The American Express Platinum Card is losing one of its most popular perks: the annual $100 Saks Fifth Avenue statement credit. The benefit, which offered cardholders up to $50 every six months (enrollment required), will disappear on July 1, 2026. This change follows Saks’ Chapter 11 bankruptcy filing earlier this year, which likely prompted Amex to reevaluate the partnership.
Cardholders have until June 30, 2026, to use any remaining credit for purchases made in the first half of the year. If you haven’t enrolled in the Saks offer yet, you can do so through the Amex app — but keep in mind the credit will only be available for charges posted before the July deadline.
Amex has stated it plans to replace the Saks credit with new offers, though specifics are scarce. This change may reduce the card’s value for those who regularly used the credit, so it’s worth reassessing whether the Platinum’s other benefits (like airport lounge access, hotel credits, and travel protections) justify the $695 annual fee moving forward.
If you’ve relied on the Saks credit, consider using it for any pending purchases before July 1. For those holding out hope for a better replacement benefit, stay tuned — but don’t count on an announcement until closer to the deadline.
