Saks buyers, begin your engines! It is time to use your American Categorical Platinum Card® credit.
Earlier this week, Saks International, the guardian firm of Saks Fifth Avenue, filed for Chapter 11 chapter. Whereas this does not imply shops will likely be closing instantly, or that associated perks will mechanically disappear, it’s a good time to check out your retailer merchandise credit in case restructuring impacts your potential to make use of them.
For a lot of Amex Platinum Card holders, the $100 in Saks Fifth Avenue assertion credit awarded each calendar 12 months — as much as $50 from January to June and the opposite as much as $50 within the second half of the 12 months — is a big a part of the worth of the cardboard’s present $895 annual charge (see charges and charges). Enrollment is required.
Associated: 6 objects to purchase along with your Amex Platinum credit score
This use-it-or-lose-it credit score resets twice yearly, which suggests enrolled cardholders at the moment have as much as $50 to make use of on the retailer.
Pondering of heading to Saks or saksfifthavenue.com to make use of your credit score? This is what it is advisable know.
What’s taking place with Saks?
There have been rumors about Saks’ decline and impending chapter for a number of years. This week, Saks International, which is the guardian firm that owns not solely Saks Fifth Avenue, but in addition Neiman Marcus and Bergdorf Goodman, filed for chapter safety, after, based on The New York Instances, “crumbling underneath billions of {dollars} in debt, a fraying relationship with distributors and lagging gross sales.”
Saks International says, based on the Instances, that it intends to “emerge from chapter later this 12 months, and it expects to honor all buyer applications, make funds to distributors and proceed to pay workers.”
And whereas Chapter 11 proceedings normally give an organization time to restructure its funds, and do not imply closure is quickly or imminent, they could possibly be the beginning of worth reductions, in addition to reductions in partnerships.
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What it is best to do now in the event you’re an Amex Platinum cardholder
Whereas we at TPG haven’t got a crystal ball to say what is going to occur subsequent, there are some canaries within the procuring coal mine we’re keeping track of.
Saks International has $3.4 billion in debt, largely, monetary analysts say, from its acquisition of Neiman Marcus on the finish of 2024, which is a big hurdle to beat. And final 12 months, in 2025, Saks Fifth Avenue closed seven of its Off Fifth shops, together with a well-liked location in New York Metropolis’s Higher East Aspect.
Saks says on its web site that “our shops will proceed to supply promotions and occasions as a part of the luxurious procuring expertise our clients anticipate.”
In a press release to TPG, a consultant for American Categorical stated, “Eligible American Categorical Card Members can enroll and proceed to make use of their Saks Fifth Avenue profit at the moment.”
Nonetheless, in the event you’re sitting on a credit score and need to have the most important obtainable collection of objects, the time to make use of it’s now.
Even final week, earlier than the announcement, I attempted to make use of my credit score at Saks’ web site, solely to repeatedly discover that the objects I used to be thinking about, and had beforehand been in a position to buy on the location, have been offered out. On the time, I believed this meant the objects hadn’t been restocked after the vacations, however as I learn extra concerning the monetary disaster at Saks, it appears extra possible that merchandise is not being restocked, a sentiment I’ve discovered echoed throughout the web.
After all, you might additionally simply sit tight. A contributing TPG bank card editor instructed me he is holding off on looking for one thing to purchase, explaining: “I am a long-term Platinum cardmember, and I am not going to hurry to purchase one thing from Saks. I am taking the gamble that Amex might supply a goodwill (as much as) $50 assertion credit score to me if Saks really goes down. Provided that I paid my annual charge in November underneath the belief that every one advantages could be honored, I’d request that Amex give me this credit score as a goodwill gesture — and $50 in ‘money’ is value extra to me than a nonessential Saks product.”
Backside line
It is nonetheless early days within the Saks International Chapter 11 monetary restructuring. Nonetheless, when you have an Amex Platinum Saks Fifth Avenue credit score to make use of, or every other Saks credit for that matter, now’s the time to behave when you have your eye on merchandise within the retailer or on-line.
Should you’re on the lookout for some procuring inspiration, contemplate Ray-Ban, Hill Home House and Le Labo — all of that are offered at Saks and are widespread amongst TPG staffers.
And when procuring at Saks, remember to double-dip by beginning your buy at a procuring portal, which may give you bonus factors or miles for each greenback spent.
Associated studying:
For charges and charges of the Amex Platinum, click on right here.
