The Fine Print
The benefit is only available to the primary cardholder. Authorized users will not be issued additional credits.
Not valid on Saks Fifth Avenue gift cards
Not valid on purchases at outlet locations (in stores and online)
Excludes restaurants located within the store
Excludes Online Bill Pay
Not valid on online purchases shipped outside of the U.S.
Statement credits may take 2-4 weeks to appear in your account
Creative Ideas for the Saks Credit
There's a misconception that everything at Saks Fifth Avenue costs more than $50. Saks often has sales where you can find items for under $50.
Don't know what to do with the Saks credit?
Buy sale items. Put the search filter for items under $50.
Buy everyday essentials like socks, tees, and underwear.
Offer to pay $50 of the bill for a friend, relative, significant other, etc.
Saks Fifth Avenue occasionally has Amex Offers (targeted) that give you a discount for spending a certain amount, so another strategy would be waiting for the Amex Offer to appear to stack the discount and credit.
Editorial Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines or hotel chain, vendors or companies, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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