Saks buyers, begin your engines! It is time to use your American Categorical Platinum Card® credit.
Earlier this week, Saks World, the mum or dad firm of Saks Fifth Avenue, filed for Chapter 11 chapter. Whereas this doesn’t suggest shops might be closing instantly, or that associated perks will mechanically disappear, it’s a good time to try your retailer merchandise credit in case restructuring impacts your skill to make use of them.
For a lot of Amex Platinum Card holders, the $100 in Saks Fifth Avenue assertion credit awarded each calendar yr — as much as $50 from January to June and the opposite as much as $50 within the second half of the yr — is a big a part of the worth of the cardboard’s present $895 annual price (see charges and costs). Enrollment is required.
Associated: 6 gadgets to purchase together with your Amex Platinum credit score
This use-it-or-lose-it credit score resets twice yearly, which suggests enrolled cardholders presently have as much as $50 to make use of on the retailer.
Considering of heading to Saks or saksfifthavenue.com to make use of your credit score? Here is what it’s good to know.
What’s occurring with Saks?
There have been rumors about Saks’ decline and impending chapter for a number of years. This week, Saks World, which is the mum or dad firm that owns not solely Saks Fifth Avenue, but additionally Neiman Marcus and Bergdorf Goodman, filed for chapter safety, after, in response to The New York Instances, “crumbling underneath billions of {dollars} in debt, a fraying relationship with distributors and lagging gross sales.”
Saks World says, in response to the Instances, that it intends to “emerge from chapter later this yr, and it expects to honor all buyer packages, make funds to distributors and proceed to pay staff.”
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 value reductions, in addition to reductions in partnerships.
Reward your inbox with the TPG Each day e-newsletter
Be a part of over 700,000 readers for breaking information, in-depth guides and unique offers from TPG’s consultants
What it’s best to do now when you’re an Amex Platinum cardholder
Whereas we at TPG haven’t got a crystal ball to say what’s going to occur subsequent, there are some canaries within the buying coal mine we’re maintaining a tally of.
Saks World has $3.4 billion in debt, principally, monetary analysts say, from its acquisition of Neiman Marcus on the finish of 2024, which is a big hurdle to beat. And final yr, in 2025, Saks Fifth Avenue closed seven of its Off Fifth shops, together with a preferred location in New York Metropolis’s Higher East Facet.
Saks says on its web site that “our shops will proceed to supply promotions and occasions as a part of the luxurious buying expertise our clients anticipate.”
In a press release to TPG, a consultant for American Categorical mentioned, “Eligible American Categorical Card Members can enroll and proceed to make use of their Saks Fifth Avenue profit presently.”
Nevertheless, when you’re sitting on a credit score and wish to have the biggest out there number of gadgets, 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 gadgets I used to be interested by, and had beforehand been in a position to buy on the location, had been offered out. On the time, I believed this meant the gadgets hadn’t been restocked after the vacations, however as I learn extra in regards to the monetary disaster at Saks, it appears extra probably that merchandise is not being restocked, a sentiment I’ve discovered echoed throughout the web.
In fact, you possibly can additionally simply sit tight. A contributing TPG bank card editor advised 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 provide a goodwill (as much as) $50 assertion credit score to me if Saks really goes down. Provided that I paid my annual price 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 World Chapter 11 monetary restructuring. Nevertheless, in case you have an Amex Platinum Saks Fifth Avenue credit score to make use of, or every other Saks credit for that matter, now could be the time to behave in case you have your eye on merchandise within the retailer or on-line.
In the event you’re searching for some buying inspiration, contemplate Ray-Ban, Hill Home Dwelling and Le Labo — all of that are offered at Saks and are in style amongst TPG staffers.
And when buying at Saks, do not forget to double-dip by beginning your buy at a buying portal, which can provide you bonus factors or miles for each greenback spent.
Associated studying:
For charges and costs of the Amex Platinum, click on right here.
