Home Credit Cards Saks Made Me Lose $50 In AMEX Platinum Credits

Saks Made Me Lose $50 In AMEX Platinum Credits

by joeheg

When I signed up for an upgrade offer to the American Express Platinum Card, I knew there were several things I’d need to do to maximize the card’s benefits. I mean, back in 2018, I cancelled my card because I was tired of playing credit games.  So when I jumped back into the pool, I knew full well what was in store. I didn’t get back because of the card’s benefits but because AMEX gave me 75,000 Membership Rewards to upgrade from the Gold Card.

It’s taken only a few months to remind myself that AMEX credits are not the same as cash and I’m questioning if I’ll keep the card when the renewal comes up.

One of the AMEX Platinum benefits is a twice-yearly $50 Saks Fifth Avenue credit. I knew about the benefit but also how hard it is to find anything under $50 at Saks. Fortunately, Nick at Frequent Miler wrote in Mid-June about how you can spend the $50 without going much over the limit. This encouraged me to look at the Saks website and find something, anything, I could use that would only cost a bit over the minimum.

I found a nice set of four Reidel glasses which, after tax and shipping, totaled $53.64. Perfect!

I received the email confirmation immediately, saying I would receive a confirmation when the item shipped. I waited and waited. Eventually, I received the item in July.

It wasn’t until today that I realized what this meant when I received an email from AMEX about my Platinum Card benefits. It congratulated me on using my Saks $50 benefit.

 

I went to the AMEX website and chatted with a pleasant rep who confirmed that since the charge didn’t post to my account until July 5th, it was applied to my July-December credit. Even though I ordered the item in June, the delay from Saks meant I wasn’t charged until the item was shipped.

I don’t blame AMEX because they weren’t the ones who delayed shipping the item. I blame myself for waiting until near the deadline to make a purchase, knowing that something like this could happen.

However, my cynical side knows that the item showed as in stock when I placed the order. The delay in shipping the item (and not posting the charge until after July 1st) could have been designed to keep the charge from posting until July.

I don’t know what deal Saks has with AMEX but I’m sure AMEX isn’t footing the bill for everything. If Saks can find a way to only pay $50 instead of $100 in credits, that’s extra money on their bottom line.

So here’s a reminder if you have an AMEX Platinum Card with a $50 Saks credit for July-December. Spend it NOW! They can’t delay a shipment for 4 months 🙂

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12 comments

Ben August 16, 2022 - 2:31 pm

“However, my cynical side knows that the item showed as in stock when I placed the order. The delay in shipping the item (and not posting the charge until after July 1st) could have been designed to keep the charge from posting until July.

I don’t know what deal Saks has with AMEX but I’m sure AMEX isn’t footing the bill for everything. If Saks can find a way to only pay $50 instead of $100 in credits, that’s extra money on their bottom line.”

That’s not how the financial benefit would work. Amex is rumored to pay out a portion of the credits redeemed (for example, $40 of the $50), so in this case Saks misses your Jan-Jun credit and denies you the use of the Jul-Dec credit. Unless they think a large majority of the users redeeming credits would still shop again before the end of the year if they have no credit, it doesn’t make sense to do it this way.

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JohnB August 16, 2022 - 3:52 pm

The Saks credit is like the airline credit, very easy to lose. We go to a Saks physical location and buy $50 Saks gift cards. My SO and I both have Amex Plat cards. We had 6 $50 Saks gift cards, and we recently purchased a piece of Tumi luggage from Saks Off5th for $125. Yes the gift cards can be redeemed at Saks Off5th, but you will not get the $50 credit if you use your Amex Plat in Saks Off5th to make a purchase. In the future, go to Saks and buy a $50 gift card and save them up.

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Ed August 16, 2022 - 4:04 pm

I had the exact same experience this year – ordered shoes in June that didn’t post until July. I think the website is a front where Saks passes your order off to other merchants. This slows down purchase process. I wish I had thought about the gift cards.

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JohnB August 16, 2022 - 5:58 pm

Your issue of the charge not being posted prior to July 1st is what happens to the vast majority of on-line sales. Your form of payment is not charged until the package is picked up by the common carrier (FedEx or UPS). When the barcode on your package is scanned as outbound, that triggers the ordering system to charge your form of payment. Most on-line sellers are much better at fulfillment. Meaning Saks is probably behind because of labor shortages.

When the Amex plat could be used for gift cards from the airlines, one had to order them at least 2 business days before the end of the year. Otherwise they didn’t post until Jan. 2 or later. It happened to me.

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PDT August 16, 2022 - 6:01 pm

And so… you, of all people, should have known better. This is exactly how it works. If you’re going to participate in this “game” you need to understand the basic rules, of which this is one. It’s no different than working within the constaints of a frequent flier program’s rule idiosyncracies to derive value.

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Brandy August 17, 2022 - 1:53 pm

It’s pretty common knowledge to use your credits a month before the time period closes for this reason. Leave it to someone like you to write an entire article because you’re an idiot

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Ron Mexico August 19, 2022 - 4:46 pm

“I blame myself for waiting until near the deadline to make a purchase, knowing that something like this could happen.”

I just edited your drivel down to the only part that needed to be written. You’re welcome.

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Tony M August 17, 2022 - 3:57 pm

Also, you shouldn’t be paying for shipping. There’s a shop runner credit and saks participates in shop runner.

Second, use the 10% off coupon for new customers.

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Billy August 18, 2022 - 8:12 am

Also had this happen to be last June/July, very annoying.

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Matthew Weinberg August 18, 2022 - 9:49 am

I had a similar situation and explained it to Amex though chat. They actually credited my account the 50.00 any way
. Love Amex for being able to make those decisions ..

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Techworld August 19, 2022 - 9:59 am

Same thing happened to me with Saks and also Walmart+. Walmart+ decided to bill me on 3rd of the month sometimes and sometimes on 30th of the month. Since two charge fall on same month, Amex refused to credit me the Walmart+ membership.

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Beachy August 19, 2022 - 11:08 am

So whiny, I couldn’t find anything cheap enough, then it was Saks fault, now I’m gonna write about it. Nothing like waiting until last minute. Eye roll 🙄

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