Amex Platinum Saks Credit Gift Cards
Over the past couple of years American Express has sought to differentiate their flagship Platinum card by adding new benefits. Among the many benefits of that card are monthly/annual credits for airlines, Uber and even Saks.
The way the Saks benefit works is fairly simple. You get a $50 credit for spend at Saks during the first 6 months of the year and another $50 credit for spend during the final 6 months of the year. Many people have been able to take advantage of this by purchasing Saks gift cards in-store to either sell or use later.
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Amex Platinum Saks Credit Clawbacks Coming?
Unfortunately this practice may be over. According to Treyzian on Reddit, Amex may be clawing back Saks credits when a gift card was purchased. Here is what he/she reported:
Saks credit on Amex Plat reversed/clawed back for a GC purchase. I purchased GC in store back in July, and the credit posted as usual. I just noticed a charge on my card October 4:
Shop Saks with Platinum Credit $50.00
Additional Information: SAKS DIRECT #xxxxxxx
REVERSAL OF OPEN SAVINGS DISCOUNT
The same user reported their spouse/significant other purchased a gift card the same day and didn’t have their credit clawed back. This could be a manual process or perhaps this isn’t related to purchasing a gift card. We need more data points, but this doesn’t look good.
Bottom Line
It appears that American Express may now be wising up to people purchasing Saks gift cards in-store in order to use their American Express Platinum Saks credit. Have you received a clawback of your Saks credit or do you have any other data points to share? Let us know in the comments!
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This is why I purchase items that I would purchase anyway. I take it as a $50 discount. I mostly use the credit on line. So many things that are never discounted at other stores become a great value. This is an example of how pigs become hogs. Greedy people gaming the system.
I love you guys M2M but this is making a mountain out of a molehill and potentially putting many eyes on this (not that “they” didnt know about this practice)
This is highly irresponsible of you to make a blogpost based on ONE DP!!!! Jeezus! Can you at least wait to get more information or data points???
Adding new benefits seems a stretch, since the platinum card has been more about removing benefits recently.
IMHO people that purchased a gift card deserve to get it clawed back. You don’t think that Sak’s is sharing information with AMEX? This isn’t like buying gift cards at a grocery store. Remember that Sak’s is the one paying for this credit not AMEX because they are looking for REAL clients and customers and paying Amex for this via the credits.
Definitely Sak’s has information on when you buy gift cards and they probably will share it eventually if they haven’t already. And blogs/posts like this will cause them to back check even more because they can easily see.
There are PLENTY of things to buy less than $50 there. I admit it’s overpriced there but free $ is free $ and better than getting it clawed back for being stupid and buying a gift card.
I purchased a $50 gift card in store on July 6 and no claw back yet.
Brah, one DP warrants a post?
The sky is falling! The sky is falling!
Made my gift card purchase middle of August. Not clawed back yet.