The Platinum Card from American Express is a premium card with lots of perks and comes with a $550 annual fee. The regular signup bonus on this card is just 60,000 Membership Rewards points, but 100K offers come around occasionally. While the card scares people away at first with the heffty annual fee that is not waived the first year, it also comes with a bunch of credits, perks and benefits that make up for it.
The list of benefits has been getting longer. They added a $200 in annual Uber credits, plus 5X points on airfare, 5X points on hotel bookings through amextravel.com, and more. Then they added free entry to Escape Lounges and access to Lufthansa Lounges. Now there’s yet a new annual credit that could come in handy to those who shop at Saks Fifth Avenue.
TPG reports that starting July 1, cardmembers will be able to get up to $100 in credits per calendar year at Saks Fifth Avenue. One $50 credit will be available each January through June, and a second $50 will become available during the second half of the year. There’s no catch. You need to spend at least $50 and you will receive a $50 discount when you use your Amex Platinum card. You will need to first register here (becomes available July 1).
Obviously a $100 credit to Saks Fifth Avenue will not make you apply for a card that costs $550 a year. But all these benefits put together, do give the Amex Platinum card a lot of value. And for those who actually shop at Saks Fifth Avenue, that annual fee just decreased by $100. Now Saks Fifth Avenue sells very exspensive stuff. I would suggest waiting for a sale and hopefully you’ll be able to find some items that make sense for you after the $50 discount.