American Express Platinum Card has a high annual fee of $550. One of the benefits to help reducing the annual fee at the cash face value is the Saks statement credits of up to $100 annually. 
The way $100 Saks credit works is this:
  • You receive up to $50 in statement credits between January and June.
  • You receive another up to $50 in statement credits between July and December.

How To Maximize $100 Saks Fifth Avenue Statement Credits With American Express Platinum Card
Shop Products at Saks Fifth Avenue

Whether the $550 annual fee Amex Platinum Card is worth keeping or not, that is your personal decision to make. 
  • If you decide to keep the card, then by all means take full advantage of the annual $100 Saks statement credits. 
  • If you decide to cancel the card and your annual fee does not hit until after July, then take the full advantage of the $50 Saks statement credit. Also consider any good retention offer prior to closing the account. 

How to Maximize $100 Saks Statement Credits

  • Make sure to enroll in this benefit first. To enroll, sign in to your account, then click on Benefits tab. Find the section "Shop Saks with Platinum" then click the Get Started button. Agree to the terms and click Enroll now. If you prefer, you can also use the chat or call to have the agent enrolls it for you too. 
  • After enrollment, go back to the Home page and scroll down to look at the Amex Offers & Benefits. Find all available Saks offers (if any) and add those offers to your Amex Platinum card. Your account may or not may not be targeted for Saks Amex Offers. 
  • Generally, we recommend that you use Cashback Monitor that allows you to compare each portal to see who gives the most cash back for shopping with Saks Fifth Avenue online. For instance, Ebates/Rakuten is currently offering % cash back on Saks Fifth Avenue purchases. If you do not have Ebates/Rakuten account, you can join for free. If you join and spend $, you will receive additional $ bonus. So if you spend $50, you will receive $ cash back + $ bonus for a total of $ extra cash back. You are likely going to spend more than $30 to use Amex Saks credit anyway. Here's how you would do it:
    • Go to Ebates/Rakuten portal site. 
    • Sign in with your account. If you do not have an account, you can join for free. Plus after you join and spend $, you will get additional $ bonus from Rakuten. 
    • Search for Saks Fifth Avenue on Ebates/Rakuten site. Caution: It is not Saks OFF 5th. That Saks OFF 5th is NOT eligible for the Amex Saks statement credit. 
    • Click Shop Now
  • Start shopping. You can make multiple purchases and once you hit at least $50, you will receive the statement credits. Enter FREESHIP under Promo Code on the right hand side during checkout to receive free shipping on your purchase (no minimum purchase required). 
  • Be sure to use your Amex Platinum Card to make the purchase. 
    • Splitting payments with Saks is not possible at this time. So if you and your significant other both have this card, you will to make two different transactions. 
How To Maximize $100 Saks Fifth Avenue Statement Credits With American Express Platinum Card
Get Free Shipping On Saks Fifth Avenue Purchase

Amex Saks Fifth Avenue Gift Cards

Saks Fifth Avenue gift cards purchase does not qualify for the Amex statement credit. Amex clearly states in their terms and conditions that the Saks statement credit is NOT valid on Saks Fifth Avenue Gift Cards. 

How Long Does It Take for Saks Statement Credit to Post?

I purchased 3 multi-pairs of masks for $52 after tax. In return, American Express gave me the $50 statement credits 2 days after the purchase was posted to my account. I also earned cash back from the cash back shopping portal Ebates/Rakuten

Checklist For Maximizing Amex $200 Saks Fifth Avenue Statement Credits:

  • You enrolled your Amex Platinum Card for Saks Fifth Avenue statement credits benefit with American Express. 
  • You added all available Amex offers on Saks purchases to your Amex Platinum card.
  • You use cash back portal sites to go to Saks Fifth Avenue website instead of going to Saks website directly. If you are not sure what this means, we talked about this in details under "How to Maximize $100 Saks Fifth Avenue Statement Credits" section above. 
  • Saks sells products beyond just designer's clothes. Enter FREESHIP for free shipping and you use your Amex Platinum Card to pay.