Saks files for bankruptcy: Should you use your Amex Platinum Card credit soon?

Saks shoppers, start your engines! It’s time to use your American Express Platinum Card® credits.

Earlier this week, Saks Global, the parent company of Saks Fifth Avenue, filed for Chapter 11 bankruptcy. While this doesn’t mean stores will be closing immediately, or that related perks will automatically disappear, it is a good time to take a look at your store merchandise credits in case restructuring affects your ability to use them.

For many Amex Platinum Card holders, the $100 in Saks Fifth Avenue statement credits awarded every calendar year — up to $50 from January to June and the other up to $50 in the second half of the year — is a large part of the value of the card’s current $895 annual fee (see rates and fees). Enrollment is required.

This use-it-or-lose-it credit resets twice yearly, which means enrolled cardholders currently have up to $50 to use at the store.

Thinking of heading to Saks or saksfifthavenue.com to use your credit? Here’s what you need to know.

What’s happening with Saks?

There have been rumors about Saks’ decline and impending bankruptcy for several years. This week, Saks Global, which is the parent company that owns not only Saks Fifth Avenue, but also Neiman Marcus and Bergdorf Goodman, filed for bankruptcy protection, after, according to The New York Times, “crumbling under billions of dollars in debt, a fraying relationship with vendors and lagging sales.”

Saks Global says, according to the Times, that it intends to “emerge from bankruptcy later this year, and it expects to honor all customer programs, make payments to vendors and continue to pay employees.”

And while Chapter 11 proceedings usually give a company time to restructure its finances, and don’t mean closure is soon or imminent, they could be the start of price reductions, as well as reductions in partnerships.

What you should do now if you’re an Amex Platinum cardholder

While we at TPG don’t have a crystal ball to say what will happen next, there are some canaries in the shopping coal mine we’re keeping an eye on.

Saks Global has $3.4 billion in debt, mostly, financial analysts say, from its acquisition of Neiman Marcus at the end of 2024, which is a large hurdle to overcome. And last year, in 2025, Saks Fifth Avenue closed seven of its Off Fifth stores, including a popular location in New York City’s Upper East Side.

Saks says on its website that “our stores will continue to offer promotions and events as part of the luxury shopping experience our customers expect.”

In a statement to TPG, a representative for American Express said, “Eligible American Express Card Members can enroll and continue to use their Saks Fifth Avenue benefit at this time.”

However, if you’re sitting on a credit and want to have the largest available selection of items, the time to use it is now.

Even last week, before the announcement, I tried to use my credit at Saks’ website, only to repeatedly find that the items I was interested in, and had previously been able to purchase on the site, were sold out. At the time, I thought this meant the items hadn’t been restocked after the holidays, but as I read more about the financial crisis at Saks, it seems more likely that merchandise isn’t being restocked, a sentiment I’ve found echoed across the internet.

Of course, you could also just sit tight. A contributing TPG credit card editor told me he’s holding off on trying to find something to buy, explaining: “I’m a long-term Platinum cardmember, and I’m not going to rush to buy something from Saks. I’m taking the gamble that Amex may offer a goodwill (up to) $50 statement credit to me if Saks truly goes down. Given that I paid my annual fee in November under the assumption that all benefits would be honored, I would request that Amex give me this credit as a goodwill gesture — and $50 in ‘cash’ is worth more to me than a nonessential Saks product.”

Bottom line

It’s still early days in the Saks Global Chapter 11 financial restructuring. However, if you have an Amex Platinum Saks Fifth Avenue credit to use, or any other Saks credits for that matter, now is the time to act if you have your eye on merchandise in the store or online.

If you’re looking for some shopping inspiration, consider Ray-Ban, Hill House Home and Le Labo — all of which are sold at Saks and are popular among TPG staffers.

And when shopping at Saks, don’t forget to double-dip by starting your purchase at a shopping portal, which can give you bonus points or miles for every dollar spent.

Related reading:

For rates and fees of the Amex Platinum, click here.

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.