It’s insane to think about how much credit card benefits have changed in the past few years. For a long time the American Express Platinum card was king. Sure there were more rewarding points cards on the market, but when it came to lounge access and exclusive benefits no card came close to the American Express Platinum card.
That all changed in 2016 when Chase introduced the Chase Sapphire Reserve card. That card came with 3X points on Travel and Dining, but also offered an unlimited guest Priority Pass Select membership. Additionally, the card came with a $300 travel credit which dropped the effective annual fee to just $150. Oh, and did I mention that the card originally came with a 100,000 point sign-up bonus?
When the Chase Sapphire Reserve card came out other card issuers had to respond. In the years prior, American Express reduced Platinum Card lounge access, but kept the annual fee the same. While that wasn’t a huge deal, the card still only offered 1X points on all spend. That all changed when American Express enhanced the point earning structure of the card and added other benefits.
American Express’ Platinum Card Enhancements
In response to the overwhelming success of the Chase Sapphire Reserve card, American Express improved their flagship Platinum Card. For starters, the card now earns 5X Membership Rewards points on all airfare booked directly with an airline. Additionally, the card earns 5X MR points on all hotel stays when booked through Amex Travel.
While those changes are great, they weren’t the only changes made to the card. American Express also added a unique Uber credit. Each year, card members received $200 in Uber credits toward rides. Amex doles out the credits in $15/month increments and adds an extra $15 in December. Amex also continued to provide the $200/year Airline of Choice Benefit to all card members. Effectively, if used properly, Platinum card members receive $400 in credits each year.
With these enhancements American Express raised the annual fee to $550. Coupled with the additional credits, the true out-of-pocket effective annual fee rivaled the Chase Sapphire Reserve card at $150 a year. Given these changes it became quite difficult for me to not recommend the Platinum card to anyone who frequently travels and frequently uses Uber.
American Express Platinum Adds $100 A Year Saks Benefit
It seems even with the above mentioned changes to the card that American Express isn’t done improving the value proposition of the Platinum card. Effective July 1, 2018, American Express added a $100 a year Saks Fifth Avenue credit.
The credit works similarly to the bespoke Uber credit in that card members receive the credit in $50 installments twice a year. Additionally, and most importantly, card members must enroll in the benefit.
Luckily, enrolling in the $100 Saks benefit takes no time at all. First, you must log into the American Express Platinum card account page. Then, card members must go to the Membership Benefits page. Toward the bottom of the page you’ll find the following panes.
On the Saks benefit pane card members must click “Get Started” to enroll in the benefit.
After clicking the button you’ll arrive on the above page with the option to enroll below.
Next, click the “agree” and “enroll now” buttons. From there you are enrolled in the benefit.
Using The American Express Platinum $100 Saks Benefit
Once enrolled in the benefit, using your $50 credits is simple. Amex automatically applies the $50 credits in the form of statement credits each time you shop at Saks. Amex awards credits twice a year. The first $50 credit becomes available in July of 2018 while the second becomes available in January of 2019 and so on.
Amex only awards the $50 credit on purchases made directly at Saks.com or at Saks retail locations. Saks discount stores or outlet stores do not count as eligible purchases.
Final Thoughts
While I rarely shop at Saks I will definitely go out of my way to use this benefit. Saks sells more than just clothes so it shouldn’t be hard to find something for about $50 that I can buy to use this credit. So even if you don’t shop at Saks ever it’s still a benefit that’s worth enrolling in and finding a way to use. Perhaps I’ll finally buy that electric kettle I’ve been looking to buy!
For a while I’ve had a hard time not recommending the Platinum card to friend and family. The card allows access to several lounges around the world, offers a great points earning structure (for frequent travelers), and pays you back in the form of credits. Prior to this benefit the effective annual fee of the Platinum card was just $150. With this new $100 credit at Saks the card’s effective annual fee drops to just $50! That is truly insane to thank that after a single visit to a Centurion lounge the card essentially pays for itself!
I’m happy with this change as it shows even with the benefits already offered from the Platinum card that Amex continues to find ways to improve the card. Hopefully this trend continues for years to come.
