If you have the Amex Platinum Card, there’s a decent chance you’ve had this exact thought twice a year: “Okay… what am I buying at Saks Fifth Avenue this time?”
Because that’s how the perk works. Amex gives Platinum cardholders up to $100 per calendar year in statement credits for eligible purchases at Saks, split into two windows:
- Up to $50 in the first half of the year (typically Jan–Jun)
- Up to $50 in the second half of the year (typically Jul–Dec)
Sounds simple. And if you already shop there, it probably is.
But if you’re not a “Saks person” (hi, it’s me), the credit becomes a small project. I usually go twice a year, buy something practical-ish, get the credit, and call it a day.
What I don’t do is save it up… and after what I’ve been reading lately, I’m even less interested in that approach.
Why the Saks credit suddenly feels a little more urgent
Recently, there’s been reporting that Saks’ parent company, Saks Global, has been discussing a potential bankruptcy filing as a “last resort” amid significant debt pressure and efforts to raise liquidity. Saks Global is a relatively new umbrella company, formed after its late-2024 deal for Neiman Marcus Group, and it now includes Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman under one corporate roof.
Let me be very clear: this doesn’t mean the stores are closing tomorrow. Retailers can wobble for a long time, restructure, refinance, sell assets, and keep operating.
But once a company starts showing up in headlines next to the word “bankruptcy,” it’s a reminder that anything resembling stored value — store credits, gift cards, unused balances — can get complicated fast.
And if your “plan” has been to stockpile Saks gift cards as a way to bank the Amex credit for later… this is exactly the kind of headline that makes that strategy feel a lot less clever.
The gift card angle (and why it’s not some “underground hack”)
Whenever the Saks credit comes up, someone will eventually say, “Why not just buy a gift card and use it later?”
First, the official answer: gift cards are excluded from the Amex Platinum Saks benefit terms, and e-gift card purchases won’t trigger the credit. That part is pretty cut-and-dried.
But the unofficial answer is: why does this keep coming up? For years, there have been data points showing that in-store gift card purchases at Saks Fifth Avenue coded in a way that triggered the credit—even though the terms say they shouldn’t.
And this isn’t just something whispered about in obscure forums. The Points Guy has run a full “how-to” explaining the in-store gift card approach, which pretty much confirms this idea has gone mainstream in the points-and-miles world. (Here’s the TPG guide.)
Which brings us to the pushback. If you’ve tried this recently and got a side-eye (or a flat-out “no”), you’re not imagining things. There are growing reports of stores enforcing tighter rules on gift cards and their use, including limitations on stacking multiple gift cards in certain in-store situations (especially in leased vendor departments).
Why the crackdown now is anyone’s guess. But two possibilities seem pretty plausible:
- It got too popular. Once a workaround is published by major sites and spreads widely, it’s no longer a “quirk” — it becomes a problem someone eventually gets told to fix.
- Retailers under financial stress tend to tighten policies. When a company is dealing with debt headlines and liquidity pressure, it’s not shocking to see a more aggressive stance on anything that increases liabilities (and gift cards are, effectively, money the company owes customers later).
Either way, even if you buy a gift card in-store and it triggers the credit, I wouldn’t treat that as a long-term “bank it for later” plan — especially right now. If you’re sitting on Saks gift cards already, this is a good time to use them rather than building a bigger pile.
Why gift cards are risky when a retailer is under stress
A gift card isn’t cash. It’s basically an IOU from a retailer.
And if a company files for bankruptcy, gift cards may be honored… or restricted… or accepted only until a certain deadline… or treated as unsecured claims.
Sometimes things work out fine. Sometimes they don’t. But either way, holding a pile of gift cards “for later” is a gamble — and it becomes a bigger gamble the moment the company starts talking about “all options.”
What I’d do right now
If you have the Amex Platinum Saks credit, my advice is simple:
- Use your credit early in each window, rather than waiting until the last minute.
- Don’t “save up” value in gift cards—especially now.
- If you already have Saks gift cards sitting around, consider using them sooner rather than later, instead of waiting for the perfect purchase or the perfect free-shipping moment.
Final thought
The Saks credit is worth real money… but only if you actually use it. And if you’ve been collecting gift cards as a way to “stack” credits over time, the current Saks Global headlines are a good reminder that stored-value strategies come with stored-value risk.
If it were me, I’d treat this as a “use it while it’s easy” benefit — and I’d use both the credits (and any gift cards) sooner rather than later.
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