American Express is set to make its biggest change to its flagship card product since it was refreshed last year.
On Jul. 1, the company will remove the Shop Saks benefit from the Platinum Card from American Express. In a statement offered to Frequent Miler, Amex added that it will “introduce several new and exclusive Amex Offers for Platinum Card Members at top retailers and brands” in the next few weeks.
How can you still earn the Saks credit?
The Shop Saks credit has been issued on the Platinum Card from American Express in two semiannual $50 credits, which are issued as a statement credit when you shop at Saks.com or an eligible Saks Fifth Avenue location.
To get the credit, you must first opt into the credit. Then, so long as you make an eligible purchase and it posts to your account by Jul. 1, you’ll receive that statement credit. Terms apply.
Notably, the credit does not apply to gift cards, meaning that earning this credit might be particularly difficult to spend considering Saks Global’s current financial state. In January, the company filed for bankruptcy. Buying something sooner with your card is likely the best move, as Saks’ offerings have diminished significantly in light of its bankruptcy.
Why many will be saying “good riddance” to this credit
Amex watchers were surprised to see the Saks credit survive the Platinum Card’s makeover in Sept. 2025 amid rumors about Saks’ health. Its bankruptcy spurred a ‘rush to redeem’, where Amex cardholders rushed to use their $50 credit. This has resulted in many affordably priced items selling out.
With those items gone, it has become especially difficult to redeem the credit, which underlies a common complaint with the Saks credit. Absent already overpriced house wares or perfume, it was already pretty difficult to weasel your way to a purchase which used up just the credit and not a whole lot else. Now, it’s borderline impossible. (Consider that even items that are on sale are pushing $100).
If you traditionally shop designer at full price, you might be able to pick out something from the catalog, since there’s not really a shortage of offensively priced clothes. However, you might want to filter by price, because even items in the “Sale” section of the site are starting above and beyond the $50 that cardholders need to spend.
What will replace Saks?
At this point, the suggestion is that the Saks Credit won’t be outright replaced with a new credit, but a series of new Platinum-marketed Amex Offers will likely arrive after its retirement in July.
The arrival of these new promotions could coincide with a comeback of the company’s Member Week promotion, which has come and gone in recent years, but was held in March last year to coincide with the company’s 175th anniversary.
Nonetheless, the departure of the Saks credit ultimately means a $100 hole in the card’s benefits. Despite that, in their statement to Frequent Miler, Amex said that Platinum Card Members continue to receive “more than $3,500 in annual travel and lifestyle benefits and statement credits” even without the soon-to-be-retired Saks credit.
Among the fashion-oriented credits on the refreshed card are a $75/quarter Lululemon credit, which (personally) is quite a bit easier to spend than the Saks credit.
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