New Amex Platinum Cardholders No Longer Get Saks Credit

This is not the most surprising news ever but the American Express Platinum will no longer receive a $50 bi-annual statement credit for purchases at Saks. This is for all new applicants as of 3/26/26. If you got the card before that date, you still have access to this credit. However, it is anyone’s guess how long Saks itself will stick around as they are in bankruptcy and are struggling to keep many items in stock.

If you haven’t used your credit this year, I would highly recommend using it sooner rather than later.

American Express Platinum Saks Credit

Does This Change the Value Prop of the Card?

While removing a $100 credit from the Amex Platinum is certainly a hit, I would be surprised if they don’t replace it with something else this summer. Even if they don’t replace it, I will still be coming out ahead on this card and I only use it for airfare purchases outside of all the statement credits I receive.

Between January and March I’ve already received the following statement credits:

• $200 Airline Fee Credit

• $75 Digital Entertainment Credit

• $75 Lululemon Credit

• $100 Resy Credit

Already I’ve received $450 in three months which has significantly offset the $895 annual fee. I still have $600 in hotel credits to use too.

Even taking out the Saks credit, this card is still a keeper for me as I’ll still earn more in value than the annual fee.

Wrapping Up

Amex quietly removed the $50 bi-annual Saks credit for new applicants to the American Express Platinum as of 3/26/26. However, existing cardmembers will still be able to activate and use this credit if they applied before March 26th.