AmEx Platinum Card Will Lose Saks Credit Starting July 1

The loss of the benefit comes as the department store chain has suffered financial difficulties.

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Published Mar 30, 2026

It’s official: The American Express Platinum Card® is saying goodbye to the Saks Fifth Avenue credit.

New and existing cardholders can still use the Saks credit through June 30, 2026, American Express confirmed to NerdWallet. But starting July 1, 2026, the credit — which gives cardholders up to $50 in statement credits at Saks Fifth Avenue in the first half and second half of the calendar year — will be removed from the $895-annual-fee card’s lengthy list of benefits (see rates and fees). Terms apply. Enrollment required.

“On July 1, we plan to introduce several new and exclusive Amex Offers for Platinum card members at top retailers and brands that our card members know and love,” American Express told NerdWallet in a statement.

» Learn more: What to know before getting the AmEx Platinum

AmEx Offers are limited-time card-linked deals that require activation, typically offering a statement credit after spending a certain amount at an eligible retailer — unlike the Saks credit, which was a predictable, ongoing benefit with no minimum spending requirement.

This is the first major change to benefits since the American Express Platinum Card® announced an annual fee hike and introduced new and updated benefits in September 2025.

While it’s never a good thing to see cards lose benefits, the loss of the Shop Saks benefit is not too surprising. Its future seemed uncertain after the upscale department store chain filed for bankruptcy in January 2026. Since then, the retailer has shuttered several of its physical locations, and its online inventory has frequently been depleted.

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Ultimately, the loss of this credit — worth up to $100 annually — is a drop in the bucket compared to the AmEx Platinum’s laundry list of coupon book-style statement credits for customers to use (or forget to use). Cardholders still have access to a slew of travel and lifestyle credits worth thousands of dollars when booking select hotel stays through American Express’ travel portal; at merchants including Lululemon and Uber; and at U.S. restaurants listed on the Resy reservation platform. Terms apply. Enrollment required.

Sally French, lead writer and spokesperson at NerdWallet, contributed reporting to this article.

To view rates and fees of the American Express Platinum Card®, see this page.