Saks Fifth Avenue Files for Bankruptcy: What Amex Cardholders Should Know About Their Saks Credits

After years of on-and-off bankruptcy rumors, Saks Fifth Avenue has officially filed for Chapter 11 bankruptcy protection.

While Saks says stores will remain open for now, the filing is especially relevant for points and miles fans who rely on Saks-related American Express card perks. If the Saks credit factors into your Amex strategy, this development raises a fair question: is it better to use that benefit now or wait it out?

Here’s what cardholders should know before deciding.

What Saks’ Bankruptcy Filing Means for Cardholders

After years of financial pressure, Saks Fifth Avenue has officially filed for Chapter 11 bankruptcy protection. The move follows a period of mounting debt tied to its $2.7 billion acquisition of Neiman Marcus, completed at the end of 2024.

While Saks says stores will remain open for now, the filing highlights ongoing liquidity issues that have already affected the business, including delayed vendor payments and inventory disruptions. In some cases, vendors have reportedly withheld merchandise due to late payments.

The bankruptcy process is intended to give Saks time to restructure debt, secure new financing, or potentially find a new owner. It’s not an immediate shutdown, but it does introduce uncertainty regarding inventory levels, vendor relationships, and the retailer’s operational efficiency in the months ahead.

For cardholders, the key takeaway is straightforward: benefits tied to Saks are still usable today, but waiting too long could mean fewer choices later if inventory tightens or policies shift during restructuring.

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, Amex Platinum cardholders can now earn up to $50 in statement credits on Saks Fifth Avenue purchases through June 30, 2026. Considering this offer is available now, it’s a good time to take advantage of it. If a Saks credit is part of your annual card strategy, using it while inventory is solid and policies remain unchanged may be the easiest path forward.

Final Thoughts

We’re not trying to be alarmist — and it’s important to note that Saks has said its stores will remain open as it works through the bankruptcy process. There’s still time to use Saks-related card benefits, and nothing has changed overnight.

That said, when a major retail partner enters Chapter 11, uncertainty naturally follows. For Amex Platinum cardholders who factor the Saks credit into their annual value calculation, using the benefit while inventory is available and policies remain unchanged may be the simplest move. You don’t need to rush — but waiting too long could limit your options if conditions shift during the restructuring.