The American Express Platinum card is considered one of the top travel rewards cards in the industry. And for good reason. The hefty $695 annual membership fee comes with a high price tag, however card members get endless perks to offset the cost. In fact if you used all of the credits and perks you could receive over $1,400 in value which is more than double the annual fee!
One of the complaints from card users though is that the card benefits feel more like a coupon book. Some of the credits have to be used monthly and some of the perks might not fit your lifestyle. If you lead a busy lifestyle this card may seem like a lot to keep track of, which is why it makes sense to explore the benefits to see if the card is right for you.
When I am considering a new card and reviewing the benefits I always consider what I’m already spending money on. If what I am spending money on happens to be a statement credit benefit or perk of the card I subtract that amount off the annual fee. The goal is to subtract enough benefits to offset the annual fee and reach zero or a negative number. If the benefit is not already a part of my daily life I do not factor that into offsetting the annual fee.
The $100 Saks Fifth Avenue credit on the American Express Platinum card is one benefit I was sure would not go into my calculation. I am frugal by nature, don’t buy designer items and never purchased anything from Saks Fifth Avenue before acquiring the Platinum card.
What is even more frustrating is the $100 annual credit is split into $50 increments each year. From January to June a $50 statement credit is applied to your account after shopping at Saks. This is repeated again from July to August. If you have ever browsed the Saks Fifth website you know designer items cost hundreds or even thousands of dollars.
I was sure this would be a useless credit for me until I did some digging. Before sharing some of the items I have found over the last two years it is important to know the terms and conditions of this credit.
Important to Know
Enrollment is required
Several of the Platinum card benefits require logging into the American Express website and clicking into the benefits page to enroll for a specific benefit. This credit is no exception and requires a one-time manual enrollment.
Be mindful of dates
As I already stated the credit is split into two $50 increments between the first and last six months of each year. Do not wait to use the credit until the last minute. The risk here is buying an item on June 30th and then it posts to your account in July. There is always the possibility of missing out on the first credit of the year because your transaction doesn’t actually post by the end of June. I would make a plan to use this towards the beginning of each period whenever possible so you never have to worry about this.
In-store and Online
The semi-annual credit can be used both in-store and online. Online will be the most useful for most card members who don’t live in a city. Saks Fifth is almost exclusively located in or near major U.S. metropolitan areas.
Saks Off Fifth
This is the outlet or “discount” store to Saks Fifth Avenue. It is important to not mix up the two because the credit does not apply to Saks Off Fifth.
Gift Cards
Gift cards technically are not a part of this credit, however there is one known exception – purchasing a physical gift card in-store. This will not work online and will not work in-store at Saks Off Fifth.
I have purchased gift cards on occasion in-store. This can help to combine credits and save up for a larger item or wait until there is an online sale for an item you will enjoy. Since this requires going into a physical store I only do this when I am in the area or close by. I do not make any special trips just to buy a $50 gift card.
Relatively Affordable Items
Buying gift cards in-store and combining them for a purchase during an online sale seems to be the best way to use this credit. The Saks Fifth website has additional items not found in stores and after doing some research over the years I have come to find this credit useful. As always, the credit is only useful and assists in offsetting the annual membership fee if it is an item you are already planning to purchase.
Sneakers
If you are looking for sneakers just to run around in, I recommend checking out the shoe section. Set the filter to a dollar amount you are comfortable with and start shopping! I personally set my filter to $100 and adjust from there as needed. There are quite a few New Balance sneakers that are priced similarly online at other retailers.
Kitchen Items
I have found a few kitchen items over the years that are similarly priced to other department stores. If there is cookware or bakeware I am looking to replace or add to my collection I always start looking at Saks online. These frying pans are reasonably priced. When it comes to kitchenware I am looking to add items that will last years so I am willing to pay a slight premium in this category when shopping around.
Dresses
Believe it or not there are affordable dresses at Saks. I would shop the “Sale” section of the website and set a filter. Here you could find items that have been marked down hundreds of dollars. If you are looking to buy for an upcoming event it doesn’t hurt to browse to see what surprises you might come across!
Gifts
Currently holiday shopping or looking for a special occasion gift? The gift section on the Saks site is endless. Admittedly when browsing the under $50 section a lot of the gifts seem overpriced or things I wouldn’t buy for my family or friends. If you search a little bit deeper you can find this outfit for a friend who has a baby or a washcloth set that would make a good graduation or housewarming gift.
Accessories
Filtering down or browsing the sale section (sensing a theme to this yet?) for accessories provide several options. Here is a scarf that has been marked down that looks cozy. There is always the chance of finding something practical like this cell phone case.
Final Thoughts
The Saks Fifth Avenue credit can be difficult to use to find reasonably priced items that you might actually want. Learning more about how the credit works and spending a little bit of time browsing the site I have found lots of options the past few years.
Remember it is important to only buy items you actually find useful in order to count it as a deduction off the annual fee. I know a few people who use the Saks credit, but don’t count the credit at face value when determining the value they are getting from the platinum card. They choose to calculate it at a $50 credit instead of $100 if they are still utilizing it, but maybe not finding the credit useful. That is always an option for you to explore when doing your own calculations.
If you are still not getting value from this credit and the American Express Platinum card I recommend asking for a retention offer to offset the annual fee. This can help offset the cost of the card if you are not finding value or unable to utilize benefits in a particular year.
One last tip is to shop around sales like Black Friday or search online for additional discount codes. Taking a few extra minutes or shopping during the right time could make this semi-annual credit even more useful. I also recommend always clicking through a shopping portal like Rakuten where you can earn even more American Express Membership Rewards.
What do you think of this $100 annual credit? Do you find it useful? What have you shopped for at Saks Fifth Avenue? I’d love to hear from you!