Saks files for bankruptcy: Should you use your American Express Platinum Credit Card?

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

Earlier this week, Saks Global, the parent company of Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection. While this doesn’t mean the store will be closing immediately or that the associated benefits will automatically disappear, now is a good time to review store merchandise points in case a reorganization affects your ability to use them.

For many American Express Platinum cardholders, a $100 Saks Fifth Avenue statement credit comes with each calendar year (up to $50 January through June and $50 in the second half of the year), which accounts for a large portion of the card’s current $895 annual fee (see rates and fees). Registration required.

Related: 6 Things You Can Buy With the American Express Platinum Credit Card

This “use it and lose it” credit limit resets twice a year, meaning registered cardholders can currently use up to $50 in stores.

Want to use your credit at Saks or saksfifthavenue.com? Here’s what you need to know.

What happened to the saxophone?

For years, there have been rumors about Saks’s decline and imminent bankruptcy. According to the New York Times, Saks Global, the parent company that owns not only Saks Fifth Avenue, but also Neiman Marcus and Bergdorf Goodman, filed for bankruptcy protection this week. The company “collapsed under the weight of billions of dollars in debt, strained relationships with suppliers and lagging sales,” according to the New York Times.

The Times reported that Saks Global said it intends to “emerge from bankruptcy later this year and hopes to honor all customer plans, pay suppliers and continue to pay employees.”

While Chapter 11 proceedings typically give a company time to reorganize its finances and don’t mean a closure is imminent or imminent, they can be the beginning of price cuts and fewer partnerships.

If you’re an American Express Platinum cardholder, what should you do now?

While we at TPG can’t predict what will happen next, we are keeping an eye out for some canaries in the shopping coal mine.

Financial analysts say Saks Global’s $3.4 billion in debt, much of it from the acquisition of Neiman Marcus in late 2024, is a huge hurdle to overcome. Last year, in 2025, Saks Fifth Avenue closed seven Off Fifth Avenue stores, including a popular location on New York City’s Upper East Side.

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

“Eligible American Express card members can sign up and continue to take advantage of the Saks Fifth Avenue offer at this time,” an American Express representative said in a statement to TPG.

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

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

Of course, you can also sit back and wait. One TPG credit card contributing editor told me he’s putting off looking for something to buy, explaining: “I’m a long-time Platinum card member, and I’m not in a rush to buy something from Saks. I’m taking a chance that if Saks does go out of business, American Express might offer me a goodwill credit of up to $50. Given that I paid my annual fee in November, assuming all benefits are honored, I’ll ask Amex for this credit as a goodwill gesture—for me, $50 Dollars of ‘cash’ are worth more than a non-essential Saks product.”

bottom line

Saks Global Chapter 11’s financial restructuring is still in its early stages. But if you have Amex Platinum Saks Fifth Avenue points to use, or any other Saks points for that matter, and you have your eye on items in stores or online, now is the time to take action.

If you’re looking for shopping inspiration, consider Ray-Ban, Hill House Home and Le Labo—all brands sold at Saks and popular with TPG employees.

When shopping at Saks, don’t forget to start your purchase on the shopping portal to enjoy double savings and earn bonus points or miles for every dollar spent.

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For American Express Platinum Card rates and fees, click here.