American Express will discontinue the Platinum Card’s biannual Saks Fifth Avenue statement credit on June 30. If you haven’t used the January–June portion of the benefit, you still have up to $50 available — but only for a few days.
Why this is ending
Amex announced the change in March after Saks Global, the parent company of Saks Fifth Avenue, filed for Chapter 11 earlier in the year. As a result, the usual annual $100 credit (split into two $50 windows) will no longer be offered beyond June 30; this year cardholders can only use the $50 Jan–Jun allotment if they haven’t already.
What to do now
– Confirm enrollment: The Saks credit requires enrollment. Open your Amex account, go to Rewards & Benefits, and make sure the benefit is activated before you make a purchase.
– Order early: Saks typically charges your card when an item ships, not when you place an order. To improve the chance the charge posts before June 30, place orders at least a week in advance of the deadline.
– Expect a delay: It can take up to four weeks after a charge posts for the statement credit to appear on your account.
Basic rules to know
– No minimum purchase is required to trigger the credit.
– Gift card purchases are not eligible.
– The credit applies only to Saks Fifth Avenue purchases made online or at U.S. and U.S. territory locations.
– Free shipping requires a $300 minimum (pre-tax); otherwise standard shipping is around $9.95.
How to stretch $50
Saks is a luxury retailer, so finding items under $50 is easiest in beauty, accessories, sale sections, or childrenswear. Examples found in a quick search included travel-size skincare and cosmetics, a pair of cropped jeans, a designer lipstick, and a casual polo — each priced around $45–$49. Availability and sizes vary, and sale items can sell out quickly.
You can also stack the statement credit with cash-back or shopping portal rewards (for example, services like Rakuten) to squeeze extra value from a purchase if those portals still track Saks purchases.
Bottom line
The Saks Fifth Avenue statement credit on the Amex Platinum expires June 30. If you have not yet used the Jan–Jun credit, enroll now, pick an eligible item (beauty and accessories are often the easiest options under $50), and place the order early enough that the charge posts before the cutoff. Remember the $9.95 shipping fee unless you spend $300 or more, and allow time for the credit to post.