With Rumors of Bankruptcy Swirling, Should You Use Your Amex Saks Credits Soon?

We’ve heard rumblings of bankruptcy for Saks Fifth Avenue a few times in recent months. Now, the Wall Street Journal is reporting that the brand missed a debt payment and is preparing for bankruptcy filings.

What will this mean for Saks Fifth Avenue? There are more “unknowns” than “knowns,” right now, but there is a practical consideration related to the world of travel and credit cards: the Saks credit offered by Amex.

If you have an eligible card, using the benefit soon, while items are still in stock, isn’t a bad idea. Here’s what you should know about the latest development.

Latest Updates on Saks and Bankruptcy

Saks Fifth Avenue took on debt to buy Nieman Marcus — for a price of $2.7 billion — at the end of 2024. However, Saks has struggled financially this year, including delays in paying vendors. Some vendors have even withheld products over late payments.

Now, the Wall Street Journal reports that Saks is planning to file for Chapter 11 bankruptcy after missing an interest payment of more than $100 million — a payment that was due on Tuesday, December 30, 2025.

Saks declined to provide a comment for the Wall Street Journal story, and nothing is official at this point.

Should You Use Your Amex Saks Credits Now?

Those with the Platinum Card^® from American Express get up to $100 in statement credits on Saks purchases annually, available as up to $50 from January to June and another $50 from July to December each year. This benefit requires enrollment within your card’s benefits portal.

The credit applies to purchases made from Saks Fifth Avenue at U.S. stores or online at saks.com. It doesn’t apply to purchases from Saks OFF 5th, however.

With the start of a new year, those with the Amex Platinum card can now earn up to $50 in statement credits on Saks Fifth Avenue purchases through June 30, 2026, and doing so now isn’t a bad idea.

If vendors are upset at late payments and threatening to withhold merchandise from Saks, your options for using the credit later might be fewer and fewer. Moreover, there could be changes in how this credit works if Saks does file for bankruptcy, though we don’t know what those changes, if any, would look like.

Lastly, those who’ve purchased gift cards to use this credit in the past, assembling a few $50 gift cards over time until they can purchase a larger item with no out-of-pocket cost, might get “stuck” with these gift cards if Saks closes stores, shuts down, or stops accepting gift cards.

Again, none of these circumstances are guaranteed. However, planning ahead to ensure you can use this benefit, given everything that’s happening with Saks, isn’t a bad idea.

Final Thoughts

We aren’t trying to sound alarmist. A lot could happen with Saks Fifth Avenue, its debts, and rumors that it will file for bankruptcy.

However, those with the Amex Platinum card likely see rumors of Saks declaring bankruptcy and think about the credit on their cards, wondering if it will go away or if they’ll struggle to use it. There are many questions to be answered, but using the credit now, before the situation changes, isn’t a bad idea.